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OCC Completes Second Major Installation of Encore™ Clearing System

CHICAGO, November 25, 2002 - The Options Clearing Corporation (OCC) announced today that it successfully completed the second major installation of its new clearing system, ENCORE, Release 3.0. With this implementation, OCC's clearing members are now able to use ENCORE for their core positions processing.

OCC Release 3.0 includes the following features:

  • Near-real time trades and position processing
  • Internet accessibility
  • Browser-based look and feel
  • Enhanced expiration processing

OCC is building ENCORE, its largest development project ever, in its drive to meet marketplace changes for its customers and exchanges. This highly flexible system will readily adapt to rapid growth in options volume, the increased use of the Internet in the derivatives industry and the desire to move toward real-time processing.

"We're pleased with Release 3.0's successful installation," said Wayne P. Luthringshausen, Chairman and CEO, OCC. "It is through the commitment of our clearing members, exchanges and employees that an industry-wide project of this magnitude can be accomplished."

ENCORE is scheduled to be gradually phased in through 2005 and will eventually replace INTRACS, the clearing system that has been in place at OCC since the 1980's.

About OCC

OCC, founded in 1973, is the largest clearing organization in the world for options and was the first clearing house to receive a 'AAA' credit rating from Standard & Poor's Corporation. OCC's average daily volume is 3.2 million contracts and average daily premiums settlements are $1.05 billion. As of first quarter 2002, total collateral value at OCC was $43.8 billion. Operating under the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission, OCC is jointly owned by the American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange and Philadelphia Stock Exchange. More information about OCC is available through its Web site at www.optionsclearing.com.