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OCC's Encore Begins Real-Time Processing of PHLX Trades

CHICAGO, September 22, 2003 - The Options Clearing Corporation (OCC) today announced that its ENCORE clearing system is now receiving and processing a continuous stream of options trades from the Philadelphia Stock Exchange (PHLX). Previously, PHLX trades were sent in batches and processed at the end of the trading day.

"This advancement moves the options industry yet another step closer to straight through processing," said Michael Cahill, OCC President and Chief Operating Officer. "The overall benefit to the marketplace is that firms will have a real-time view of cleared options positions, which enhances efficiency and risk management."

"The PHLX is pleased to join the other exchanges in providing this important service to the options industry member firm community. The ability to see a true intra-day position, regardless of the executing marketplace, will lead to true real-time risk management and can only further enhance options trading," said William H. Morgan, PHLX Executive Vice President and Chief Information Officer.

It is OCC's goal to have all options exchanges submitting real-time trades by the end of the year. In April, The Chicago Board Options Exchange and the Pacific Exchange began sending trades to be processed during the day.

ENCORE, OCC's largest system development ever, is a highly flexible clearing system designed to readily adapt to changes in contract volume, product offerings and the increased use of the Internet in the derivatives industry. More information about ENCORE is available at

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. In 2003, OCC's average daily volume is 3.4 million contracts and average daily premium settlements are $1.1 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 the Philadelphia Stock Exchange. OCC is also the central clearing organization for security futures traded by OneChicago and NQLX. More information about OCC is available through its Web site at