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The Options Clearing Corporation Reports ENCORE Release 4.5 Succeeds with Its Upgraded Collateral System

CHICAGO, May 25, 2005 - The Options Clearing Corporation (OCC) announced today the successful integration of a new collateral management system into ENCORE, its state-of-art, real-time clearing system.

ENCORE release 4.5 brings expanded user capabilities, improved process and approval times, and increased transparency. The system underwent a rigorous, live test when daily options volume peaked on April 15, 2005 at 11,254,044 contracts, just two weeks after ENCORE 4.5's implementation.

"The collateral component of ENCORE was the most complex module, and it's performing brilliantly, even at our highest transaction volumes," said Michael Cahill, President, OCC. "The upgrade allows for critical, real-time connections to not only our clearing members, but to The Depository Trust & Clearing Corporation (DTCC) and more than 30 banks."

The final, major component of ENCORE will be a new margin system, an upgrade scheduled for completion by year-end.

ENCORE 4.5 improvements include: clearing members can now freely allocate letters of credit across separate member accounts; collateral depository receipts are now offered in paperless format; real-time collateral values can be obtained at any time online; and application timing of pledged securities is fully synched with DTCC.

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. Operating under the jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission, OCC provides clearing and settlement services for the American Stock Exchange, the Boston Options Exchange, Chicago Board Options Exchange, CBOE Futures Exchange, International Securities Exchange, OneChicago, Pacific Exchange, Philadelphia Stock Exchange and Philadelphia Board of Trade. More information about OCC is available through its Web site at