User acknowledges that it has reviewed the User Agreement and the Privacy Policy governing this site, and that continued use constitutes acceptance of the terms and conditions stated therein.

Four New Board Members Join The Options Clearing Corporation

CHICAGO, June 6, 2005 - The Options Clearing Corporation (OCC) announced today that four new members have joined OCC's Board of Directors. The newly appointed Directors are: Michael T. Bickford, Senior Vice President in charge of Options, American Stock Exchange; Paul J. Brody, Chief Financial Officer, Timber Hill LLC and Interactive Brokers Group LLC; and Cynthia Zeltwanger, President and Chief Executive Officer, Fimat USA, Inc. The fourth new member, Hans R. Stoll, Professor of Finance and Director of the Financial Research Center at Vanderbilt University's Owen School of Management, will take his position on July 1st.

Mr. Bickford previously served as Vice President of the exchange's Capital Markets Group before assuming his current role in the Options division. Prior to the American Stock Exchange, Mr. Bickford was Vice President, Options and Senior Registered Options Principal at Kidder Peabody & Co., where he was responsible for the options trading, marketing, and strategy for the Investment Securities Division. He began his career as a registered representative at Dean Witter Reynolds.

Mr. Brody joined Timber Hill in 1987 as Treasurer. Mr. Brody was a key contributor to the Group's expansion from a U.S.-based options market maker to an international financial services firm. Mr. Brody is responsible for oversight of the clearing, accounting, finance, and banking relationships as well as certain aspects of new product development spanning the Group's businesses in North America, Europe, and the Far East.

Ms. Zeltwanger joined Fimat USA, Inc. in July 1991 as General Counsel in Chicago. In January 1995, Ms. Zeltwanger was appointed to the role of General Manager of the New York mid-town office. In June 1997, she moved back to Chicago and was promoted to the role of General Manager of the Chicago office. She was appointed to the additional role of Chief Operating Officer in June 2000, and became President and CEO, Fimat USA, Inc. in March 2003. Prior to joining Fimat, USA, Inc., Ms. Zeltwanger worked for the Shatkin Trading Company as Vice President, Legal & Compliance from 1985 to 1991.

Professor Stoll previously sat on the faculty at the Wharton School of the University of Pennsylvania from 1966-1980, before assuming his current role at Vanderbilt University's Owen School of Management. Professor Stoll has completed extensive research and has written several articles and books on derivative markets, international financial markets, equities markets, and corporate finance. In addition to his extensive research and writings, Professor Stoll has held several visiting professorships along with serving on many government and industry advisory panels.

"The Board welcomes our four new distinguished board members," said Wayne Luthringshausen, OCC Chairman. "Their wealth of industry knowledge and experience will further enhance the Board."

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