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The Options Clearing Corporation Announces Several Officer Promotions

CHICAGO, December 15, 2005 - The Options Clearing Corporation (OCC) announced today the following promotions: Gina McFadden to Executive Vice President, Business Operations Group from Senior Vice President, Business Operations Group; Michael McClain to Senior Vice President, Production Operations from First Vice President, Production Operations; Susan Milligan to Senior Vice President and Special Counsel, Government Relations from First Vice President and Special Counsel, Government Relations; Stanislav Ivanov to First Vice President, Quantitative Risk Management from Vice President, Quantitative Risk Management; Amy Lawson to Vice President, Business Development from Director, Business Development; Doug MacKay to Vice President, Finance and Accounting from Director, Finance and Accounting; Vince Powell to Vice President, Production Operations from Director, Production Operations; and Jennifer Zack to Vice President, Applications Development from Director, Applications Development. The promotions were awarded at the end of a record year for OCC and the options industry.

"I am extremely pleased to announce the promotion of Gina McFadden to Executive Vice President, Business Operations," said Michael E. Cahill, President & Chief Operating Officer of OCC. "Throughout her 30-year career at OCC, Gina has been very successful at managing a wide range of functions and has progressively taken on additional challenges and responsibilities."

As Executive Vice President, Business Operations McFadden will be responsible for Industry Initiatives, Member Services, National Operations, Product Development, Risk Assessment, and the Testing and Deployment departments.

In McClain's new position as Senior Vice President, Production Operations, he will take on expanded duties in the development of production capabilities of OCC's primary data site operations. McClain joined OCC in 2001 on the ENCORE team which worked to implement OCC's new state-of-art, real-time clearing system, and has played a key role in initiatives for the Application Services and Production Operations departments.

Milligan, as Senior Vice President and Special Counsel, Government Relations, will continue to lead and manage OCC's government relations. Prior to joining OCC in 2001, Milligan held various positions with the New York Stock Exchange and Commodity Futures Trading Commission (CFTC), providing legal counsel and assistance as well as government relations counsel.

As First Vice President, Quantitative Risk Management, Ivanov will be responsible for shaping and implementing OCC's risk management policies and procedures while upholding the organization's mission of delivering world class risk management services. Since joining OCC in 2000, Ivanov has worked to generate up-to-date risk management models and practices for the Quantitative Risk Management department.

In her role as Vice President, Business Development, Lawson will be responsible for communication with participant exchanges, vendors, and other external clients on new products or services to be offered by OCC. Over the past 10 years at OCC, Lawson has worked in a variety of roles, lending her talents to departments like New Products and Economic Research.

MacKay, an OCC employee for over 10 years, will be responsible for monthly financial preparations, taxes and the year end audit in his new position as Vice President, Finance and Accounting. MacKay also has duties involved with corporate insurance, benefit plans, and procurement.

As Vice President, Production Operations, Powell will be responsible for all Data Center Operations and direct his staff to provide first level support for production problems as they relate to job execution, job plan modifications, and production processing job schedules to ensure OCC Quality Standards are met. An OCC employee since 1984, Powell will also oversee the implementation of the new Production Operations area.

Zack, in her new role as Vice President, Applications Development, will expand her responsibility beyond corporate objectives, which was her primary focus as Director, Applications Development. Employed by OCC since 2000, Zack will now be the lead on Application Services 2006 quality initiative and measurement program.

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