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OCC Announces Tamayo As New Chief Information Officer

CHICAGO (January 19, 2010) The Options Clearing Corporation (OCC) announced today that Raymond Tamayo has joined the company as Chief Information Officer (CIO).

Previously Tamayo served as Director of IT development and infrastructure management for the Commercial Business and Leasing Group at Citigroup. In his role as CIO, he will report to Michael E. Cahill, OCC President and Chief Operating Officer, and will be responsible for all OCC Technology Services.

"We are very pleased to be able to name a new CIO with the extensive background in information technology in the financial industry that Ray brings. He is a terrific addition to OCC," said Cahill.

Tamayo brings over 20 years of experience in management-level IT and operational positions where he achieved success in start-up, turnaround and high-growth ventures. Over the last five years at Citigroup, he led strategic initiatives for the consumer bank and oversaw several company initiatives such as improving performance on critical applications and consolidation within the data center, infrastructure and development site areas. Before working at Citigroup, Tamayo founded a start-up management consulting firm. Prior to that he served in many capacities at HSBC Securities including Managing Director, Executive Director and Chief Information Officer as well as Executive Vice President for Republic National Bank of New York, which was acquired by HSBC in 2000.

Tamayo has a Bachelor of Science in Finance & Marketing from Boston College.

"I look forward to applying my skills and experience to help OCC maintain its leadership in the technology for derivatives clearing and settlement," Tamayo said. "I'm excited to join a team with the reputation for innovation that OCC has in serving the needs of its exchanges, clearing members and helping preserve the soundness of the marketplace."

About OCC

OCC is the world's largest derivatives clearing organization by contract volume and open interest. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 13 exchanges and platforms for options, financial and commodity futures, security futures and securities lending transactions.

As the CCP clearinghouse for the markets it serves, OCC assumes the counterparty risk of members involved in a trade-becoming the buyer to every seller and the seller to every buyer. OCC manages its risk of member default by collecting margin (collateral). Clearing member margin requirements are calculated using OCC's proprietary System for Theoretical Analysis and Numerical Simulations (STANS) that uses large-scale Monte Carlo simulations to forecast price moves and correlations to make those margin determinations. In 1993, OCC became the first clearinghouse to receive a 'AAA' credit rating from Standard & Poor's Corporation, and has continued to receive that high rating every year as a result of its risk management standards.

OCC operates as a utility clearinghouse, owned by several of its participant exchanges but with a Board of Directors majority drawn from its clearing members, allowing it to provide highly efficient but low-cost solutions to the markets it serves. More information about OCC is available through its Web site at