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Options Industry Sets New Daily Volume Record With 30,818,984 Contracts Traded On Thursday, May 6, 2010

CHICAGO (May 7, 2010) The Options Clearing Corporation (OCC) announced that a new daily options trading volume record was set on Thursday, May 6, 2010 when 30,818,984 contracts were traded. This is 2.7 percent higher than the previous record of 30,006,663 contracts set on September 18, 2008.

Equity options trading also set a new record with 28,246,561 contracts, a 3.4 percent increase over the previous record of 27,325,694 contracts on March 19, 2009.

The record daily volume of 30.8 million contracts was nearly double the year-to-date average daily volume of 15.7 million contracts. A total of 1,498,785 transactions took place on May 6, resulting in $12.06 billion in premium changing hands.

"All processing went smoothly yesterday," said Michael E. Cahill, OCC President and COO. "Our participant exchanges and clearing members deserve all of the credit for handling the record volume efficiently, allowing OCC to process trades within normal timeframes."

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 14 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