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The Options Clearing Corporation Board Of Directors Welcomes Two New Members And Vice Chairman

CHICAGO (May 10, 2010) The Options Clearing Corporation (OCC) announced today that Craig Abruzzo and Valar Mihan were elected to the OCC Board of Directors. Additionally, Paul Brody was elected to the role of Vice Chairman and succeeds outgoing director Gary Yetman who completed his term at the end of April.

Mr. Abruzzo is currently head of Morgan Stanley's Listed Derivatives business in the Americas, responsible for the execution, clearing and servicing of client activities in exchange-traded derivatives across all asset classes.

Mr. Mihan is a Managing Director and head of Americas Equity-Linked Trading at Bank of America Merrill Lynch. In this role, he is responsible for the company's equity derivatives, convertible, quantitative and other equity-linked trading strategies in the region.

"It is a pleasure to welcome Craig and Val as the two newest members of OCC's Board of Directors. Their combined background and experience in the derivatives industry will further enhance our board," said Wayne Luthringshausen, OCC Chairman and Chief Executive Officer. "We also say goodbye and thanks to Gary Yetman, who was an active and valuable member of our board and welcome Paul Brody as his successor as Vice Chairman."

Mr. Brody is Chief Financial Officer of Timber Hill LLC and its parent company, Interactive Brokers Group (IBG LLC). He was appointed to the Board in May 2005 and then first elected to the Board in April 2006.

"Paul Brody has been a respected member of the Board over the last five years and we look forward to his new role as Vice Chairman as the Board continues to draw on his expertise and perspective," said Luthringshausen.

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