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OCC Announces Cawley As New Chief Compliance Officer

CHICAGO (January 5, 2011) - The Options Clearing Corporation (OCC) announced today that Jean Cawley has been named to the newly created role of Chief Compliance Officer (CCO).

She will continue her role as Senior Vice President and Deputy General Counsel, in which she is responsible for the day-to-day operation of the Legal Department, other in-house attorneys, paralegal assistants, and departmental assistants and clerks. Cawley also plays a key role representing OCC in dealings with exchanges, clearing members, business partners, and regulators, and works with the General Counsel in managing OCC's outside counsel.

As Deputy General Counsel, Cawley will continue to report to William Navin, Executive Vice President, General Counsel and Chief Legal Officer. In her role as CCO, she will report to Chairman and CEO, Wayne Luthringshausen and will develop and oversee OCC's compliance program.

Cawley joined OCC as staff counsel in November, 1989, and has served in positions of increasing responsibility since then. She earned her undergraduate degree from the University of Iowa in 1982 and her law degree from DePaul University College of Law in 1985. From 1985 to 1989, she worked for the Midwest Regional Office of the SEC, last serving as a Chief in the Branch of Enforcement.

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 15 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