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OCC Names Two New Members to Board of Directors

CHICAGO (March 9, 2020) – OCC, the world's largest equity derivatives clearing organization, today announced two new members to its Board of Directors.

Kevin Kennedy, Senior Vice President and Head of Product Management for North American Market Services at Nasdaq, has joined OCC's board of directors. He replaces Tom Wittman, Executive Vice President, Head of Global Trading and Market Services for Nasdaq, who resigned from OCC's board of directors on December 30, 2019.

Thomas Barrett, who leads global Futures and Derivatives Clearing Services and also heads the global Clearing business in Prime Services at Goldman Sachs, also joined OCC's board of directors. He replaces Mark Dehnert, Managing Director of Goldman Sachs, who resigned from OCC's board of directors on December 30, 2019.

"We are pleased that Kevin and Tom are joining our board of directors to add their broad industry expertise as OCC moves forward on its transformation journey," said Craig Donohue, Executive Chairman. "Their insights on the workings of the U.S. equity derivatives market will support our continued efforts to bring operational excellence, growth and innovation to the users of these markets."

Donohue added, "On behalf of OCC's board of directors, I want to thank Tom Wittman and Mark Dehnert for their contributions to our board. Their industry experience helped set OCC's course as an important market utility and SIFMU. Their leadership helped drive our progress with the Renaissance Initiative, which will strengthen our resiliency, modernize our technology architecture and make OCC a more agile organization so we can deliver operational excellence to our exchanges and clearing member firms."

Kennedy leads the Nasdaq product management team across options, equities, and trade management services. He also serves on the Nasdaq CXC Limited Board of Directors. Previously, Kennedy served as head of U.S. derivatives at Nasdaq, where he was responsible for the full slate of options and futures products. He also served on the PHLX Board of Governors prior to its acquisition by Nasdaq. Starting as an independent market maker in 1987, Kennedy served as President of his own trading firm and Vice President in Goldman Sachs' Equities division, where he managed the firm's Philadelphia derivatives operation. Kennedy graduated from La Salle University with a Bachelor of Science in finance.

Barrett joined Goldman Sachs in 2005. He was named Managing Director in 2010, and Partner in 2014. Barrett earned a Bachelor of Science in applied mathematics from Northwestern University, and a Master of Science in financial mathematics from the University of Chicago.

About OCC

OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) as a registered clearing agency and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. Named 2019 Best Clearing House by Markets Media, OCC now provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at www.theocc.com.