Dale A. Michaels

Chief Financial Risk Officer

Dale Michaels is Chief Financial Risk Officer at OCC, the world's largest equity derivatives clearing organization.

In this role, Mr. Michaels is responsible for OCC's market, credit and liquidity risk, default management, customer margin methodologies and model development activities. He previously worked on the company's securities lending initiatives.

Mr. Michaels represents OCC on the U.S. Commodity Futures Trading Commission's Market Risk Advisory Committee, and sits on the Executive Committee of CCP12, a global association of central counterparty clearing organizations (CCPs) whose aim is to promote effective, practical and appropriate risk management and operational standards for CCPs to ensure the safety and efficiency of the markets they represent.

Prior to joining OCC, Mr. Michaels developed and directed various risk management functions as a Managing Director at CME Group, where also he led the integration of the risk management and clearing functions involving CME Group, The Chicago Board of Trade, the New York Mercantile Exchange and COMEX, creating significant capital and operational savings for market participants. Previously Mr. Michaels was a fixed-income trader and began his career at the Chicago Board of Trade serving as a financial analyst and then a staff economist.

Mr. Michaels received a Bachelor of Science in Finance and Economics from Illinois State University and earned his Masters of Business Administration in Finance from DePaul University. He also holds a Chartered Financial Analyst Designation.

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