OCC, the world's largest equity derivatives clearing organization, today announced its Board of Directors elected Mike Nowak as Chief Financial Officer and a member of OCC’s Management Committee, effective August 8. As CFO, Nowak will oversee all of OCC’s Corporate Finance functions, including treasury, finance, accounting, strategic sourcing, as well as facilities and vendor management. To help ensure a smooth transition, Nowak will work closely with outgoing CFO Amy Shelly, who is leaving OCC to pursue a new opportunity.
“As both the former CFO at one of our member firms and a former OCC Board member, Mike has been a strong partner over the years who has a deep understanding of our industry and our business,” said Craig Donohue, OCC’s Executive Chairman. “He is an established leader with a track record of success, and we look forward to him joining our team.”
Prior to joining OCC, Nowak was the Chief Financial Officer of ABN AMRO Clearing Chicago LLC, a registered broker-dealer and futures commission merchant that acts primarily as a clearing broker for large broker dealer proprietary trading firms and institutional clients in the U.S. and around the globe. In his role as CFO, Nowak oversaw the day-to-day management of liquidity, capital, balance sheet and regulatory reporting for the firm. He previously served as the Chief Operations Officer for ABN AMRO Clearing Chicago, overseeing all of the back-office functions of the firm.
Nowak has been involved in many committees and working groups over the years with DTC, FINRA, CME, FIA and other organizations. He was also a member of OCC’s Board of Directors.
Nowak graduated from Marquette University with a bachelor’s degree in biomedical engineering. He also has a master’s degree in accounting from DePaul University’s Kellstadt Graduate School of Business. Mr. Nowak has held the Series 3, 7, 24, 27 and 63 registrations over the course of his time in the industry and is a Registered CPA.
The Options Clearing Corporation (OCC), named Risk Magazine’s 2022 Clearing House of the Year, is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.