Two pieces of news provide a flicker of hope amid the doom and gloom.
Chicago, Ill (PRWEB) March 12, 2014
OCC announced today the appointment of new Board Officers and Board committee chairs for 2014:
• Felix Davidson, President, TD Ameritrade Clearing, Inc., was appointed Member Vice Chair and Chair of OCC’s Performance Committee
• Craig Donohue was reappointed OCC Executive Chairman
• Michael Cahill was reappointed OCC President and Chief Executive Officer
• Richard Lindsey was reappointed as Chair of OCC’s Risk Committee
• Pat White was reappointed as Chair of OCC’s Audit Committee
• Matthew Gelber was appointed as Chair of OCC’s Governance Committee
OCC’s Nominating Committee also nominated the following candidates for election to the Board of Directors for the term ending in 2017, with such election to be held at OCC’s Annual Meeting of Stockholders on April 22, 2014:
• Mark Dehnert, Goldman Sachs Execution & Clearing, L.P.
• Craig Messinger, The Bank of New York Mellon
• John Ruth, ABN AMRO Clearing Chicago LLC
OCC’s Board also approved the recommendations of OCC’s Nominating Committee to appoint the following individuals to fill vacancies on the board, with each such appointment to be effective as of OCC’s Annual Meeting of Stockholders to be held on April 22, 2014:
• Christine Show, Newedge USA, LLC, for the term ending in 2015
• Judith Kula, Wolverine Execution Services, LLC, for the term ending in 2016
Additionally, NYSE appointed the following individuals as their representatives on the OCC Board:
• Thomas Farley, Chief Operating Officer, NYSE
• David Goone, Senior Vice President and Chief Strategic Officer, Intercontinental Exchange Group
OCC’s Board of Directors also approved the combination of the previously separate Governance and Nominating Committees into a single new standing committee of the Board. The new Governance and Nominating Committee will be chaired by a public director and be comprised of two additional public directors, as well as one member director and one exchange director.
OCC’s Board of Directors also approved an expansion in the number of public directors, from 3 to 5, bringing the total number of OCC Directors to 21. These governance enhancements will be implemented upon receipt of regulatory approval.
“OCC’s Board of Directors is committed to maintaining and enhancing strong governance practices at OCC,” Donohue said. “The creation of our combined Governance and Nominating Committee, and the addition of two new public directors, will enhance our ability to ensure that we have the right composition of diversity, skills and expertise on our Board and Board committees. I look forward to working with our new and existing directors as we further advance our mission to provide market participants with innovative risk management solutions and industry leading efficiencies in the clearing and settlement of options, futures and other financial transactions.”
OCC is the world's largest equity derivatives clearing organization. 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 17 exchanges and trading platforms for options, financial and commodity futures, security futures and securities lending transactions. More information about OCC is available at http://www.theocc.com.
Read the full story at http://www.prweb.com/releases/2014/03/prweb11664527.htm