OCC Promotes Michael Cahill To Chief Financial Officer And Treasurer

The Options Clearing Corporation (OCC) announced today that Michael E. Cahill, 42, is being promoted to Executive Vice President, Chief Financial Officer and Treasurer. He was most recently Senior Vice President, Financial Surveillance, Economic Research, Treasury Operations and Information Technology. In his new position, Cahill, who has been with OCC since 1982, will lead the organization's strategic initiative to provide the highest levels of risk management to the options industry while retaining cost-effectiveness. In addition to assuming responsibility for overseeing OCC's Accounting Department, he will retain oversight for the company's Financial Surveillance, Economic Research, Treasury Operations and Information Technology Divisions.

Cahill has a BBA Degree from The University of Notre Dame, a MBA in Finance from DePaul University, and is a graduate of the Securities Industry Institute. He resides in Glen Ellyn, Ill.

OCC Background

OCC, founded in 1973, is the largest clearing organization in the world for financial derivative instruments and was the first clearing house to receive a 'AAA' credit rating from Standard & Poor's Corporation. Operating under the jurisdiction of the Securities and Exchange Commission, OCC is jointly owned by The American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange and Philadelphia Stock Exchange. OCC is headquartered at 440 South LaSalle Street, Chicago, Ill. More information is available through its Web site at www.optionsclearing.com