Options Clearing Corporation Announces Record Reduction In Clearing Fees

The Options Clearing Corporation (OCC) today announced that its Board of Directors has agreed to discount Clearing Member fees by up to 41 percent for September through December, depending on the size of trades cleared. This discount, which is the most significant reduction in OCC history, is a result of clearing fees exceeding expectations for the current calendar year.

"This is a great time for the options industry. Year-to-date trade volume in options is running nearly 55 percent ahead of the same period last year, and as a result we're rewarding our Clearing Members with this discount," said Wayne P. Luthringshausen, OCC Chairman. "Options are dramatically growing in popularity as more investors discover the flexibility, protection and strategic alternatives that options can provide."

Commencing the first trading day of 2001, all fees will revert to normal OCC rates.

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