Mission: We promote stability and market integrity through effective and efficient clearance, settlement and risk management services while providing thought leadership and education to market participants and the public about the prudent use of products we clear.
We promote stability and market integrity through effective and efficient clearance, settlement and risk management services while providing thought leadership and education to market participants and the public about the prudent use of products we clear.
Innovation & Agility: We lead and embrace change.
Stewardship: We serve industry participants and the greater public interest.
Collaboration: We build success together.
Performance & Accountability: We own the outcomes.
Ethics & Integrity: We do the right thing.
Craig S. Donohue is Executive Chairman of OCC. OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets.
Mr. Donohue joined OCC as Executive Chairman in January 2014 with the goal to lead transformational change across the organization in light of OCC's designation as a Systemically Important Financial Market Utility (SIFMU) by the Financial Stability Oversight Council. His three-part strategy is focused on: 1) enhancing OCC's resiliency to systemic risk; 2) strengthening OCC's capital structure to ensure loss absorption and recovery capabilities, and; 3) reinvigorating OCC's leadership team to create a more engaged organization. Mr. Donohue is very active in building and strengthening relationships with market participants such as owner and participant exchanges, clearing member firms, and public customers, as well as with lawmakers, regulators and policymakers. He also plays a leadership role in promoting the importance of the listed options market to the U.S. and global economy through the Options Industry Council.
Michael McClain is President and Chief Operating Officer of OCC. OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets.
In this role, Mr. McClain leads the development and execution of OCC's business and technology strategies, and has responsibility for all aspects of the firm's operations and administration functions.
Previously at OCC, Mr. McClain served as Executive Vice President and Senior Vice President, Business Operations, and as Senior Vice President, Production Operations, where he was responsible for managing OCC's remote business sites. Prior to joining OCC in 2001, Mr. McClain held positions at Accenture and IBM, where he specialized in large-scale initiatives for the financial services industry.
John Fennell is Executive Vice President, Financial Risk Management of OCC. OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets.
Mr. Fennell is responsible for Financial Risk Management, which includes market, credit and liquidity risk, default management, customer margin methodologies and model development. Since joining OCC in 1993, the vast majority of his career has been spent in the firm's Risk Management Department, where most recently Mr. Fennell served as Senior Vice President, Risk Management & Treasury Operations, overseeing Financial Risk Management and custodial operations related to all margin and clearing fund securities deposits with OCC. Mr. Fennell currently serves on the Executive Committee of CCP12, as an Affiliate Member with IOSCO and is active on the SIFMA Credit and Margin Committee as well as other industry margin and risk management committees.
A World Class Clearing Organization
OCC, founded in 1973, is the world's largest equity derivatives clearing organization. OCC is dedicated to promoting stability and financial integrity in the marketplaces that it serves by focusing on sound risk management principles. By acting as guarantor, OCC ensures that the obligations of the contracts it clears are fulfilled.
As the marketplace evolves, so do the clearing capabilities at OCC. Although OCC began as a clearinghouse for listed equity options, it has grown into a globally recognized entity that clears a multitude of diverse and sophisticated products. OCC operates under the jurisdiction of both the SEC and the CFTC. As a registered clearing agency under SEC jurisdiction, OCC clears transactions for exchange-listed options, security futures and OTC options. As a registered derivatives clearing organization under CFTC jurisdiction, OCC offers clearing and settlement services for transactions in futures and options on futures. OCC also provides central counterparty clearing and settlement services for securities lending transactions. In addition, OCC has been designated as a "systemically important" financial market utility under Title VIII of the Dodd-Frank Act.
The management of OCC's business affairs is vested in its Board of Directors which includes diverse representation from exchanges, clearing members, public directors and management. OCC receives most of its revenue from clearing fees charged to its members. OCC offers volume discounts on fees and, as applicable, refunds excess fees to its clearing members.
The Exchanges and Markets We Serve
OCC's participant exchanges include: BATS Exchange, Inc., BOX Options Exchange LLC, C2 Options Exchange, Incorporated, Chicago Board Options Exchange, Incorporated, EDGX Exchange, Inc., International Securities Exchange, LLC, ISE Gemini, LLC, ISE Mercury, LLC, Miami International Securities Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, LLC, The NASDAQ Stock Market LLC, NYSE MKT LLC, and NYSE Arca, Inc. OCC's clearing members serve both professional traders and public customers and comprise approximately 115 of the largest U.S. broker-dealers, futures commission merchants and non-U.S. securities firms. OCC's goal is to service clearing members and the exchanges through an operating plan that emphasizes timely, reliable and cost-efficient clearing operations.
OCC also serves other markets, including those trading commodity futures, commodity options, and security futures. OCC clears futures contracts traded on CBOE Futures Exchange, LLC, ELX Futures, LP, and Nasdaq Futures, Inc., as well as security futures contracts traded on OneChicago, LLC. In addition, OCC provides central counterparty services for two securities lending market structures, OCC's OTC Stock Loan Program and Automated Equity Finance Markets, Inc. (AQS), an automated marketplace for securities lending and borrowing.
Opportunities for Career Growth
OCC places a strong emphasis on career development and offers many opportunities for development through formal training programs, a mentor program and developmental assignments/projects. Several positions throughout OCC offer potential for growth within career ladders (i.e., Application Developer, Senior Application Developer, Lead Application Developer) based on performance and attainment of skills. OCC promotes from within the organization when feasible. We are proud of our many success stories of employees joining OCC in entry-level positions and earning their way into executive level positions.
OCC has a generous tuition reimbursement program. Many employees have taken advantage of this great benefit and have received Bachelor’s and Master’s Degrees. OCC encourages employees to enhance their career development through formal education.
OCC has a formal mentor program that matches newer or junior employees with management mentors to promote leadership development within OCC. Currently, more than 80 percent of senior management, including many executives, have served as mentors, and many serve numerous times. Pairs are matched based on the mentee's career goals, often trying to mix business and technical individuals within the organization.
“The mentor program allows employees to network with others outside of their normal work scope and to have the opportunity to explore the company through the eyes of a mentor who is not their direct supervisor. For those with a technical background, it's an opportunity to practice skills not common to their everyday role. For the business side, it gives a better understanding and appreciation of critical needs and what comprises OCC's IT systems. We've seen a lot of lasting friendships and relationships develop.”
— 1st Vice President of HR at OCC.
OCC is a very technical organization — approximately two-thirds of our employees are in Information Technology (IT). Technical training is offered to OCC employees to keep current with our ever-changing technical environment. This training is offered either onsite or via public classes on an individual or group basis.
Educational Programs on the Options Industry
OCC offers a training program for all employees called “Options Community College”. This program provides a comprehensive look at OCC’s operations and the options industry. Nearly all of our employees have attended this program. The classes are taught by our internal experts. This program covers a wide variety of topics including an introduction to the financial markets, an internal view of OCC’s operations/business, the clearing process and risk management.
You can learn almost everything there is to know about the options industry by taking advantage of the no cost educational programs offered by the Options Industry Council. Options are a versatile but complex product. To help understand this complex product, OIC conducts hundreds of seminars and webcasts throughout the year, distributes thousands of interactive DVDs and brochures, and maintains a Web site and Investor Services department focused on options education.
“Meet the Departments” Training for New Hires
We realize how overwhelming joining a new company can be for new hires. To help new hires in this transition, they are given the opportunity to attend our “Meet the Departments” training program. This program provides an overview of various departments throughout OCC. New hires learn the ins and outs of several departments and meet their representatives. It also gives new hires the opportunity to network with other new employees.
OCC continually provides a variety of development opportunities for our experienced and new leaders. Several classes are held onsite each year to help leaders develop their skills. Employees in leadership roles are also encouraged to pursue external programs of interest to them.
Below is a picture of a teambuilding event for our Technology Services group where teams built children’s bikes... the bikes were donated to The Maywood Fine Arts Association which provides arts education to children in a community with few after-school resources...
I have been working at OCC full-time (More than a year)
At OCC, we are committed to a transparent, consistent, and open channel communication. Staff is encouraged to speak up their minds and share their feedback in a very constructive, respectful, and positive way. This is our key to a successful change and improvement initiatives implementation.
Continuous efforts to identify process efficiencies and industry best practices.
Advice to Management
Senior Leadership and Senior Management continuous support and guidance.
I applied online. The process took a week. I interviewed at OCC (Chicago, IL).
After an initial phone call, you are invited in to an interview. The interview was standard, a one on one with the manager and the usual questions about background education and how you fit in the position.
Let us know if we're missing any workplace or industry recognition –