Working at OCC | Glassdoor

OCC Overview

Chicago, IL
501 to 1000 employees
1973
Company - Private
Finance
$100 to $500 million (USD) per year
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 ... Read more

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 ... Read more

OCC – Why Work For Us?


Our 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.

Our Values

Innovation & Agility: We lead and embrace change.

  • We are curious and creative with each other and stakeholders.
  • We welcome challenges and learn from successes and failures.
  • We anticipate market trends and respond quickly to changing needs.
  • We are innovators.

Stewardship: We serve industry participants and the greater public interest.

  • We understand our duty to ensure sound markets.
  • We connect our actions to their impact on the financial market.
  • We promote resiliency in ourselves, our systems and the markets we serve.

Collaboration: We build success together.

  • We are one team focused on achieving the goals of the organization.
  • We strive to build trusting relationships with our peers and external partners.
  • We communicate and collaborate across areas to maximize our results.
  • We take ownership for our personal growth and development.

Performance & Accountability: We own the outcomes.

  • We take the initiative and strive to be an industry leader.
  • We are accountable for living our values.
  • We ask questions and seek to fully understand what is expected of us.
  • We honor our word and we follow through with our commitments.

Ethics & Integrity: We do the right thing.

  • We are transparent, honest and candid.
  • We act with integrity in everything we do.
  • We identify concerns and raise them until they are adequately addressed.
  • We embrace and follow the spirit of all rules and regulations.

Craig S. Donohue

Executive Chairman and Chief Executive Officer

Craig S. Donohue is Executive Chairman and Chief Executive Officer 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.

In 2010, Mr. Donohue was selected as one of the world's 50 best-performing CEOs by the Harvard Business Review. He is also the subject of a Harvard Business School case study published in 2011 for his excellence in strategy formulation and execution. In 2009, Mr. Donohue was named to Institutional Investor Magazine's Power 50 list of the World's Most Influential People in Finance and was also recognized as The International Executive of the Year by the Executives' Club of Chicago.

Mr. Donohue is an active leader in national and local civic and philanthropic efforts. He is a past Board member and Chairman of the Council for Economic Education. He is also a past Board member and Chairman of the Executives' Club of Chicago and previously served as a director of the Chicago Council on Global Affairs.

Mr. Donohue holds a Masters of Management degree from Northwestern University's Kellogg Graduate School of Management, a Masters of Law degree in Financial Services Regulation from IIT Chicago-Kent College of Law, a Juris Doctor degree from The John Marshall Law School, and a Bachelor of Arts degree in political science and history from Drake University.

John P. Davidson

President and Chief Operating Officer

John P. Davidson is the President and Chief Operating Officer at OCC. OCC is the world’s largest equity derivatives clearing organization and foundation for secure markets.

In these roles, Mr. Davidson is responsible for the organization’s Information Technology and National Operations business units. This includes leading the clearinghouse in the work on covered clearing agency rules and SEC Regulation SCI, part of OCC’s responsibilities as a Systemically Important Financial Market Utility (SIFMU).

Mr. Davidson earned an M.B.A. in financial management and international business from the University of Chicago and graduated with highest distinction from the University of Illinois-Urbana with a bachelor's degree in political science.

Scott Warren

Executive Vice President and Chief Administrative Officer

Scot Warren is Executive Vice President and Chief Administrative Officer of OCC. OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets.

In this role as part of the Office of the Executive Chairman, Mr. Warren oversees OCC's Finance, Human Resources, Financial Risk Management, Corporate Planning, Product and Business Development, and Project Management Office. He joined OCC in February of 2015 and previously served as Executive Vice President, Business and Product Development where he was responsible for OCC's Business and New Products Development as well as Strategic and Corporate Planning.

Mr. Warren is a frequent speaker at industry conferences and events and previously served on the Board of Directors of S&P Dow Jones Indexes, One Chicago and Illinois Swimming.

Mr. Warren received a Bachelor of Science in Accounting from Pennsylvania State University and a Master of Science in Financial Markets and Trading from Illinois Institute of Technology.


For additional information on our leadership team, please visit Executive Biographies.

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.

Tuition Reimbursement Program

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.

 

Technical Training

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

Options Training at OCC

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.

Options Training through the Options Industry Council (OIC)

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.

Leadership Development

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.

Teambuilding Events

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...

OCC Reviews

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Craig S. Donohue
5 Ratings
  • "Director"

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    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at OCC full-time

    Pros

    Very good place to work

    Cons

    Nothing really to say in terms of cons

    Advice to Management

    They are doing good

See All 105 Reviews

OCC Photos

OCC photo of: OCC's Texas colleagues enjoying the 2017 summer outing
OCC photo of: OCC's Softball Team - The Optioneers!
OCC photo of: Members of the HR and OIC teams at a recent event
OCC photo of: OCC colleagues enjoying the summer outing
OCC photo of: OCC Colleagues at a recent Town Hall meeting
OCC photo of: David Prosperi accepting the Global Investor 2016 Clearing House of the Year award
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OCC Interviews

Experience

Experience
78%
21%
0%

Getting an Interview

Getting an Interview
30%
23%
15%
15
15

Difficulty

2.8
Average

Difficulty

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  1.  

    Communications Interview

    Anonymous Interview Candidate in Chicago, IL
    No Offer
    Positive Experience
    Average Interview

    Application

    I applied through college or university. The process took 6 weeks. I interviewed at OCC (Chicago, IL) in April 2017.

    Interview

    It was awesome! There was a little delay in the whole process but in the end I had a very awesome in person interview for the position. They are very welcoming and kind. The only real negative is that I did not end up meeting with everyone they said I would meet with.

    Interview Questions

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OCC Awards & Accolades

  • 2016 Clearinghouse of the Year - The Americas, FOW Magazine, 2016

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