OCC Reviews | Glassdoor

OCC Reviews

Updated May 11, 2017
83 reviews

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Full-time Part-time

2.3
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Craig S. Donohue
1 Rating

83 Employee Reviews

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Pros
  • Great work life balance a Quant can dream of (in 8 reviews)

  • For an internship, the pay was really good and the work environment was positively uncharacteristic of the normal internship (in 7 reviews)

Cons
  • All senior management is now previously unemployed former CME people (in 5 reviews)

  • Work from home policy is now anti- (in 3 reviews)

More Pros and Cons

  1. Helpful (3)

    "OCC, Transparent, Consistent, Open Channel coomunication"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Manager in Chicago, IL
    Current Employee - IT Manager in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at OCC full-time (More than a year)

    Pros

    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.

    Cons

    Continuous efforts to identify process efficiencies and industry best practices.

    Advice to Management

    Senior Leadership and Senior Management continuous support and guidance.


  2. Helpful (17)

    "garbage in garbage out"

    Star Star Star Star Star
    • Comp & Benefits
    Current Employee - IT Analyst in Keller, TX
    Current Employee - IT Analyst in Keller, TX
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at OCC full-time (More than 3 years)

    Pros

    The paychecks clear and your job is distilled down to grade school skillsets.

    Cons

    *I am unsure which "management" is worse - the "old" or the "new". Neither has (or had) a clue about the core business.

    *There is no leadership. NONE. On any level of management.

    *The place is full of empty suits who don't have a clue about trading, risk management, clearing, or really anything that has advanced in the last 25 years by way of technology/data/systems/risk management.

    *This is NOT a high-performance workplace and never will be.

    * This entity is a bane on the derivatives markets. If only trading entities could see what paying $.05/contract gets them! GARBAGE! Not even worth $.02/contract. But that's ok, those fees are backdoor profit centers for the shareholder exchanges and the clearing members. So who cares about the overall business - until it's dead?

    *This monopoly is contributing to the demise of the industry. And this monopoly has done next to nothing to contribute to the success of the industry (besides providing much needed smoke and mirrors)! But lets charge more! Let's get more garbage cronies in from the CME (or wherever) so our executive staff can get fat and sassy for doing the absolute bare minimum required (to keep the smoke and mirrors going).

    *Anything regarding risk management in this company is a FRAUD - especially the over-funded, overpaid QRM (quantitative risk management) group. Total joke - and a black hole of mystery.

    Advice to Management

    So you want to be "market influencers"? Don't make me laugh! YOU ARE ALL FRAUDS. RESIGN!

    PS
    This place isn't worthy of 1 star but zero stars is not an option.


  3. Helpful (24)

    "Mike McClain was NEVER CEO"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Staff in Chicago, IL
    Former Employee - IT Staff in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at OCC (More than 10 years)

    Pros

    Monopoly government and exchanges cannot let fail.

    Cons

    So many. Senior management planting glowing reviews and actually asking staff to post them. So apparent it is sickening. Senior management has forced out anyone there prior to chairman. Replacing them with ex-CME cronies and bloating management with more and more of them. Avoid this place like the plague! They cut any benefits and work from home and want you to work double hours with no chance of promotion or raises ... unless you kiss back ends or are ex-CME hire.

    Advice to Management

    You know exactly what you are doing and care only about yourselves. Staff is just to be used and disposed of like Kleenex.


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  5. Helpful (5)

    "Great people. Great pay"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Chicago, IL
    Current Employee - Anonymous Employee in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at OCC full-time (More than 10 years)

    Pros

    The people are #1. Boss is great. Team works together towards goals. Pay is above average.

    Cons

    Crowded at this time. Move is coming soon. OCC operates in a highly regulated environment. Always seem to be working on remediation issues.

    Advice to Management

    Keep up the good work.


  6. Helpful (26)

    "Welcome to the land of make-believe"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Systems Engineer in Chicago, IL
    Current Employee - Systems Engineer in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at OCC full-time (More than 3 years)

    Pros

    this page intentionally left blank

    Cons

    hardly any, now that everyone's goals are aligned with corporate values, new culture is sweeping the land, agility is everywhere you look, goals are smart and outcomes are owned.

    Advice to Management

    Please hire a technical writer to write your fake positive reviews for you, your corporate lingo is showing. Please don't pass success of recent CME hires for success of long time employees. Please talk to your managers, leads, prod support ( remember those overpaid and underworked individuals who will stay with an issue as long as it takes?) before coming up with your next great idea such as curtailed work from home policy.
    Ask yourself honestly how many big line items you accomplished (except setting up OCC's business model just right for exchanges to receive revenue), and how many initiatives you failed at? Owning the outcome starts at the top. Oh, and maybe allow employees to went internally, so that they might be less inclined to do so elsewhere.


  7. Helpful (23)

    "Culture misshapen"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Chicago, IL
    Current Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend
    Neutral Outlook

    I have been working at OCC full-time (More than 3 years)

    Pros

    The old timers (those over 7 years) are great, very knowledgeable about the business and go out of their way to help. They know what team work and family means.

    Cons

    Top management in the CCRA are mostly new (less than 2 years) and they have totally destroyed the culture. They think that because they came from a trading background that OCC should have a similar culture. HR thinks that by having "culture shaping" classes they can improve the culture.

    Advice to Management

    To CCRA management, If you want to shape your culture start with engaging people. That means listening without being defensive. Ask for ideas. Don't be more interested in telling stories from your previous job than actually listening.


  8. Helpful (26)

    "We know you're hearing this, but will you do anything positive ?"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Developer in Chicago, IL
    Current Employee - Developer in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at OCC full-time (More than 5 years)

    Pros

    Loop location near all transportation. Decent compensation and benefits. Company is a SEC monopoly so business is insulated from competition.

    Cons

    Asking employees to stop providing negative reviews and asking specific employees to give positive reviews is a recipe for driving morale even lower. Management is overly focused on process and not on results. Management spends an incredible amount of resources, financial and time-wise on its personal image. Chairman is obsessed with his image and cannot stop compounding bad decisions with additional bad decisions. His over the top publicizing his support of women in the business is incredibly insulting Staff is bloated as the answer to everything is hire more consultants and more staff rather than address the core issue. Company has a single purpose but new management refuses to accept it, Clear options safely and efficiently. There is at least 1 control staffer for every staffer who performs a real job. Compliance and IA are simply snitches. They refuse to do anything positive or help departments avoid regulatory issues. Company has "Culture Champions" in departments, very similar to socialistic/communistic governments, who keep an eye on staff to ensure we are saying the right things and not attempting to do things independently. WFH policy decision has caused real issues in support staff. I am concerned the next production problem will be a real problem because we are no longer encouraged or incented to give what ever it takes to solve problems. Critical institutional knowledge is leaving weekly. Management is openly hostile to anyone who has been at the organization for more than 5 years. The experienced staff is tagged as reluctant to embrace the "new culture" . No one should embrace continual failed superficial programs.

    Mike McClain our COO quit this month to take a job in NY while his family lives here. Really indicates how bad the environment is even in the Corporate Office. He was the last member of the Corporate Management who listened to and respected staff.

    Advice to Management

    Take a breath and acknowledge that the staff who has worked at OCC for years helped make it the most admired organization in clearing. We routinely saw surveys that supported that. You are driving it into the ground and perhaps beyond saving. Problems that were routinely solved by dedicated staff will be potentially fatal to the organization. Senior managers should be held accountable for these decisions but without a doubt the Chairman/CEO will try to blame everything and anything on the previous management who exited 4 years ago.


  9. Helpful (24)

    "Very Sad"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Chicago, IL
    Current Employee - Anonymous Employee in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I have been working at OCC full-time (More than 5 years)

    Pros

    The people are about the only good thing left at OCC. There are a lot of hard-working people that have pride and want to do their jobs well.

    Cons

    OCC went from one of the best companies to work for to one of the worst. A majority of the senior management is new and seem to want to throw away everything that was good about OCC, and start over again. The result is a top-heavy, bureaucratic company, that can no longer produce much of anything. Each new person in management wants to put their own imprint on the company, but have no cohesive vision on how to build a good workplace. There is high turnover and an extreme negativity running through a majority of the staff. Experienced employees are feeling devalued, and that the new management wants to push them out so they can bring in fresh thinking. New employees quickly realize that the company is in disarray, and as a result, their ambitions will not be realized.

    Advice to Management

    People are the most important part of an organization. Listen to the staff, especially those with experience at OCC, and try to save some of the things that made OCC great. Don't hear only what you want to hear. There are significant problems in the organization, and a lot of employees are very sad to see the decline of a great workplace.


  10. Helpful (18)

    "Stay Away from sinking ship"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Chicago, IL
    Current Employee - Analyst in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at OCC full-time (More than 10 years)

    Pros

    N/A. N O N E

    Cons

    Worst senior management, Bad decisions, Culture is poisonous. Company is going down hill. Stay away from this company. There are plenty of better companies out there.

    Advice to Management

    Instead of writing positive reviews to make yourself look good, work on bringing a positive culture. Just fix your existing problems, your bad decisions and you will do just fine. Consult Wayne and other senior management who left OCC, if you need some guidance.


  11. Helpful (25)

    "Run Away, Far away"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Human Resources in Chicago, IL
    Current Employee - Human Resources in Chicago, IL
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at OCC full-time (More than a year)

    Pros

    If you are unemployed with no other options (no pun intended), accept a job here.

    Cons

    Culture, Culture, Culture, is constantly preached by management and their minions in "Talent Development". By the way, Bacteria is a culture. Terrible news that McClain, current COO has quit. No new job, just tired of the constant backstabbing of the Corp Office. All senior management is now previously unemployed former CME people. No respect for staff and the complexity of the product or business. Just a matter of time before we have a major issue. Costs have doubled and we're no further along in dealing with regulatory issues.

    Advice to Management

    Board is obviously powerless or blind to the issues. Once a great place to work.


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