CHICAGO--(BUSINESS WIRE)--OCC, the world’s largest equity derivatives clearing organization, today announced the appointment of Amy McCormick, formerly with the National Futures Association, as First Vice President, Financial Risk Management, a new position for the organization. McCormick starts in her new role today, and will report to Dale Michaels, Executive Vice President, Financial Risk Management.
“As a Systemically Important Financial Market Utility, we must have the right people in the right roles to help OCC to ensure confidence in the financial markets and the broader economy,” said Craig Donohue, OCC Executive Chairman and Chief Executive Officer. “Amy’s 22 years of experience in risk management for a self-regulatory organization and a major global derivatives exchange will help OCC in its continued efforts to reduce systemic risks, increase transparency, and provide capital and collateral efficiencies for market participants.”
Prior to joining OCC, McCormick was a Managing Director at the National Futures Association (NFA), the industrywide self-regulatory organization for the U.S. futures industry, where from 2015 to the present she managed a multi-divisional $60 million program to overhaul clearing risk management systems and oversaw examinations, investigations, and risk management teams.
Before the NFA, McCormick served as an Executive Director at CME Group in Risk Management from 2012 to 2015 where she led a successful initiative on real-time risk management, which turned a slow batch process into the ability to view exposures on updated positions and prices in under a second to be able to detect, analyze, and mitigate any risk management concerns. McCormick joined CME Group in 2003, where she held a series of roles with increasing responsibilities in risk management, which included the introduction of pre-trade credit controls, which manage the damage an out of-control trading algorithm could inflict on the markets and a clearing member.
McCormick also worked from 2002 to 2003 as a Treasury Analyst for Sears, Roebuck, and Co., and from 1997 to 2000 as a consultant for Tetra Tech EM, Inc. She began her career in 1995 as a research analyst for the U.S. Department of Energy.
McCormick has a B.S. from the University of Illinois at Urbana-Champaign, an M.S. from Vanderbilt University, and an M.B.A. from the Booth School of Business at the University of Chicago.
OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. Named 2016 Clearinghouse of the Year - The Americas by FOW Magazine and 2016 Clearinghouse of the Year by Global Investor/ISF Magazine, OCC now provides central counterparty (CCP) clearing and settlement services to 20 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at www.theocc.com.