CHICAGO--(BUSINESS WIRE)--OCC, the world’s largest equity derivatives clearing organization, announced today that Thomas A. Wittman, a veteran exchange executive, has joined the board of directors as an Exchange Director, replacing Gary Katz, formerly of The International Securities Exchange (ISE).
Wittman is currently Executive Vice President of Nasdaq and Global Head of Equities, a division of the company’s Global Trading & Market Services business. He oversees the global cash equities and equity derivatives businesses and is responsible for the management and strategy of Nasdaq’s three U.S. equities markets, three U.S. options markets, the equity and equity derivatives trading in Copenhagen, Helsinki and Stockholm as well as Nasdaq’s investment in the Multilateral Trading Facility, TOM. Wittman also serves as CEO and President of The Nasdaq Stock Market (Nasdaq), Nasdaq PHLX LLC (PHLX), Nasdaq BX Inc. (BX), Ensoleillement Inc. and is CEO of the International Securities Exchange, LLC (ISE), ISE Gemini, LLC and ISE Mercury, LLC.
Previously, Wittman served as Senior Vice President, Head of U.S. Equities and Derivatives and President of PHLX and prior to that, as Vice President of U.S. Options, where he led the team in transitioning from an open outcry, floor-based specialist system to an electronic, hybrid system. He also drove the development of the Nasdaq Options Market (NOM) and the launch of Nasdaq BX Options (BX Options).
"The addition of Tom Wittman to the OCC board of directors further strengthens our ability to ensure confidence in the financial markets and the broader economy as a systemically important financial market utility,” said Craig Donohue, Executive Chairman of OCC. "Tom’s global experience and insights, along with those of his fellow board members, will support OCC’s mission to provide exceptional risk management and innovative solutions to reduce systemic risk and increase capital efficiencies for market participants.”
Donohue added, "I also want to thank Gary Katz for his invaluable contributions and thought leadership throughout his tenure as a member of our board of directors. Gary has had a profound impact on the listed options industry and market participants, which has resulted in tremendous growth and innovation. On behalf of our fellow board members, I thank Gary for his commitment of excellence and service to OCC."
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) as a Registered Clearing Agency, and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. Named 2016 Clearinghouse of the Year by Global Investor/ISF Magazine, OCC now provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available www.theocc.com.