OCC Announces Three New Board Members, Member Elections at Annual Stockholder Meeting
OCC, the world's largest equity derivatives clearing organization, today announced three new members of its Board of Directors: Michael Blaugrund, Chief Operating Officer at the New York Stock Exchange (NYSE); Boudewijn Duinstra, Chief Executive Officer at ABN AMRO Clearing USA; and Stephen Luparello, Former Financial Executive. Additionally, OCC announced the re-election of Craig S. Donohue as Executive Chairman, the re-election of three Member Directors and appointment of four additional Exchange Directors.
New Elections and Appointments
- Blaugrund is Chief Operating Officer of the NYSE, part of Intercontinental Exchange (ICE). He is responsible for the NYSE Group's five equity and two options markets as well as the Securities Industry Automation Corporation (SIAC). Before joining the NYSE in 2016, Blaugrund was Director of Business Development at Tower Research Capital, where he focused on expanding the firm's global market access and developing strategic assets.
- Duinstra is Chief Executive Officer of ABN AMRO Clearing USA. Before joining the firm in 2021, he was the Head of Risk Management for ICE Clear Europe in London. From 2003 to 2017, Duinstra worked for ABN AMRO in several capacities, most recently as the Global CRO and Managing Board member at ABN AMRO Clearing Bank from 2013 to 2017. Prior to that, he held various senior leadership positions within ABN AMRO Clearing, including the CRO role for ABN AMRO Clearing USA from 2007 until 2011.
- Luparello previously served as Managing Director and General Counsel for Citadel Securities from 2017 until he retired in 2022. From 2014 to 2017, Luparello was the Director of the Division of Trading and Markets for the SEC. Prior to that, he was a partner at the law firm of WilmerHale, specializing in broker-dealer compliance and regulation, securities litigation and enforcement. Luparello joined WilmerHale after 16 years with the Financial Industry Regulatory Authority (FINRA) and its predecessor, the National Association of Securities Dealers, ending as Vice Chairman of FINRA.
Blaugrund, Duinstra and Luparello fill vacancies left in 2023.
Other Elections and Appointments
Craig S. Donohue was unanimously re-elected as Executive Chairman of the OCC Board of Directors. Donohue joined OCC as Executive Chairman in 2014. The vote took place during OCC's annual stockholder meeting on April 28. In addition, the following Directors were unanimously elected as Class I Member Directors for the term ending in 2026:
- Susan G. O'Flynn, Head of Equities, France, at Morgan Stanley. O'Flynn joined the Board in 2019.
- Peter Maragos, Co-Founder and CEO of DASH Financial Technologies. Maragos joined the Board in 2021.
- Joseph Lewis, Managing Director, Co-Head of Corporate Hedging and FX Solutions at Jefferies LLC. Lewis joined the Board in 2022.
The following Directors were also unanimously appointed as Exchange Directors:
- Meyer S. Frucher, Strategic Advisor & Former Vice Chairman at Nasdaq. Frucher joined the Board in 1998.
- Robert A. Hocking, Senior Vice President ? Global Head of Product Innovation at Cboe Global Markets, Cboe. Hocking joined the Board in 2021.
- Kevin J. Kennedy, Senior Vice President - Head of Product Management for North American Market Services at Nasdaq ISE, LLC. Kennedy joined the Board in 2019.
- Elizabeth K. King, President, Sustainable Finance & Chief Regulatory Officer at ICE. King joined the Board in 2018.
"We greatly value the excellent counsel and expertise contributed by these leaders, and we are pleased that Steve will join our Board as a Public Director," said Donohue. "Additionally, we welcome Michael's and Boudewijn's fresh perspectives, industry knowledge and leadership capabilities. Together, our Board's collective experience and guidance support our strategic objectives of driving operational excellence and delivering our new clearing platform to the markets in 2025."
About OCC
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
©2023. The Options Clearing Corporation. All rights reserved.
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