OCC appoints two new directors

The US Options Clearing Corporation (OCC), the not-for-profit central US derivatives clearing organistion, has appointed Bear Stearns' Richard Lindsey and Charles Schwab's Stanley Lauchner to its board of directors.

Lindsey joined Bear Stearns in 1999 and is co-president of Bear Stearns Securities. He was previously director of market regulation and a chief economist at the Securities and Exchange Commission, the US body that regulates the securities industry. Lauchner joined Schwab in 1987 and is now senior vice-president of brokerage operations. He has worked as a member of the senior management team at the Pacific Exchange and is a member of the Securities Association Operations and T+1 Steering Committees and the Depository Trust and Clearing Corporation Securities Processing Advisory Committee.

"The board welcomes two new distinguished board members, and we look forward to the skill, experience and perspective they will bring to OCC," said Wayne Luthringshausen, OCC chairman and chief executive.

The OCC is the largest derivatives clearing house in the world and has a AAA rating from credit rating agency Moody's. It is owned by The American Stock Exchange, Chicago Board Options Exchange, International Securities Exchange, Pacific Exchange and the Philadelphia Stock Exchange.