OCC promotes Cahill to president

The Options Clearing Corporation (OCC), the US clearing organisation for financial derivatives, has promoted Michael Cahill to the post of president and chief operating officer, effective July 1.

Cahill is currently serving as the OCC’s chief financial officer and treasurer. He joined in 1982 as an analyst in its risk management department. “With his risk management insight and expertise, he was a key contributor to OCC becoming the first clearing corporation to receive an AAA rating in 1993 from Standard & Poor’s,” said the OCC.

Paul Stevens, the current OCC president, will serve as an adviser to the organisation’s management. He will continue as president of the Options Industry Council, a non-profit organisation set up in 1992 by a number of US options exchanges and the OCC that seeks to promote the use of options through education.