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August 1, 2013

OCC Said to Approach Former CME CEO Donohue for Chairman

Options Clearing Corp. is in talks with Craig Donohue, the former chief executive officer of CME Group Inc., about hiring him as chairman, according to two people familiar with the matter.

The board of OCC, the world’s largest equity-derivatives clearinghouse, met in New York on July 23 to discuss the matter, according to the people, who asked not to be identified as the discussions were private. The Chicago-based company, which guarantees all options trading on U.S. exchanges, is negotiating terms with Donohue and the parties may yet fail to reach an agreement, the people said.

Wayne P. Luthringshausen, OCC’s 69-year-old chairman and CEO, will retire at the end of the year, the company said this week. OCC, which has 120 clearing members including the biggest banks and brokers, plans to separate the chairman and chief executive roles upon Luthringshausen’s departure, with Michael Cahill becoming CEO. The clearinghouse processes trades for exchanges such as ELX Futures and NYSE Liffe US that compete with CME, the world’s largest futures market.”

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Read full Bloomberg article here

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