Three new directors have been elected to the board of the
Options Clearing Corp: Andrew Kolinsky, president of Citadel
Execution Services; Philip Pendergraft, chief executive of
Penson Worldwide; and Tom Stern, CEO of OptionsXpress
Kolinsky is president of Citadel Execution Services, part of
the Citadel Derivatives Group, one of the largest participants
in the US equity and options markets. Previously he was head of
broker dealer sales and marketing at Knight Capital Group.
Pendergraft heads Penson Worldwide, one of the largest
clearing brokers in the world. He has 25 years’
experience in the securities industry, having worked at many
Penson affiliates. He co-founded Penson Financial Services in
1995 and has been involved in the start-up of three clearing
As chief executive of OptionsXpress International, Stern is
responsible for developing international business with
registered companies in Europe, Singapore, Australia and
Canada. He is also CFO of OptionsXpress and BrokersXpress.
The OCC is a user-owned US clearing house under the
jurisdiction of the Securities and Exchange Commission and the
Commodity Futures Trading Commission.
Under its SEC oversight, OCC clears put and call options on
common stock and other equity issues, stock indexes, foreign
currencies, interest rate composites and single stock
As a registered Derivatives Clearing Organisation under CFTC
supervision, it offers clearing and settlement services for
futures and options on futures.
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