OCC Appoints Former Optiver Executive as Chief Financial Risk Officer-Elect

Massimo Cutuli will succeed current CFRO Dale Michaels, who is set to retire in March

CHICAGO–(BUSINESS WIRE)–#weareocc–OCC, the world’s largest equity derivatives clearing organization, today announced that Massimo Cutuli has joined OCC as Chief Financial Risk Officer-Elect and will succeed current CFRO Dale Michaels following his upcoming retirement.

“We are very pleased to welcome Massimo to OCC’s leadership team,” said Andrej Bolkovic, OCC Chief Executive Officer. “This appointment demonstrates our continued ability to attract top talent to further enhance our resiliency as a systemically important financial market utility that provides vital stability and risk management to the U.S. listed options market. Massimo’s expertise will help OCC further strengthen our risk management capabilities as we continue to enhance our service to market participants.”

Cutuli has more than 25 years of experience in financial services and management consulting, most recently as Chief Risk Officer at Optiver US LLC. During his time at Optiver, a derivatives market-making firm, Cutuli was responsible for all risk oversight of the firm’s U.S. activities including market and operational risk, algorithmic trading controls, principal strategic investment risk due diligence and working with finance on capital optimization. Prior to Optiver, Cutuli was the Head of Risk for Citadel Securities where he was responsible for risk oversight in North America, EMEA and APAC. Before Citadel, Cutuli worked in banking at J.P. Morgan and Goldman Sachs, spent some time with PWC’s Finance and Risk Advisory practice, and was a quantitative developer for Bloomberg LP.

Once Cutuli officially takes over the CFRO role, he will be responsible for OCC’s market, credit and liquidity risk, default management, customer margin methodologies and model development activities. Cutuli will work closely with Michaels and OCC leadership to facilitate a smooth transition of responsibilities.

“On behalf of our Board of Directors, I want to thank Dale for helping OCC achieve significant improvements in our approach to financial risk management during his tenure,” said Craig Donohue, OCC Chairman. “He and his team were instrumental in developing our Financial Safeguards Framework, our new liquidity stress testing approach and the enhancement of our end-day settlement pricing algorithm. We thank him for his many contributions to OCC and wish him all the best in his retirement.”

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 20 exchanges and trading platforms. More information about OCC is available at www.theocc.com.

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