CHICAGO, June 6 /PRNewswire/ -- Treasury Secretary John W. Snow has
named George S. Hender, Management Vice Chairman of The Options Clearing
Corporation, as the new Sector Coordinator in the ongoing effort to protect
the nation's critical financial infrastructure. Hender will play a key role
in ensuring the private sector and the government continue to work together
to enhance the resilience of the U.S. financial system.
As Sector Coordinator, Hender will chair the Financial Services Sector
Coordinating Council for Critical Infrastructure Protection and Homeland
Security (FSSCC). The FSSCC works closely with Treasury and other federal
financial regulators to coordinate the sector's preparation for events that
could disrupt the normal business of the financial services industry,
including natural disasters and terrorist attacks. Hender has served as
Vice Chairman of the FSSCC since September 2004.
"A resilient financial system is critical to ensure the health of our
economy and our national security. As FSSCC Chair, Mr. Hender will take the
helm coordinating the government's efforts with the private sector as we
work toward this common goal," said Assistant Secretary for Financial
Institutions Emil W. Henry, Jr. "I am confident he will discharge this
responsibility with the same professionalism, leadership, and commitment to
excellence he has shown in his hard work with FSSCC to date."
In building upon the organization's accomplishments over the past four
years, the FSSCC will soon be preparing "best practices" for firms to deal
with avian flu and a Disaster Response Protocol to guide the public/private
partnership in the event of a disaster with the potential for systemic
impact -- such as a major hurricane.
"I look forward to working with the Department of the Treasury, other
federal agencies and the membership of the FSSCC to continue the
organization's progress in strengthening the resiliency of the financial
services sector," Hender said.
Hender succeeds outgoing Chairman Donald F. Donahue of the Depository
Trust & Clearing Corporation who served in the position since 2004.
Donahue's leadership helped steer the financial services industry through
difficult events, including the elevation of the terrorism threat level in
August 2004, the July 2005 London bombings and recovery from Hurricane
Katrina. During his tenure, the sector supported initiatives to restore
financial services in the communities devastated by last year's hurricanes,
promoted local infrastructure protection and recovery through regional
coalitions and demonstrated its continuity of operations in a number of
testing and simulation exercises.
About OCC
OCC, founded in 1973, is the world's largest derivatives clearing
organization and was the first clearinghouse to receive a 'AAA' credit
rating from Standard & Poor's Corporation. Operating under the jurisdiction
of the Securities and Exchange Commission and the Commodity Futures Trading
Commission, OCC provides clearing and settlement services for the American
Stock Exchange, the Boston Options Exchange, Chicago Board Options
Exchange, CBOE Futures Exchange, International Securities Exchange, NYSE
Arca, OneChicago, Philadelphia Stock Exchange and Philadelphia Board of
Trade. More information about OCC is available through its Web site at
http://www.optionsclearing.com
About George S. Hender
George S. Hender is Vice Chairman of The Options Clearing Corporation
(OCC) and President of the Options Industry Council (OIC).
In addition to his FSSCC role, Mr. Hender is currently Vice Chairman of
FS-ISAC. FS-ISAC is the organization which gathers and distributes critical
cyber space and homeland security information to the financial services
firms. He is also President of the International Options Clearing
Association (IOCA) and a member of the Executive Committee of the
International Options Markets Association (IOMA). He is a past Chairman of
CCP12, the International Organization of Central Counterparties. Mr. Hender
is past Vice Chairman of the Board of Directors Executive Committee of
ChicagoFIRST, a nonprofit association dedicated to addressing homeland
security issues affecting financial institutions.
Formerly, Mr. Hender was Executive Vice President and Director of
BancAmerica Options, Inc., and Tague Securities Corporation. He has been a
member of the Board of Governors of the Philadelphia Stock Exchange, the
Board of Directors of The Options Clearing Corporation and the Stock
Clearing Corporation of Philadelphia. Mr. Hender has conducted and spoken
at numerous seminars throughout the world on derivative products and
clearing.
Mr. Hender is a graduate of the Washington College of Law and is a
member of the Pennsylvania and American Bar Associations. He is admitted to
the Supreme Court of Pennsylvania and the Supreme Court of the United
States of America.
SOURCE The Options Clearing Corporation
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Related links:
http://www.optionsclearing.com/
CONTACT:
Jim Binder, +1-312-322-9853, or
jbinder@theocc.com; or Erin Green, +1-312-322-6267, or
egreen@theocc.com
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