OCC taps David Ye as Chief Risk Officer as John Fennell leaves

Rick Steves

Mr. Ye, who will be responsible for implementing OCC’s risk management strategy, is also an Executive in Residence at Duke University, having joined earlier this year.

mercer fx

OCC has appointed David Ye as Chief Risk Officer as the world’s largest equity derivatives clearing organization aims to ensure stability and risk management to the U.S. listed options markets.

David Ye is an industry veteran with over 20 years of leadership experience in financial and operational risk management, including executive positions at State Street Global Markets and Nomura Holding Americas.

Mr. Ye, who will be responsible for implementing OCC’s risk management strategy, is also an Executive in Residence at Duke University, having joined earlier this year.

He had a number of leadership roles throughout his career, including Chief Risk Officer at Guardian Life Insurance of America, Chief Risk Officer at State Street Global Markets and Global Exchange, and Chief Risk Officer at Nomura Holding Americas.

OCC announced David Ye is joining the firm as CRO to replace John “J.J.” Fennell, who will be leaving OCC on July 2 to pursue a new opportunity.

Mr. Fennell was responsible for implementing OCC’s Risk Management Strategy for 10 years. He also oversaw OCC’s Model Validation and Enterprise Risk Management departments, along with Security Services, Business Continuity and Disaster Recovery, and Vendor Risk Management areas.

John Davidson, OCC Chief Executive Officer, said: “We are very pleased to welcome David to OCC’s risk leadership team. This appointment demonstrates our continued ability to attract top talent to support our mission and further enhance our resiliency as a critical market infrastructure.”

Scot Warren, OCC Chief Operating Officer, commented: “As a Systemically Important Financial Market Utility, OCC provides vital stability and risk management to the U.S. listed options markets. David’s expertise will help OCC further strengthen our risk management capabilities as we continue to enhance our services to market participants.”

Craig Donohue, OCC Executive Chairman, said: “On behalf of our Board of Directors and Management Committee, I want to thank J.J. for the many contributions he brought to OCC during his tenure, including our efforts to strengthen OCC’s overall operational resiliency as well as enhancing the efficiency and effectiveness of our Enterprise Risk Management, Model Risk Management, Security Services, Business Continuity and Third-Party Risk Management teams. We wish J.J. the best of luck in all his future endeavors.”

OCC announced that April 2021 total cleared contract volume was 715,606,410 contracts, up 29.7 percent compared to April 2020 and the highest April volume on record. Year-to-date average daily cleared contract volume through April was 40,143,253 contracts, up 44.1 percent compared to April 2020.

Total exchange-listed options cleared contract volume was 711,388,828, up 29.6 percent compared to April 2020. Equity options cleared contract volume was 674,204,936 contracts, up 30.7 percent compared to April 2020.

This includes ETF options cleared contract volume of 189,417,683, a 20.6 percent decrease compared to April 2020. Index options volume was 37,183,892, up 12.4 percent compared to April 2020. OCC’s year-to-date average daily cleared options volume is 39,899,937 contracts.

Total futures cleared contract volume was 4,217,582, a 58.9 percent increase compared to April 2020. OCC’s year-to-date average daily cleared futures volume is 243,316 contracts.

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