New York | London

Statement from Michael E. Cahill, President and Chief Operating Officer of the Options Clearing Corporation:

“OCC applauds the release of the joint SEC and CFTC report on the harmonization of regulation. OCC Chairman Wayne Luthringshausen testified at the joint meeting on harmonization last month and recommended in particular that there should be harmonization in portfolio margining, streamlining product approval and providing consistency in risk disclosure. We are pleased that included in the Joint Report there were recommendations addressing each of these issues in a comprehensive and thoughtful manner. OCC recognizes that the task is far from finished and much needs to be done, but the report clearly maps the road ahead. We look forward to working with the commissions to implement the recommendations to achieve harmonization.”