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Otto Nägeli to Lead OIC's European Educational Efforts

Chicago—September 10, 2004

The Options Industry Council (OIC) announced today that Otto E. Nägeli, 55, will assume responsibilities as Managing Director for its European educational efforts, effective Sept. 15.

Until the end of November, Nägeli will work with John Tierney, Managing Director, who is leaving the position to pursue other opportunities. In 1996, Tierney initiated the program in Europe and expanded educational activities to the Asia-Pacific region in 2000.

In his new role, Nägeli will be responsible for all OIC activity in Europe. He will build awareness of options by developing educational partnerships with exchanges, firms, regulators and industry organizations in local European markets.

"We're looking forward to working with Otto, whose insight and vast industry experience in Europe will be a great addition to OIC," said Gina McFadden, Executive Director, OIC. "We're also very fortunate that John Tierney, who gave us our start in Europe, will be staying on to help with the transition."

"OIC plays an important role in educating the investment community about options," said Nägeli. "I look forward to working with OIC to expand their resources and offerings to a European audience."

Nägeli has been a veteran of the financial industry since joining Credit Suisse in 1969. In 1987 he joined SOFFEX as CEO and was Deputy Chief Executive Officer of Eurex from 1998 until 2001. Most recently, he has been a member of the Board of Directors for the Swissquote Bank SA.

About OIC

OIC is a non-profit association funded by the U.S. options exchanges and The Options Clearing Corporation. OIC's free resources include: The Investor Services call center at 1-888-OPTIONS in the U.S and 1-312-463-6193 for international calls, and an educational Web site at www.888options.com, which includes downloads for educational literature and software.

Press Contacts

Debbie Baratz
312-322-6267
dbaratz@theocc.com
Otto Nägeli
+41-1-858 3281
otto.naegeli@bluewin.ch
John Tierney
+44 20 7444 0411
jtierney@theocc.com
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