CHICAGO, IL--(MARKET WIRE)--Sep 19, 2008 -- The following statement is from Wayne Luthringshausen, Chairman and CEO of The Options Clearing Corporation, regarding the SEC's Emergency Order banning short sales:

The Options Clearing Corporation is extremely concerned about the potentially disastrous effects on US listed options markets resulting from the SEC's Emergency Order banning short sales. OCC appreciates the fact that the SEC is providing relief from the order for options market makers to facilitate the September 19th options expiration. OCC also appreciates and understands the need to curb abusive practices involving short selling, however, as written, this order does not allow for an Options Market Maker exemption to ensure liquid and orderly markets starting on Monday. This will have dire consequences on the US equities markets. In the UK, the FSA ban on short sales does provide market maker relief. The lack of such relief in the SEC order will harm a marketplace that a great many investors have come to rely on to manage risk in their equity portfolios.

OCC Background

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, Boston Options Exchange, Chicago Board Options Exchange, CBOE Futures Exchange, International Securities Exchange, NASDAQ Options Market, NASDAQ OMX PHLX, NYSE Arca, OneChicago and Philadelphia Board of Trade. More information about OCC is available through its Web site at www.optionsclearing.com.

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