OCC Taps David Hoag as SVP & CIO, Succeeding Luke Moranda

Options Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term Corporation (OCC), one of the industry’s paramount equity derivatives clearing organizations, has appointed David Hoag as its newest Senior Vice President (SVP) and Chief Information Officer (CIO), according to a group statement.

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In his new role as the SVP at OCC, Mr. Hoag will be reporting to John Davidson, OCC's new President and Chief Operating Officer. His appointment will be tendered on May 1, 2017, where he will succeed Luke Moranda – Mr. Moranda will step into a new role as SVP and Senior Information Technology Advisor to the President and COO.

Mr. Hoag joins OCC from Halo Investing, having worked as its Chief Technology Officer since late 2016. He has also held senior level roles at NextTier Education in a similar role, Managing Director, Post Trade Technology at CME Group, and Director of FIX Directors Ltd, among other roles, according to information made public on his Linkedin profile.

According to Craig Donohue, OCC Executive Chairman and Chief Executive Officer, in a statement on the appointment, "I am very pleased that David Hoag will join our technology leadership team. OCC must continue to cultivate confidence in our resiliency while simultaneously meeting the needs of market participants with cost-effective solutions.”

“David can build upon the progress and momentum created by Luke Moranda and our IT team to help ensure that OCC has the technology infrastructure in place to assess the ability to meet the evolving needs of our clearing members while also meeting the heightened expectations of global regulators,” he added.

"As our Senior IT Advisor, Luke will focus on OCC's future state IT capabilities, including modernizing and improving our software development life cycle processes. I have great confidence in Luke's ability to deliver outstanding results in this new role, given his background and experience,” explained Mr. Donohue in an accompanying statement.