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It specialises in equity derivatives clearing , providing central counterparty CCP clearing and settlement services to 15 exchanges. Instruments include options , financial and commodity futures, security futures and securities lending transactions.
Like all clearing houses, the OCC acts as guarantor between clearing parties ensuring that the obligations of the contracts they clear are fulfilled. In cleared contract volume totaled 4. Under its SEC jurisdiction, OCC clears transactions for put and call options on common stock and other equity issues, stock indexes , foreign currencies, interest rate composites and single-stock futures.
OCC, in conjunction with the U. OIC is dedicated to helping individual investors, financial advisers and institutions understand the benefits and risks of exchange-listed options. OCC is overseen by a clearing member dominated board of directors  and operates as a financial market utility, receiving most of its revenue from clearing fees charged to its members.
The Options Clearing Corporation OCC was founded in , initially as a clearinghouse for five listed markets for equity options. Clearing volumes have increased dramatically since its launch, reflecting the growing use of equity options. In October , for example, the clearinghouse reported a clearing monthly volume record of In August , OCC reported a record monthly volume of million contracts.
His role designated him to oversee a transition of Cahill's responsibilities to other OCC executives during the search; Chief Operating Officer Michael McClain,  46, took on the additional title of president as part of the transition. The new standards include price reasonability checks, drill-through protections, activity-based protections and kill-switch protections, pending regulatory approval.
The reforms are designed to reduce the risk of errors or unintended activity that could cause or contribute to a financial loss to market participants and OCC. OCC's participant exchanges include: Its clearing members serve both professional traders and public customers and comprise approximately of the largest U. OCC's goal is to service clearing members and the exchanges through an operating plan that emphasizes timely, reliable, and cost-efficient clearing operations. OCC also serves other markets, including those trading commodity futures, commodity options, and security futures.
Key to a clearing organization is margin requirement, which manages its credit risk risk of member default. Since , the contributions that OIC has made to the investing and brokerage communities have been significant to the growth of the options industry. Today, retail investors, financial advisors, and institutional investors continue to show interest for information and education on exchange listed options.
OIC delivers its education through a comprehensive website , featuring online courses, podcasts, webcasts and videos. OIC also offers live seminars, mobile tools and one on one investor services support from options professionals. From Wikipedia, the free encyclopedia. Not to be confused with Office of the Comptroller of the Currency. Donohue Executive Chairman Effective January 1, ". World Federation of Exchanges.
Retrieved from " https: Companies established in Financial services companies of the United States Securities clearing and depository institutions Companies based in Chicago establishments in Illinois.