The Options Clearing Corporation
From MarketsWiki
| The Options Clearing Corporation (OCC) | |
| |
| Founded | 1973 |
|---|---|
| Headquarters | Chicago, Illinois |
| Key People | Wayne Luthringshausen, Chrmn/CEO; George Hender, VC |
| Products | Clearing services |
| Web site | www.optionsclearing.com |
The Options Clearing Corporation (OCC), is primarily an equity derivatives clearing organization in the U.S. The world's largest derivatives clearing organization, it was the first clearinghouse to receive a "AAA" credit rating from Standard & Poor's Corporation.
OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Under its SEC jurisdiction, OCC clears transactions for put and call options on common stocks and other equity issues, stock indexes, foreign currencies, interest rate composites and single-stock futures (which are dually regulated by the SEC and CFTC) in the U.S. As a registered Derivatives Clearing Organization (DCO) under CFTC jurisdiction, OCC also provides clearing and settlement services for transactions in futures and options on futures.
Contents |
History
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The Options Clearing Corporation (OCC) was founded in 1973, initially as a clearinghouse for the then-five listed markets for equity options. Prior to its establishment, and due to a great deal of "encouragement" from the SEC, the Chicago Board Options Exchange had its own clearing entity, the Chicago Board Options Exchange Clearing Corporation.
As the marketplace evolved, so did OCC's clearing capabilities. Today the organization has grown into a globally recognized entity that clears a multitude of diverse products.
Comprehensive Options Expiration Calendar
Though it may be no surprise when your normal, run-of-the-mill option expires, because OCC clears for all U.S. options exchanges, here's an easy way to find out about all options, equity index options, etc., in one color-coded glance (OCC Options Expirations).
Options Symbology
The Options Clearing Corporation (OCC), along with the U.S. options exchanges, in late October 2007 announced they had achieved a key milestone in the Options Symbol Initiative (OSI) with the release of implementation plans for the record layout changes that take effect June 30, 2008.
When the OSI is fully implemented, most options symbols will match the underlying security symbol, which will reduce corporate action symbol conversions, eliminate the need for wrap symbols and the LEAP rollover process, thereby reducing errors in front, middle and back office processes, while providing flexibility in new product development at the exchanges. This multi-year effort is expected to conclude in November 2009.[1]
Resources
The Options Clearing Corporation Web site [1]
References
- ↑ Options Symbology initiatives. The Options Clearing Corp.. Retrieved on November 5, 2007.
