Chicago Board Options Exchange Clearing Corporation
The Chicago Board Options Exchange Clearing Corporation (CBOECC), though it no longer exists, was established as the original clearing house for Chicago Board Options Exchange (CBOE) when the exchange launched trading in listed options in 1973. In 1975, The Options Clearing Corporation became the central clearing house for all options exchanges, replacing CBOECC as CBOE's clearing entity as well as for other U.S. options exchanges.
When Amex wanted to venture into the exchange-listed options business, according to now-CBOE Chairman and CEO William Brodsky, the Securities and Exchange Commission "used a tremendous amount of regulatory leverage" in establishing a singular clearing house through which all options exchanges would be cleared -- one which would provide fungibility (the ability to enter an order for an option at one exchange and offset it at another) between options markets. "Having been through a very rough market period from '68 to the early '70s, they didn't want to see lots of different clearing houses for options," said Brodsky.
At that time, trading on CBOE was still in the pilot stage, with a scant 16 options listed. The SEC instructed CBOE that a central condition of expanding options listings would rest on whether they would merge clearing operations as other markets joined the options business. Thus, in 1975, the Options Clearing Corporation (OCC) became that central clearing house.
"Options at the Crossroads after 30 Years" (Interview will William Brodsky). SFO Magazine (Apr. 2003). The Options Clearing Corporation.