Industry Services

As a utility owned by participant exchanges, OCC has an exceptional position from which to effect change in the financial services industry.

OCC seeks to add value to its members, participant exchanges and the options market as a whole by centralizing operational services for the industry, creating efficiencies at the lowest possible cost. OCC provides utility services that benefit the industry.

CFTC Large Trader Reporting

OCC provides CFTC Large Trader Reporting services to futures exchanges requesting this service. CFTC regulations requires Reporting Firms to disclose position information to the exchange and to the CFTC on behalf of those accounts carried on their books that meet the reportable level.

Inbound CFTC Large Trader Reporting submissions conforming to a fixed-width layout are received and processed by OCC. OCC generates and transmits a file of valid reported positions to the CFTC and exchanges on a daily basis. A confirmation email is sent to the submitter informing them of the receipt and statistics on valid/rejected content. Below is the reference material regarding CFTC Large Trader Reporting.

Inbound CFTC Large Trader Exchange Reporting (PDF)

Delta Position Limits

A rule pertaining to option position limits has been approved by the SEC (the Delta-Based Position Limit Exemption), which allows participating firms to use option-delta based limits on position size rather than the standard position limits. This rule allows an exemption from equity option position and exercise limits for positions that are "delta neutral" under a "permitted pricing model."

The term "delta neutral" refers to an equity option position that is hedged by a position in the underlying security for the purpose of offsetting the risk that the value of the option position will change in response to incremental changes in the price of the security underlying the option position.

In support of delta position limits, OCC will provide subscribers with an OCC generated delta value for each option. The delta values are calculated using OCC's proprietary option pricing model that is a variation of the Cox-Ross-Rubinstein binomial model and is used in the delta calculation as follows:

Delta = (V{S+dS} - V{S-dS}) / 2 * dS

  • dS is a small change to the underlying price ($0.000001)
  • V{S+dS} is the option mark price at a higher underlying price (ceteris paribus)
  • V{S-dS} is the option mark price at a lower underlying price (ceteris paribus)

The delta values can be obtained from OCC's Prices Data Service records. Firms wishing to subscribe to this information should contact their Member Services representative ([email protected]) or Pricing and Margins ([email protected]) for more information. The fees associated with subscribing for this data are published under OCC's Schedule of Fees. For firms currently subscribed to the Prices Data Service records, there are no additional fees. Additionally, the Delta-Based Position Limit Exemption rule requires that members submit data related to position limits to the exchanges. As an additional service, OCC will provide the facility for firms to submit their information to the exchanges, where by OCC will receive this data from firms and aggregate it into a single report, which will be made available to the exchanges. Technical descriptions of this process can be obtained from OCC's website and any clearing member interested in utilizing this service should contact their Member Services representative ([email protected]).

SEC Approval Order
File No. SR-CBOE-2007-99 (PDF)

Exchange Reference Delta Position Limits
Clearing Member Reference Delta Position Limits


Intermarket Symbols Reservation Authority

OCC acts as the Intermarket Symbols Reservation Authority ("ISRA") Processor for the National Market System Plan ("NMS Plan"). The NMS Plan establishes a uniform system for the selection and reservation of securities symbols, and is governed by the Securities Exchange Act of 1934. ISRA was developed to enhance the effectiveness and efficiency of the national market system and provide for fair competition between NMS Plan participants.

The role of ISRA is to create and operate a uniform, transparent system for the selection, reservation, assignment and transfer of securities trading symbols by NMS Plan participants. The Symbol Reservation System covers the allocation of root symbols, which is the one through five character symbol, used to identify common stocks and other securities, including options.

National Market System Plan for the Selection and Reservation of Securities Symbols (PDF)

Large Options Positions Reporting

The OCC has developed and is currently hosting the Large Option Position Reporting (LOPR) system. This system allows firms to submit their LOPR files to OCC to maintain compliance with FINRA Rule 2360(b)(5) and the exchanges' rules.

Inbound LOPR and In Concert group submissions are received and processed by OCC to maintain a LOPR database. The OCC sends outbound rejected In Concert data, rejected LOPR submissions and backdated LOPR submissions to submitting firms and regulators. In addition, firms can subscribe to a nightly LOPR Snapshot file that contains all of the firm's valid LOPR records on the LOPR database. Below you will find various reference materials regarding LOPR.

Reference Guide for LOPR Firms (PDF)
Frequently Asked Questions (PDF)

Contact: OCC Member Services at 800 621 6072 or [email protected]


Options Listing Procedures Plan

The U.S. options exchanges and OCC are sponsors of the Options Listing Procedures Plan, a national market system plan, which describes procedures to be followed by the parties in connection with selecting specified underlying interests for listing purposes and requesting a review of such selections. It additionally, describes procedures for selecting options series, determining operational procedures relative to adjustment decisions, and admitting and removing plan sponsors. As of the date hereof, the U.S. options exchanges sponsoring the Options Listing Procedures Plan are BOX Exchange LLC, Cboe Exchange, Inc., Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGX Exchange, Inc., Miami International Securities Exchange, LLC, MIAX EMERALD, LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq Options Market, LLC, Nasdaq PHLX, LLC, NYSE American Options, LLC, and NYSE Arca, Inc..

The Options Listing Procedures Plan is below. Any questions about exchange listing standards should be directed to the U.S. options exchanges.

Options Listing Procedures Plan (PDF)


Streamline Options Series Adds

OCC has developed the Streamline Options Series Adds (SOSA) application within ENCORE to facilitate the series add process for Options Exchanges. SOSA provides exchange users online access to ENCORE master files, as well as a centralized system for generating new series, maintaining option products and reporting.

Additionally, the SOSA application allows users to create SOSA information memos, SOSA data feed and vendor files that are distributed to the exchanges.

Contact: OCC Market Operations at 877 501 3253 or [email protected]


Investor Services

Investor Services is a comprehensive options resource center that provides information and supports all products traded on all OCC participant exchanges. By e-mailing [email protected], representatives can answer questions and process requests.

The functions of Investor Services include:

  • Fulfilling requests for The Options Industry Council (OIC), OCC and exchange-specific materials which include free videos, interactive educational software and brochures. The center has information about any product OCC clears.
  • Answering basic options-related questions using industry terms, product specifications and discussions about basic risks and rewards associated with options.
  • Responding to more complex strategic and operational questions for specific options trades and strategies.

While not soliciting securities or providing investment advice, Investor Services desires to motivate investors and brokers to look at the advantages of investing in the options market.

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