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Documents and Archives
On February 12, the U.S. Securities and Exchange Commission (SEC), following an independent review of the record by the full Commission, approved OCC's capital plan which was previously approved on behalf of the Commission by SEC staff in March 2015.
OCC was named Clearinghouse of the Year by Global Investor/ISF Magazine on June 30.
On December 7, OCC won the 2016 Clearing House of the Year - The Americas from FOW Magazine.
OCC total cleared contract volume in 2016
reached 4,167,747,777 contracts, a one percent decrease from 2015 volume and the sixth consecutive year cleared contract volume surpassed 4 billion contracts.
OCC and eSecLending collaborated to create a fully collateralized facility with CalPERS that offers OCC a source of timely access to liquidity which diversifies its liquidity pool beyond banks and broker-dealers.
In March, the U.S. Securities and Exchange Commission (SEC) approved OCC's capital plan, which increased shareholders' equity from $25 million at the end of 2013 to $247 million.
Annual cleared contract volume in 2015
was the third-highest total ever at 4,210,542,258 contracts.
At the beginning of 2014, OCC announced the completion its executive leadership transition plan with Craig S. Donohue assuming the role of Executive Chairman and Michael E. Cahill becoming President and Chief Executive Officer.
OCC successfully launched its over-the-counter (OTC) S&P 500® equity index option clearing services on April 25.
On May 1 at the Options Industry Conference in Austin, TX, OCC Chairman, Craig Donohue addressed the attendees on the impact of OCC's SIFMU designation including how OCC is meeting the heightened expectations associated with it.
Read the full speech here
OCC cleared contract volume for 2014
reached 4,333,019,384 contracts, a 4 percent increase from 2013 volume. 2014 marks the second highest year for OCC cleared contract volume to date behind 2011'''s record volume of 4.6 billion contracts.
On May 23, OCC adopted a policy that would require clearing members to restrict exercises in certain accounts, including market maker and joint back-office accounts to the extent each respective account is net long at the end of the trading day.
Beginning on Friday, June 21, 2013 expiration processing of standard options moved from Saturday to Friday, the culmination of a multi-year industry wide project.
ISE Gemini became an OCC participant exchange on August 5, bringing the total number of options markets to 12.
OCC cleared contract volume
reached 4,170,855,768 contracts, up 3 percent from 2012 volume.
NASDAQ OMX BX, Inc. became an OCC participant exchange on June 29, bringing the total number of options markets in the U.S. to ten.
On July 18, OCC was designated as a systemically important Financial Market Utility (SIFMU) by the Financial Stability Oversight Council (FSOC) as part of the Dodd-Frank financial overhaul law.
MIAX Options became an OCC participant exchange on December 7, bringing the total number of options markets to 11.
Total cleared contract volume in 2012
reached 4,042,175,801 contracts, the second consecutive year OCC volume surpassed 4 billion contracts.
Reflecting its more diverse suite of clearing solutions, The Options Clearing Corporation revised its brand identity in March and is known as OCC.
On August 8, 41,535,580 options contracts were traded, establishing a new daily volume record and marking the first time over 40 million contracts were traded in one day.
A new monthly record volume was achieved in August for options trading (550,049,407 contracts) and total cleared contract volume (554,842,463 contracts); and the first time in history monthly volume has surpassed half a billion contracts.
OCC and OIC renamed the popular Call Center, also commonly referred to as the Help Desk, to Investor Services in September.
In 2011 total cleared contract volume
reached a record 4,600,955,949 contracts, a 17 percent increase over the 2010 with total options volume of 4,562,748,194 contracts, also up 17 percent and marking the ninth consecutive year of record options volume.
On February 12 the options industry experienced a successful conversion to the new options Symbology. Through the Options Symbology Initiative (OSI), a five year industrywide project, led by OCC, the U.S. options industry overhauled the identification of exchange-listed options contracts from an alpha code to an OSI key which clearly identifies the underlying product allowing for greater accuracy in trade and post-trade processing.
BATS Options joined OCC in February.
S&P licensed OCC to clear Over-The-Counter (OTC) options based on the S&P 500.
C2 Options Exchange, Incorporated
) became an OCC participant exchange on November 1, bringing the total number of options markets in the U.S. to nine.
In December OCC won the 2010 Best Innovation by a Clearing House - Americas Award for 2010 from
, for its efforts in the Options Symbology Initiative (OSI).
OCC ended the year with
cleared contract volume reaching 3,925,686,805
, up 8% over 2009, marking the eighth consecutive year a new annual options trading volume record has been set.
In January OCC formalized an agreement with Quadriserv, Inc. to provide clearinghouse services and act as the central counterparty for securities lending transactions.
OCC was honored with the "Most Effective IT Team" Award by the Association of Information Technologies Professionals (AITP) Chicago Chapter in February.
On March 10 OCC announces a record refund of $64,651,112 is approved for the year ended Dec. 31, 2008.
OCC and CME Group marked 20 years of cross-margining partnership on October 6.
In November, OCC launched a redesigned and updated website at
OCC saw its busiest year ever in 2009 with record levels of options trading and major expansions of its futures and stock loan services.
Annual trading volume was 3,612,637,118 contracts, which surpasses 2008's record year by 0.84 percent.
OCC announces the largest clearing fee refund on March 5 of $58,665,731 to Clearing Members for the year ended December 31, 2007.
On March 12, Eurex, ISE and OCC announced the plan to create a transatlantic trading and clearing link that will allow Eurex customers to access ISE's options market using their existing Eurex connections.
NASDAQ Options Market joins OCC in March.
OCC was named Clearing House of the Year by FOW Magazine on April 7.
On July 22, total options trading volume surpassed 2 billion contracts for the third time in history taking only 140 days to hit this number versus 183 trading days in 2007.
A new daily volume record is set on September 18 as 30,006,663 contracts changed hands.
A new monthly record is achieved in October as 375,934,882 total options were traded.
In October NYSE Liffe announced it has chosen OCC to take over clearing responsibilities for its U.S. futures arm to begin in the first-quarter of 2009.
ELX Electronic Liquidity Exchange selects OCC to provide clearing and settlement services.
Annual trading volume sets a new record with 3,582,572,581 contracts changing hands, 25% higher than the record volume in 2007.
August 16, 2007 saw a new daily trading volume record with 23,745,650 contracts changing hands.
November saw a new monthly record when volume reached 310,801,122 contracts, marking the first time options volume surpassed 300 million contracts during a trading month.
A new annual trading volume record is set with 2,862,826,218 contracts changing hands, 41.2% higher than 2006's record volume.
On January 20, the option industry set a new record trading day with total volume reaching 14,888,644 contracts.
A new monthly record was set in May with 199,714,215 total options contracts traded.
George S. Hender, Management Vice Chairman of OCC is named chairman of the Financial Services Sector Coordinating Council for Critical Infrastructure Protection and Homeland Security (FSSCC).
Options volume surpassed 2 billion contracts for the first time ever, finishing the year at 2,027,847,586, 34.8% higher than 2005's record volume.
January kicks off the year with a new monthly volume record with 117,452,308 total options contracts traded.
On April 15, the options industry set a new daily volume record with 11,254,044 total options contracts traded. It is the first time daily volume exceeds 10 million contracts.
On May 25, OCC successfully installs ENCORE Release 4.5, further enhancing its state-of-the-art real-time clearing system.
2005's options volume set a new annual record with a total of 1,504,311,540 contracts, surpassing 2004's previous record by an increase of 27.3%.
In January, options volume reaches new heights when a new weekly record is set with 32,927,566 total options contracts during the week of Jan. 12 - Jan. 16. A new one-day high for cleared total options volume was set on Jan. 16 of 8,604,407 contracts.
In February, The Boston Stock Exchange becomes an OCC participant exchange, and through its Boston Options Exchange trading facility begins trading listed options cleared through OCC.
During the spring, OCC successfully installs ENCORE Releases 4.15 and 4.3.
Options volume hits one billion contracts for the first time. The year concludes with total options volume reaching 1,182,040,096 contracts, exceeding the 907,858,655 total options volume contracts traded in 2003 by 30.2 percent.
In April, OCC continues its advancement toward real-time trade processing through ENCORE when it accepts immediate processing of trades effected on CBOE and PCX.
In May, OCC commits to the FIX Protocol Ltd. Association's FIXML Messaging Standard. OCC also executes a clearing and settlement services agreement with CBOE Futures Exchange.
In July, OCC and LaSalle Bank introduce ChicagoFIRST, an industry coalition that addresses homeland security and business continuity issues effecting Chicago 's financial sector.
The ENCORE clearing system begins receiving and processing real-time trades in September from PHLX. ENCORE Release 4.0 is also installed in September with the major component, Delivery Settlement.
On Nov. 14, the options industry reaches a new all-time high in total options volume. Volume hits 781,821,162 contracts, surpassing 2001's annual record of 781,261,935 total options contracts.
In February, The Island Futures LLC signs a clearing and settlement services agreement with OCC for security futures. Two months later in April, OCC executes a clearing and settlement services agreement, and an associated clearinghouse agreement with the Chicago Mercantile Exchange for clearing and settling security futures.
Wayne P. Luthringshausen, OCC Chairman and Chief Executive Officer, receives the first annual "Options Industry Appreciation Award" (later renamed the Joseph W. Sullivan Award) on behalf of the entire options industry in May.
On Nov. 8, security futures begin trading.
During November, OCC successfully installs the next major release (Release 3.0) of its new clearing system, ENCORE. Release 3.0 encompasses processing from accepting matching trade information on a real-time basis to positions processing.
OCC sees more record volumes in January and April.
The options industry completes the conversion to decimalization.
OCC is selected to provide a permanent linkage solution for the options exchanges.
OCC opens an office in Washington D.C.
OCC is among the world's top clearing organizations to form CCP12, an association dedicated to improving global clearing, netting and central counterparty (CCP) services.
OCC receives SEC approval and completes operational readiness testing to clear security futures.
Nasdaq - Liffe Markets (NQLX) and OCC sign an official clearing agreement for security futures.
Markets are closed for four days after the Sept. 11 terrorist attacks. Amex shares trading floor space with the PHLX to trade options for two weeks after the attacks.
In October, the highest monthly volume in OCC history hits 75,309,044 contracts. More records are set on Oct. 20, when 4,8777,338 contracts change hands and equity options open interest stands at 75,661,505 contracts.
OCC reduces clearing fees up to record 41 percent.
OCC begins developing its new clearing system, ENCORE™, which will provide real-time trade information and enhanced communication.
The International Securities Exchange joins OCC as a Participant Exchange. It is the first new U.S. options exchange since 1985 and the first all-electronic options exchange.
OCC establishes a call center, 1-888-OPTIONS for individual investors and brokers. OIC launches a new Web site with online classes, options tools and seminar registration at
OCC establishes a fully dedicated work area recovery site in Chicago.
Total options volume closed at 507,891,483 contracts. This marks the first year options trading exceeds the half billion benchmark.
Equity options volume hits a daily record high of 3,644,067 contracts.
OCC prepares for the industry shift to decimalization.
OIC introduces a LEAPS® curriculum and implements several enhancements to
Multiple listings escalate on the four options exchanges.
With the passage of the Commodity Futures Modernization Act of 2000, the Shad Johnson Accord is repealed and the 19-year U.S. ban on single stock futures is abolished.
The options industry celebrates its 25th Anniversary of exchange listed options.
OCC releases an enhanced Hedge System.
OIC distributes "The Options Toolbox" educational software and opens a London office.
OCC commences a new clearing fee structure based on graduated volume discounts.
Myron S. Scholes and Robert C. Merton are awarded the Nobel Prize in Economics for their pioneering work on options pricing.
The "short-short" rule is repealed due to the efforts of the Ad Hoc Coalition for Intermarket Coordination.
SEC approves rule change allowing for "risk-based" capital requirements.
For the first time, OCC has a mid-year reduction of clearing fees due to higher than expected volume.
The exchanges significantly increase the number of options product listings in flexibly structured exchange-traded options, long-term options, month-end options and interest rate options.
The SEC approved a joint OCC/exchange proposal to modify how capital charges for all listed options and related instruments are calculated.
OCC receives its first 'AAA' rating from Standard & Poor's Corporation.
OCC introduces the Hedge System, which allows Clearing Members to use borrowed and loaned securities to reduce margin requirements by reflecting the real risks of intermarket hedged positions.
The OCC/ICC/CME trilateral cross-margin program is introduced.
The Options Industry Council (OIC) is formed by the U.S. options exchanges and OCC.
OCC implements electronic letter of credit amendments through the Society of World-Wide Interbank Funds Transfer (S.W.I.F.T.).
LEAPS®, options with longer-term expirations, are introduced.
OCC implements the Options News Network (ONN) to disseminate OCC and ICC Information Memos and Exchange Bulletins via a network of personal computers.
The Ad Hoc Coalition for Intermarket Coordination was formed to lobby in support of regulatory reforms for the benefit of the entire securities industry.
OCC introduces INTRACS, its main processing system.
OCC pioneers the use of cross-margining for its Clearing Members.
Year-to-date volume on the U.S. options exchanges reaches 305 million contracts before the stock market correction.
OCC extends membership to Canadian firms.
In a special clearing agreement, OCC's clearing services and financial guarantee enable Amex to establish a link with the European Options Exchange (EOE).
OCC introduces its Theoretical Intermarket Margin System (TIMS), a risk-based, portfolio margin methodology.
New York Stock Exchange, Inc. (NYSE) begins listing equity options and becomes an OCC Participant Exchange.
The National Association of Securities Dealers (NASD) becomes a Participant Exchange of OCC.
OCC installs the Clearing Management and Control System (C/MACS), its on-line Clearing Member interface system.
OCC implements Delivery versus Payment (DVP) to enhance foreign currency settlement.
OCC creates The Intermarket Clearing Corporation (ICC) for the purpose of guaranteeing, clearing and settling futures, options on futures and commodity options traded on contract markets formed by its participant exchanges and for creating clearing efficiencies for Clearing Members.
Cash settled index options trading begins. OCC clears the new product.
OCC implements the Escrow Receipt Depository (ERD) System and introduces the Valued Securities Program. These programs enhance the use of collateral to secure positions and promote the efficiency of clearing member's usage.
Industry-wide options contract volume exceeds 500,000 per day.
The Options Disclosure Document, also known as Characteristics and Risks of Standardized Options, is created, saving the industry $2 million annually in repetitive costs.
SEC ends the options industry moratorium.
OCC installs a new operating system which yields a peak clearing capacity of 1.2 million contracts per day.
SEC allows trading in put options.
SEC places moratorium on additional listings pending a review of option's industry growth.
OCC introduces Exercise by Exception (Ex by Ex) as an administrative procedure for the convenience of Clearing Members exercising options on expiration.
Pacific Exchange, Inc. (PCX) begins trading equity options and becomes a Participant Exchange of OCC. The first multiple listing, Boise Cascade, is listed on CBOE and PHLX.
The Securities and Exchange Commission (SEC) approves OCC as the central clearing corporation for exchange-listed options.
The American Stock Exchange, Inc. (AMEX) and the Philadelphia Stock Exchange, Inc. (PHLX) begin trading equity options. Both become OCC Participant Exchanges.
Chicago Board Options Exchange, Incorporated (CBOE), the first U.S. Exchange to trade listed options, is founded. Call options on 16 issues can be traded.
CBOE Clearing Corporation, OCC's predecessor is founded.
Key Information Documents
Options Disclosure Document