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OCC Declares Nearly $80 Million Clearing Member Refund for 2017

March 01, 2018
Chicago -

OCC, the world's largest equity derivatives clearing organization, today announced the declaration of a nearly $80 million refund to clearing members under its approved capital plan. This is the second largest clearing member refund made by OCC since the inception of its capital plan.

The 2017 regular refund is approximately $53.0 million. OCC also announced a special refund of 2017 clearing fees of approximately $25.7 million, which represents the excess of 2017 pre-tax net income over OCC's target revenue based on achievement of a 25 percent business risk buffer as required under the capital plan. Payment of the total 2017 refund will be made as one payment in the third quarter of 2018.

"Our actions taken under the approved capital plan are consistent with the operative fee and refund policies approved by the SEC and align with regulatory expectations," said Craig Donohue, OCC Executive Chairman and CEO. "It will also ensure OCC has the amount of capital needed to comply with existing and proposed capital requirements."

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