Chapter XI of OCC's Rules, published on this website, authorize OCC to expeditiously and flexibly deal with clearing member defaults. A general overview of the procedures embodied in these rules is provided in the attached PDF along with a separate description of OTC auction procedures, but these overviews are subject to the specific terms of the rules themselves. The term "rules" collectively refers to both OCC By-Laws and Rules and terms (capitalized or not) have the meaning given to them in the rules unless otherwise defined.
OCC Default Rules and Procedures (PDF)
OTC Options Auction Procedures (PDF)
For a statement of OCC's total financial resources, please refer to OCC's most recent Principles for Financial Market Infrastructures (PFMI) quantitative disclosure.