Full Width Page Title Page Title Page Title Page Title Page Title Page Title

Full Width Page Subtitle Page Subtitle Page Subtitle Page Subtitle Page Subtitle Page Subtitle Page Subtitle Page Subtitle

When complete, Ovation will streamline our operational framework, enhance our risk tools and establish a more robust data management system to better serve our members and market participants. 

Planned for 2025, OCC will convert its core clearing, settlement and risk management processes from ENCORE to Ovation during a single processing cycle. Until that time, the current system, ENCORE, will continue to operate as it does today. In addition, OCC is moving ahead with releasing new functionality for its What-If Margining Simulation tool, which is expected to launch in 2024.

Within Ovation, market participants will notice multiple operational efficiencies due to significant process reengineering and automation, such as: 

  • Easy and secure access with single sign-on and quicker interface navigation
  • A consolidated and more transparent view of transaction information and history 
  • The capability to proactively monitor the settlement cycle for each collateral transaction
  • Streamlined margin calculations during nightly processing 
  • Interacting with the system via an API
  • And access to self-service reporting via export and new filtering functionalities 
To ensure preparedness ahead of Ovation's launch, OCC plans to begin external testing activities in June 2024 and continue through 2025. Testing will be scheduled during normal business hours Monday through Friday. In the future, testing schedules along with more detailed information regarding testing activity will become available.

To assist with preparedness, OCC recently published technical documentation and identified transmission changes.

Read more about the highlights of OCC's technology transformation, the changes to its core services and the transition from ENCORE to Ovation below. Additional rule filings are forthcoming, such as for Stock Loan. Once available, the rule filings and any advance notices can be accessed  here.

Headline Media Slider Headline Headline Headline Headline

Description Description Description Description
Clearing, Risk + Data Changes
Click Here to Learn More
[Coming Soon] Ovation Learning
Learn about Ovation
Learn more

Headline Widget Text Headline Text Headline Text Headline Text 2 Headline Text 2 Headline Text 2

Description Description Description Description Description Description Description Description Description Description Description Description Description

Headline News Feature Widget Headline Headline Headline Headline

Description Description Description Description Description Description Description Description Description Description Description Description Description

Title Title Title H2

Description Description Description Description Description Description Description

Subtitle Subtitle

OCC Technology Changes and Enhancements for Clearing Members
Download PDF
OCC Technology Changes and Enhancements for Exchanges
Download PDF
Clearing and Risk Data Layout Changes Summary
Download PDF
OCC DDS Changes and Considerations Guide
Download PDF
Ovation Market Participant Conference Call Deck December 2022
Download PDF
Your acceptance of all cookies will permit robust site functionality. If you don't allow cookies, some features and functionality of OCC's site may not operate as expected. If you do not choose either cookie setting for our site, or if you close this window, this message will continue to display on each page you visit. Cookie settings can be controlled in your Internet browser to automatically reject some forms of cookies. For more details on cookies this site uses, see our OCC Site Cookies page. In addition to using cookies, we retain other information, including your Internet Protocol (IP) address, for the purposes listed in the Privacy Policy. Do not accept analytic cookies Accept analytic cookies