The Clearing Member Trade Assignment ("CMTA") process facilitates the transfer of option trades/positions from one OCC Clearing Member to another in an automated, seamless fashion. Under this process, an Executing Clearing Member and a Carrying Clearing Member can agree to have trades executed by the Executing Clearing Member sent directly to the Carrying Clearing Member's accounts for clearance and settlement. In industry discussions, Clearing Members have expressed concerns about the risks they face in automatically accepting CMTA trades sent to them by Executing Clearing Members. To help alleviate the issue, OCC and its Clearing Members have determined that adding an "actionable identifier" to all customer and firm securities option trades will help make the process more efficient.
OCC is amending Rule 401 to require that an Actionable Identifier be included in all customer and firm options trades submitted to OCC for processing. An "Actionable Identifier" would be defined as the name, series of numbers, or other identifying information assigned by a Clearing Member to an account at the Clearing Member that originated the options transaction. The actionable identifier must provide sufficient information regarding the account that originated the trade to allow the carrying Clearing Member to efficiently process the transaction. OCC believes that having such an identifier on trades is the first step to providing Clearing Members with information that would allow them to better monitor and manage the risks they face in clearing trades both as part of a CMTA arrangement and for direct clients of the firms.
Following is documentation to help educate and facilitate this industry initiative.
- Actionable Identifier for Options Trades (PDF)
- Actionable Identifier FAQs (PDF)
- Actionable ID Field Mapping (PDF)
- May 2019 Industry Call - Actionable ID (PDF)
- December 2019 Industry Call - Actionable ID (PDF)
- March 2020 Industry Call - Actionable ID (PDF)
- SEC Release No. 34-85779; File #SR-OCC-2019-003