Application Programming Interfaces (APIs)
By utilizing an event-based, service-orientated architecture, access to data will improve as many of OCC’s member firms prefer tools like Application Programming Interfaces (or APIs) to get their data securely and on-demand.
Initially we will offer two APIs but will gradually increase the universe of information that is available via APIs in the future.
As such, and before the launch of Ovation, we plan to release enhanced functionality for our What-If Margining Simulation tool in 2024. By upgrading our legacy risk application tool, clearing members will for the first time have an API-based approach for submitting their portfolio of positions. Similar to the existing risk application in ENCORE today, the What-If Margining Simulation tool will create an opportunity for members to view theoretical types of margin scenarios for analysis and understand how margin requirements change as positions do.
In addition to the What-If Margining Simulation tool, OCC is also offering a second API for clearing members to query exercise by exception information on expiration. The Exercise by Exception API includes expiration information such as: expiring positions, in and out of the money amounts, contrary intentions, dollar extension quantities, and the final quantity that will be exercised. This API will support firms in automating their processing for expiration balancing, which is currently accessible via a screen and export functionality in ENCORE today. Going forward, clearing members can use the Exercise by Exception API to request a file of their expiring positions. The request allows for search parameters to narrow down the results, if desired.
The technical documentation for both our enhanced What-If Margining Simulation tool and the Exercise by Exception API are below. If you are interested, please contact our Member Services team, or reference our recently published What-If Margining Simulation Tool and Query Exercise by Exception API Guide for more information. Additional testing and connectivity information will become available in 2023.
As mentioned, at a date to be announced following the launch of Ovation in 2025, members will be able to access any newly created APIs through OCC’s API Marketplace, a one-stop-shop for gaining access, manuals and sample code for OCC’s APIs.