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What is the Renaissance Initiative?

Through the Renaissance Initiative, OCC will create a robust infrastructure for its members and market participants by utilizing more modular technology and enhancing its use of real-time data. In addition, use of the Cloud will provide enhanced resiliency, security, and scalability to OCC's systems.

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 schedule external testing in 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.

Clearing, Risk and Data Changes

Ovation Conversion FAQ
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Clearing and Risk Data Layout Changes Summary
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OCC Technology Changes and Enhancements for Clearing Members
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OCC Technology Changes and Enhancements for Exchanges
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OCC What-If Margining Simulation Tool API Guide
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OCC Stock Loan Program Changes and Enhancements Guide
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All dates are subject to change.
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