Proposed Path to Cloud Adoption
As the exclusive provider of clearance and settlement services for listed options in the U.S., it is vital that our critical services remain continuously available to the markets we serve.
We are pleased to share that the U.S. Securities and Exchange Commission issued a 'Notice of No Objection' on Thursday, October 20, regarding our Advance Notice in connection with our proposed adoption of Cloud Infrastructure.
OCC is the first SIFMU to request regulatory approval for using the Cloud for clearing, risk management and data management applications. The SEC's no objection represents the culmination of several years of collaborative work with our regulators and marks a critical milestone in our transformation. With it, we can move forward with our plans to leverage the capabilities of a cloud service provider while continuing to meet our regulatory requirements as a SIFMU.
Use of the Cloud will provide enhanced resiliency, security and scalability to our systems, and will allow us multiple environments in which to run our systems. We also took the approach of adding a tertiary, on-premises data center that can be used in the event of a widespread disruption. Given OCC's vital role in the marketplace, it is paramount that we deliver a highly resilient and reliable platform to support the markets that we serve.
OCC is the first SIFMU to request regulatory approval for using the Cloud for clearing, risk management and data management applications. The SEC's no objection represents the culmination of several years of collaborative work with our regulators and marks a critical milestone in our transformation. With it, we can move forward with our plans to leverage the capabilities of a cloud service provider while continuing to meet our regulatory requirements as a SIFMU.
Use of the Cloud will provide enhanced resiliency, security and scalability to our systems, and will allow us multiple environments in which to run our systems. We also took the approach of adding a tertiary, on-premises data center that can be used in the event of a widespread disruption. Given OCC's vital role in the marketplace, it is paramount that we deliver a highly resilient and reliable platform to support the markets that we serve.
This planned cloud implementation signifies not just our commitment to promoting the broader financial system’s cloud journey, but also to building the future foundation of secure markets.