OCC and Exchanges Streamline Options Disclosure Document for Investors

November 01, 2021

It is critically important for market participants to have a clear understanding of the benefits and risks of exchange-listed options. Prior to buying or selling options, federal securities law requires that broker-dealers provide investors a copy of Characteristics and Risks of Standardized Options, also known as the options disclosure document (ODD), to explain the risks involved. OCC, as the issuer of options, administers the ODD.

As of October 29, 2021, a new version of the ODD is available for distribution to investors. “In collaboration with the options exchanges, OCC sought to modernize and streamline the document,” said Karen Bilek, OCC Executive Principal and Associate General Counsel.  “We are pleased to have the restatement of the ODD available for the industry and investors.”

The restated ODD has a refreshed design and new format intended to support electronic delivery of the document by broker-dealers. It is the first step of a multi-pronged effort by OCC and the options exchanges to further enhance its user-friendliness. The restated ODD replaces the prior version and all supplements, and previous versions should no longer be used. Going forward, OCC does not intend to issue separate supplements for new material to the ODD and will instead incorporate all future changes within the document. The restated ODD may be viewed on OCC’s website at

OCC remains committed to providing free and engaging educational offerings about the benefits and risks of options to the investing public, working closely with other industry and regulatory providers of investor education to better inform market participants. As part of that commitment, OCC and its Options Industry Council (OIC) distribute a variety of educational resources on options which include online courses, videos, and webinars. Visit for more information.

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