Over the past several years, the move to modernize market infrastructure has accelerated as trading volume and activity surged during the pandemic and has remained at elevated levels, underscoring the need for scalable, resilient and adaptable systems. As such, more central counterparty clearing houses (CCPs) and central securities depositories (CSDs) are turning to the cloud to enhance their infrastructure. In fact, The Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, reached a key milestone in its efforts to migrate its clearing, risk management, and data management systems to the cloud after it received a no-objection notice from the U.S. Securities and Exchange Commission (SEC) in October last year, enabling OCC to move forward with its Renaissance Initiative to redevelop and modernize its technology infrastructure.