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PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

OCC to Provide Year-End Refund for Clearing Member Firms

December 17, 2020 GMT

CHICAGO--(BUSINESS WIRE)--Dec 17, 2020--

OCC, the world’s largest equity derivatives clearing organization, today announced that its Board of Directors has approved a refund of $156 million to be paid to clearing member firms on April 19, 2021.

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“As part of our ongoing efforts to strengthen OCC’s resiliency while also delivering operational excellence and efficiency, OCC’s Board of Directors approved this refund for our clearing member firms,” said John Davidson, OCC Chief Executive Officer.

“The record volume we’ve experienced in 2020, combined with the expense discipline we’ve achieved, has put us in a position to continue to invest in our infrastructure and also refund fees to clearing members consistent with our Capital Management Policy,” said Scot Warren, OCC Chief Operating Officer.

Earlier this year, OCC announced a reduction in clearing fees from five-and-a-half cents to four-and-a-half cents effective September 1, 2020, the projected year-end refund for clearing member firms, and its intention to seek regulatory approval to amend its Capital Management Policy with a persistent minimum amount of “skin-in-the-game.” The announcement can be found on OCC’s Website here.

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About OCC

OCC is the world’s largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) as a registered clearing agency and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. Named 2020 Best Clearing House – Equities by Markets Media for the third consecutive year, OCC now provides central counterparty (CCP) clearing and settlement services to 20 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at www.theocc.com.

Copyright © 2020. The Options Clearing Corporation. All rights reserved.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201217005771/en/

CONTACT: Media Contact:

Michael Shore

312-322-1150

mshore@theocc.com

KEYWORD: ILLINOIS EUROPE UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES FINANCE

SOURCE: The Options Clearing Corporation

Copyright Business Wire 2020.

PUB: 12/17/2020 10:50 AM/DISC: 12/17/2020 10:51 AM

http://www.businesswire.com/news/home/20201217005771/en