OCC Declares 2017 Clearing Member Refund Under Approved Capital Plan
CHICAGO--(BUSINESS WIRE)--Sep 18, 2018--OCC, the world’s largest equity derivatives clearing organization, today announced the payment of a refund to clearing members under its approved capital plan. The refund of $78.7 million to clearing members was paid on September 14, 2018.
OCC President and Chief Operating Officer John Davidson said, “This action taken under our approved capital plan is consistent with the operative fee, refund and dividend policies approved by the SEC and which align with regulatory expectations. This also ensures OCC has the amount of capital necessary to comply with existing and proposed capital requirements, which enables us to provide the risk management and operational capabilities expected of a systemically important financial market utility.”
OCC is the world’s largest equity derivatives clearing organization and the foundation for secure markets. 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 2018 Best Clearing House by Markets Media, OCC now provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at www.theocc.com.
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PUB: 09/18/2018 12:24 PM/DISC: 09/18/2018 12:24 PM