OCC Applauds Passage of Options Markets Stability Act by U.S. House of Representatives
CHICAGO--(BUSINESS WIRE)--Jul 11, 2018--OCC, the world’s largest equity derivatives clearing organization, issued the following statement regarding the passage of H.R. 5749, the Options Markets Stability Act, by the U.S. House of Representatives on July 10.
“OCC and the U.S. Securities Markets Coalition applaud passage of H.R. 5749, the Options Markets Stability Act. Passage of this legislation, sponsored by Representatives Randy Hultgren (R-IL) and Bill Foster (D-IL), is an important step forward in helping ensure that market makers can provide vital liquidity for investors who use the U.S. equity options markets to help manage their financial risk,” said Craig Donohue, OCC Executive Chairman and CEO. “OCC appreciates the leadership of Representatives Hultgren, Foster, House Financial Services Committee Chairman Jeb Hensarling (R-TX), Ranking Member Maxine Waters (D-CA) and the other members of the Committee for securing passage of H.R. 5749.”
This legislation requires the appropriate U.S. federal banking agencies to increase the risk-sensitivity of the capital treatment of centrally-cleared options. Last month, the House Financial Services Committee passed the bill by a unanimous vote of 54-0.
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: 07/11/2018 01:51 PM/DISC: 07/11/2018 01:51 PM