OCC
OCC is the world's largest equity derivatives clearing organization, acting as the sole central counterparty for every U.S. listed options trade, serving 21 exchanges and 100+ clearing members under SIFMU designation.
- Company typePrivate
- Founded1973
- HeadquartersChicago, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What OCC does
OCC (The Options Clearing Corporation), founded in 1973 and headquartered in Chicago, is the world's largest equity derivatives clearing organization and the sole central counterparty for every listed options trade in the United States. Designated as a Systemically Important Financial Market Utility (SIFMU) under Title VIII of the Dodd-Frank Act, OCC operates under the joint oversight of the SEC, CFTC, and Federal Reserve. The company provides central counterparty clearing, settlement, and risk management services to 21 exchanges and trading platforms—including Cboe, Nasdaq, NYSE, MIAX, BOX, MEMX, and as of May 2026 MIAX Futures Exchange—and to more than 100 clearing members comprising broker-dealers, futures commission merchants, U.S. banks, and non-U.S. securities firms. In Q1 2026 OCC cleared an average of 69.1 million contracts per day, with total revenue before expenses of $249.9 million year-to-date and $402 billion in initial margin deposits and $24 billion in guaranty fund deposits safeguarding cleared positions.
The company's core technology stack is anchored by ENCORE, a real-time clearing system supporting FIXML-based trade capture, position processing, and settlement across batch and real-time connectivity channels. This is being progressively replaced by Ovation, a cloud-native platform built on AWS infrastructure, with delivery of Vermiculus VeriClear-based microservice risk systems in March 2026 supporting margin calculation and liquidity risk monitoring. OCC's risk management differentiation rests on the proprietary STANS Monte Carlo methodology (the first derivatives clearinghouse risk system of its kind), Customer Portfolio Margin (CPM) using TIMS, Delta Position Limits via a proprietary binomial pricing model, and cross-margin programs with CME since 1989. Supporting offerings include Stock Loan (Hedge and Market Loan) programs, LOPR compliance reporting, OFRA risk arrays, and the Options Industry Council (OIC) investor education service.
OCC generates revenue primarily through transaction-based clearing fees ($0.025 per contract with a $200 monthly minimum), exercise fees ($1.00 per notice), stock loan transaction fees and basis-point charges, one-time clearing membership qualification fees, and tiered subscription ancillary services ($300–$1,500/month). As a private utility owned by its participant exchanges with no external PE/VC investors, OCC reinvests in technology modernization (Ovation) and member onboarding (notably banks, following 2022 membership criteria amendments). Strategic priorities evidenced in 2025–2026 include cloud migration, bank segment expansion (State Street as first bank member), and product-line extension into futures clearing.
OCC firmographics
Firmographics- Name
- OCC
- Legal name
- The Options Clearing Corporation
- Website
- https://theocc.com
- Company type
- Private
- Founded year
- 1973
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- OCC is the world's largest equity derivatives clearing organization, acting as the sole central counterparty for every U.S. listed options trade, serving 21 exchanges and 100+ clearing members under SIFMU designation.
- Ownership category
- akta.pro rank
OCC industry classification
Industry- Product category
- Derivatives Clearing and Settlement Services
- NAICS
- Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Listed Derivatives CCPs (Futures & Options) (FSAFAFAA)
- akta.pro secondary industry
- Securities CCPs (Equities & ETFs) (FSAFAFAC)
Keywords
Where OCC is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
OCC business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Others
Revenue model
- Clearing Fees: OCC charges clearing fees for each transaction processed. Standard clearing fee is $0.025 per contract with a minimum monthly clearing fee of $200. New products are cleared free of charge from first listing day through end of following calendar month.
- Exercise Fees: Fee of $1.00 per line item on exercise notice.
- Membership Fees: New clearing member qualification fee of $4,000 for broker-dealers, FCMs, U.S. banks, and non-U.S. securities firms seeking clearing membership.
- Stock Loan Program Fees: Transaction fee of $1.00 per transaction assessed against each lender and borrower, plus monthly annualized charge of 0.4 basis point on average daily notional outstanding balance for borrowers.
- Ancillary Services: Tiered pricing for data and connectivity services (TIER I at $1,500/month, TIER II at $1,000/month, TIER III at $650/month, TIER IV at $300/month for stock loan only), plus leased line services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Standard Clearing - $0.025 per contract |
| Subscription | Monthly | Ancillary Services - Tier I |
| Subscription | Monthly | Ancillary Services - Tier II |
| Subscription | Monthly | Ancillary Services - Tier III |
| Subscription | Monthly | Ancillary Services - Tier IV (Stock Loan only) |
Distribution channels3 records
Marketing channels3 records
OCC product offering
Product offeringCore offering
OCC operates as the central counterparty (CCP) clearing and settlement organization for the entire U.S. listed-options market, providing trade novation, guarantee, margin calculation, and settlement services for listed options, security futures, OTC options, futures, options on futures, and securities lending transactions. The company serves 21 exchanges and trading platforms and more than 100 clearing members, processing millions of contracts daily through its ENCORE real-time clearing system while transitioning to the cloud-native Ovation platform. OCC also runs stock loan programs, cross-margin programs with CME, and provides regulatory reporting infrastructure including Large Options Positions Reporting (LOPR).
Product overview
OCC (The Options Clearing Corporation) is the world's largest equity derivatives clearing organization, providing centralized clearing and settlement services as a Systemically Important Financial Market Utility. The company operates its core ENCORE clearing platform alongside the developing Ovation cloud-powered platform, offering services for equity options, ETF options, index options, futures, and securities lending. Risk management is powered by the proprietary STANS Monte Carlo-based margin methodology, with supporting tools including Customer Portfolio Margin (CPM), Stock Loan Programs, and Cross Margin Programs with CME. OCC serves 21 exchanges including Cboe, Nasdaq, MIAX, BOX, MEMX, and NYSE platforms, processing millions of contracts daily.
Differentiator
Problem solved
Functional benefit
Brands
- Options Industry Council (OIC): An industry resource provided by OCC offering education about the benefits and risks of exchange-listed options, dedicated to increasing awareness, knowledge, and responsible use of options by individual investors, financial advisors, and institutional managers.
Quantifiable outcome
- Clears millions of financial contracts daily across the entire U.S. listed-options market
- +2 more outcomes
Companies that use OCC
Customer profileNamed customers13 records
Segments3 records
Ideal customer profiles2 records
OCC technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
AI capability2 records
Feature6 records
OCC partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core.
- MIAX Futures Exchange (Miami International Holdings)coreOCC began clearing and settlement services for MIAX Futures Exchange, LLC, which launched Bloomberg equity index futures on May 17, 2026. This partnership expanded OCC's services to 21 exchanges and trading platforms, enabling cross-margining opportunities for OCC member participants.
- VermiculuscoreSwedish fintech provider delivered two VeriClear-based modular risk systems to OCC for margin calculations and liquidity risk monitoring. Systems are being integrated into OCC's multi-year Ovation platform modernization effort, demonstrating cloud-native microservices architecture capable of processing over 50 million messages for scenario-based simulations in approximately five minutes.
- Amazon Web Services (AWS)coreOCC completed comprehensive cloud security assessment of its AWS environment, verifying security controls against regulatory standards including NIST CSF and RegSCI. This supports OCC's Ovation cloud-powered platform development for clearing, settlement, and risk management.
- State Street CorporationcoreState Street became the first bank to join as an OCC clearing member for securities lending. OCC now provides central counterparty clearing and settlement services through its Stock Loan Program for State Street's Prime Services platform, improving risk management and operational efficiency.
- EquiLend Clearing LLC (ECS)coreOCC centrally clears all stock loan transactions on Automated Equity Finance Markets, Inc. (ECS), a wholly owned subsidiary of EquiLend Clearing LLC. ECS operates an SEC-regulated Alternative Trading System (ATS) for securities lending. OCC guarantees all mark-to-market and rebate payments.
- The Depository Trust Company (DTC)coreOCC collaborates with DTC for stock loan program operations, utilizing DTC's stock delivery process to create stock loan/borrow positions. Cash and securities are transferred through DTC's infrastructure.
- Chicago Mercantile Exchange (CME)coreOCC participates in cross-margin programs with CME since 1989, reducing systemic market risk by recognizing offsetting value of hedged positions at multiple clearinghouses. Uses OCC's STANS methodology for combined position margin calculations.
Scale indicators8 records
Recent moves10 records
Expansion highlights5 records
OCC competitors and assessment
Company assessmentEmerging players
- EquiLend: Operates a securities-lending trading platform with which OCC centrally clears all stock loan transactions through the ECS subsidiary. Comparable as a securities-lending infrastructure provider and OCC's partner in OCC's stock loan programs and Market Loan Program.
Direct peers
- Intercontinental Exchange (ICE) / ICE Clear Credit: Operates multiple clearinghouses (ICE Clear U.S., ICE Clear Europe, ICE Clear Credit) for derivatives and credit default swaps. Comparable as a multi-asset clearing organization serving global derivatives and securities lending markets, with overlapping clearing-member relationships with OCC.
- CME Group: Operates the largest U.S. derivatives clearinghouse (CME Clearing) for futures, options on futures, and interest rate products, and is OCC's longstanding cross-margin partner. Directly comparable as a systemically important U.S. derivatives CCP serving institutional clearing members and exchanges.
- BME Clearing (Bolsas y Mercados Españoles): Spanish CCP clearing equity derivatives, fixed income, and repos. Comparable to OCC as a multi-asset clearinghouse serving exchange-traded derivatives, though focused on Iberian and European markets rather than U.S.
- Nasdaq Clearing: Clears European-listed derivatives across commodities, fixed income, and equities through its Nasdaq Clearing AB subsidiary. Comparable as a derivatives CCP serving institutional members, though focused on Nordic and European markets rather than U.S. equity options.
- DTCC / FICC (Fixed Income Clearing Corporation): Operates the FICC and NSCC clearing subsidiaries that clear U.S. fixed income and equity cash markets. Comparable to OCC as a U.S. SIFMU-designated clearinghouse providing CCP services and partnering with OCC on equity settlement workflows.
- LCH (London Clearing House): Owned by London Stock Exchange Group, LCH clears OTC derivatives, fixed income, repos, and listed products globally. Comparable to OCC as a leading international CCP with comparable risk-management frameworks and a focus on cross-product margining.
- Eurex Clearing: Deutsche Börse's CCP clearing European derivatives, securities lending, and repo markets. Comparable to OCC as a major derivatives clearinghouse with cross-margin programs and a similar product mix in listed options and futures.
Regional players
- ASX Clear (Australian Securities Exchange): Operates Australia's dominant CCP for cash equities and derivatives. Comparable as a vertically integrated exchange-CCP model with similar product scope, but operates primarily in Australian markets rather than competing directly with OCC in the U.S.
- Japan Securities Clearing Corporation (JSCC): Operates Japan's central securities and derivatives clearinghouse. Comparable to OCC as an Asian derivatives and securities clearing organization with similar product coverage, but operates in a different geographic market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
OCC social profiles
Digital presenceOCC compliance and trust
Trust signalCompliance3 records
OCC financial estimates
Financial estimateRevenue estimate
Valuation estimate
OCC leadership team
Management profileNumber of profiles
Profiles13 records
OCC funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OCC M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OCC
What does OCC do?
OCC operates as the central counterparty (CCP) clearing and settlement organization for the entire U.S. listed-options market, providing trade novation, guarantee, margin calculation, and settlement services for listed options, security futures, OTC options, futures, options on futures, and securities lending transactions. The company serves 21 exchanges and trading platforms and more than 100 clearing members, processing millions of contracts daily through its ENCORE real-time clearing system while transitioning to the cloud-native Ovation platform. OCC also runs stock loan programs, cross-margin programs with CME, and provides regulatory reporting infrastructure including Large Options Positions Reporting (LOPR).
Is OCC a public or private company?
OCC is a private company. It is classified as corporate owned and is currently operating.
When was OCC founded?
OCC was founded in 1973. It employs 1,001 to 5,000 people.
Where is OCC based?
OCC is headquartered in Chicago, United States, in the North America region.
How does OCC make money?
Five revenue lines are on record. Clearing Fees are the primary driver. The others are exercise Fees, membership Fees, stock Loan Program Fees and ancillary Services.
Who are OCC's main competitors?
EquiLend is listed as an emerging player. Direct peers are Intercontinental Exchange (ICE) / ICE Clear Credit, CME Group, BME Clearing (Bolsas y Mercados Españoles), Nasdaq Clearing, DTCC / FICC (Fixed Income Clearing Corporation), LCH (London Clearing House) and Eurex Clearing. Regional players are ASX Clear (Australian Securities Exchange) and Japan Securities Clearing Corporation (JSCC).
Does OCC have an API?
Yes. OCC provides FIXML-based APIs and data transmission services for clearing and settlement operations. The ENCORE system supports batch connectivity via Connect:Direct/NDM or SFTP, and real-time connectivity via MQ (message queue). External parties can access ENCORE DDS (Data Distribution Service) for non-proprietary and proprietary transmissions, including margin results, position data, and collateral information. Developer documentation is at www.theocc.com/clearance-and-settlement/dds-reference.
What industry is OCC in?
OCC's product category is Derivatives Clearing and Settlement Services. Its primary akta.pro industry code is FSAFAFAA, Listed Derivatives CCPs (Futures & Options), with a secondary code of FSAFAFAC, Securities CCPs (Equities & ETFs). Its NAICS code is 52321 and its SIC code is 6200.