OCC

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.

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

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

• Equity derivatives clearing
• Central counterparty services
• Options clearing infrastructure
• Financial market utility
• Risk management clearing

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Others

Revenue model

1. 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.
2. Exercise Fees: Fee of $1.00 per line item on exercise notice.
3. 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.
4. 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.
5. 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

Distribution channels3 records

Marketing channels3 records

Core 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

Named customers13 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability2 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core.

• MIAX Futures Exchange (Miami International Holdings)coreTechnology or Integration · 20 May 2026OCC 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.
• VermiculuscoreTechnology or Integration · 5 March 2026Swedish 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)coreTechnology or Integration · 22 December 2025OCC 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 CorporationcoreTechnology or Integration · 17 December 2025State 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)coreTechnology or Integration · 1 January 2009OCC 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)coreTechnology or IntegrationOCC 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)coreTechnology or IntegrationOCC 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

Emerging 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

• Xx.com/optionsclearing
• Facebookfacebook.com/optionsclearingcorporation

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OCC