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OCC updates default auction rules to encourage buy-side bids
Clearer’s proposed changes follow client fears of being locked out
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The Options Clearing Corporation (OCC) is set to change its rule book in order to make it easier for buy-side firms to participate in default auctions.
The equity derivatives clearing giant is working with the US Securities and Exchange Commission (SEC) on changes that would significantly simplify a lengthy document that clearing firms have to sign to allow their clients to make bids during default auctions.
The clearer has already submitted a draft version of the proposed changes to the
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