Options Clearing Corp faces pressures of systemic status
Business continuity is high on the operational risk list for the US Options Clearing Corporation (OCC), which clears about four billion US equity options contracts each year in Chicago. John Grace, chief risk officer at OCC, says the experience has taught him the value of guarding against natural – and man-made – disasters that could disrupt operations.
"Hurricane Sandy taught us a really hard lesson – that we had to be able to function remotely," he says.
OCC conducts frequent testing of its
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