Options Clearing Corporation (OCC)
OCC’s security chief on generative AI with guardrails
Clearing house looks to scale technology across risk and data operations – but safety is still the watchword
Top 10 op risks: For change management, the cloud is its own weather front
As lenders move legacy banking to the cloud, the risks of getting it wrong are exponentially greater
NSCC liquidity shortfalls raise T+1 concerns
Lagging FX settlement processes could become a problem for clearing houses
NSCC suffers record $7bn liquidity shortfall
Index rebalancing in December drives CCP’s largest-ever simulated funding gap
People: Shake-up at Goldman, new op risk posts, and more
Latest job changes across the industry
Nasdaq leads push to reform options regulatory fee
Proposed rule change would pare costs for traders, raise them for banks and defund smaller venues
Clearing members favour domestic sovereign bonds for IM in Q3
Secured cash at commercial banks and central bank deposits also on the rise as part of collateral diversification
Member contributions propel six default funds to new highs
Skin in the game unchanged at four CCPs amid $3bn rise in default resources
Estimated stressed losses rise at OCC, LCH and JSCC
New stress scenario boosts worst-case loss at Options Clearing Corporation by half
Options expiry triggers $4bn liquidity shortfall at NSCC
Second-largest simulated shortfall on record mitigated by extra liquidity deposit and OCC commitment
People: New brooms at NatWest and Tradeweb; MUFG splits rates, and more
Latest job changes across the industry
RJ O’Brien plots expansion into US Treasury clearing
Chairman and CEO says futures house plans to capitalise on SEC’s new mandate for interdealer trades
Default funds at CME, JSCC and OCC grew to record levels in Q1
CCPs’ skin in the game fails to keep pace with member contributions
OCC readies new intraday margin requirement
Draft measure would cover all options positions including 0DTEs
Record rise in concentration at top CCPs leads to all-time high
Median top-five member open position concentration rises 2.4pp in Q4
Snail race: the slow growth of securities lending CCPs
There’s underlying appetite to clear, but a structure to suit all participants is proving elusive
People: Risk shake-up at Santander, JPM juggles markets, and more
Latest job changes across the industry
Concentration risk ticks up at large CCPs
Top five clearing members accounted for almost half IM and open positions in Q3
OCC default fund up 19% in Q3
Hypothetical stress losses behind latest spike in member contributions
Can CCPs provide a port in a storm for securities lending?
Basel III, T+1 and EquiLend scandal all incentivise clearing, but also disintermediation
OCC sees cloud-based future for clearing
Risk Live: But regulated entities face a “heavy lift” when moving to the cloud, says CRO