OCC cuts clearing fees to two cents 20 April 2021US Reporter: Becky Bellamy
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OCC, the equity derivatives clearing organisation, has reduced its clearing fees from four and a half cents per contract to two cents per contract, effective June this year.
In December last year, OCC鈥檚 board of directors approved a refund to clearing member firms of $156 million to be paid on 19 April.
OCC says the reduction is part of its commitment to deliver operational excellence to the users of the US equity derivatives markets.
鈥淧articipation in listed options markets in 2021 has resulted in historic cleared contract volumes, outpacing even 2020 highs,鈥� says John Davidson OCC CEO.
Davidson explains: 鈥淭hese record volumes have provided us with an opportunity to enhance OCC鈥檚 financial resilience to the benefit of our market participants and the greater investing public.鈥�
Scot Warren, COO at OCC, comments: 鈥淲e take seriously our duty to manage OCC in a way that ensures we meet regulatory expectations and responsibly invest in OCC鈥檚 infrastructure, while also serving market participants as a financially responsible steward of clearing services.鈥�
鈥淏ecause of our strong focus on expense discipline coupled with record contract volumes, we can continue to take steps to lower costs for market participants, consistent with the capital management policy, while also investing in our enhanced operational resiliency and technology,鈥� Warren adds.
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