CHICAGO--(BUSINESS WIRE)--OCC, the world’s largest equity derivatives clearing organization, today commented on the reaffirmation of its AA+/Stable rating by Standard & Poor’s (S&P), which was published on Thursday, December 20.
“S&P’s reaffirmation of OCC’s AA+/Stable rating is very satisfying,” said John Davidson, OCC President and Chief Operating Officer. “S&P has acknowledged the steps we’ve taken this year as a systemically important financial market utility to continue to deliver operational excellence to the users of the U.S. equity options and futures markets. Additionally, we have strong working relationships with our clearing firms and exchange partners, and a talented workforce. We have cleared over 5 billion contracts in 2018, an industry record, and did so while improving our methodologies and technological capabilities.”
In its report, S&P lists OCC’s outlook as stable because of the “expectation that the company’s recently approved financial safeguard framework and the implementation of minimum cash clearing fund requirements will continue to provide substantial protection against member default, from both a loss-absorbing and liquidity standpoint, in extreme but plausible market conditions.”
About OCC
OCC is the world's largest equity derivatives clearing organization and the foundation for secure markets. Founded in 1973, OCC operates under the jurisdiction of both the U.S. Securities and Exchange Commission (SEC) as a registered clearing agency and the U.S. Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. Named 2018 Best Clearing House by Markets Media, and Clearing House of the Year – The Americas by FOW, OCC now provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms for options, financial futures, security futures, and securities lending transactions. More information about OCC is available at www.theocc.com
