-

ESMA Recognizes OCC as Tier 1 Third-Country Central Counterparty Under EMIR

CHICAGO--(BUSINESS WIRE)--OCC, the world's largest equity derivatives clearing organization, today announced that the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has granted recognition to OCC as a Tier 1 third-country central counterparty (TC-CCP) under Article 25 of the European Market Infrastructure Regulation (EMIR).

“This recognition is a tremendous milestone and the culmination of years of work by OCC and regulators in the U.S. and Europe to establish equivalency and recognition,” said John Davidson, OCC’s Chief Executive Officer. “ESMA’s decision is an important accomplishment that will allow continued growth and fostering of global markets. We are gratified that our current and future clearing members affiliated with European banks have clarity on the regulatory treatment of their exposures to OCC.”

ESMA’s recognition follows the 2016 decision by the European Commission finding the regulatory framework for both CCPs and exchanges supervised by the CFTC equivalent to EMIR as well as similar decisions regarding CCPs and exchanges supervised by the SEC, which occurred in 2021 and 2022, respectively. As a dual-regulated CCP, ESMA determined equivalency decisions for both the CFTC and the SEC were necessary before full consideration of OCC’s application.

About OCC

The Options Clearing Corporation (OCC), named Risk Magazine’s 2022 Clearing House of the Year, is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.

©2022. The Options Clearing Corporation. All rights reserved.

Contacts

Michael Shore
OCC Public Relations
PublicRelations@theocc.com

Industry:

The Options Clearing Corporation

Release Summary
ESMA, the EU’s securities markets regulator, has granted recognition to OCC as a Tier 1 third-country central counterparty under EMIR.
Release Versions
English

Contacts

Michael Shore
OCC Public Relations
PublicRelations@theocc.com

Social Media Profiles
OCC on Facebook
OCC on LinkedIn
OCC on Twitter
More News From The Options Clearing Corporation

OCC Enhances Operational Efficiency with AWS GenAI Solutions

CHICAGO--(BUSINESS WIRE)--OCC, the world's largest equity derivatives clearing organization, today announced the successful implementation of AWS generative AI (GenAI) technology to streamline internal development processes and enhance operational efficiency. GenAI use has delivered significant improvements in three key areas: Code Testing: Reduced time spent documenting software tests by as much as 80%, saving individuals and teams from hours of highly manual work. Software Deployment: Streaml...

OCC Names Stephen Luparello as Chairman, Succeeding Craig Donohue

CHICAGO--(BUSINESS WIRE)--OCC, the world's largest equity derivatives clearing organization, today announced the appointment of Stephen Luparello as Chairman, succeeding Craig Donohue, who resigned to pursue another career opportunity. Mr. Luparello is a Public Director on OCC’s Board of Directors, most recently serving on the Compensation and Performance Committee (Chair) and the Regulatory Committee (Chair). He will serve as Chair for the remainder of Donohue’s term, which runs through April...

OCC Congratulates Paul Atkins on Confirmation as SEC Chairman

CHICAGO--(BUSINESS WIRE)--OCC, the world's largest equity derivatives clearing organization, today congratulated Paul Atkins on his Senate confirmation as Chairman of the United States Securities and Exchange Commission (SEC). "On behalf of our Board of Directors, we congratulate Paul Atkins on his confirmation as SEC Chairman,” said Craig Donohue, Chairman of OCC’s Board of Directors. “He brings extensive knowledge and experience in financial regulation and market infrastructure with a princip...
Back to Newsroom