OCC Announces Standard Options Are Now Being Processed on Friday
CHICAGO (June 24, 2013) - OCC announced today that expiration processing of standard options has moved from Saturday to Friday.
After receiving approval from The Securities and Exchange Commission (SEC), OCC transitioned the standard monthly back office expiration process from Saturday to Friday night. This change was effective with the standard expiration process that took place on Friday, June 21, 2013, and was the culmination of a multi-year industry wide project.
The introduction of Weekly and Quarterly expirations created an environment in which all option contracts can be expired in a consistent repeated process. Moving the monthly standard expiration back office process from Saturday to Friday night aligns the United States options market with other global options markets and streamlines processing for all options on the same system.
OCC would like to acknowledge the industry efforts of the clearing members, exchanges and service bureaus to achieve this transformative goal.
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 17 exchanges and trading platforms for options, financial and commodity futures, security futures and securities lending transactions. More information about OCC is available at www.theocc.com.