OCC Partners with MIAX: Clearing the Path for Futures Trading
Published Date: 6/20/2025
Notice
Summary
The Options Clearing Corporation (OCC) is teaming up with MIAX Futures Exchange to handle clearing and settlement services once all the necessary approvals are in place. This new agreement means smoother, faster processing for MIAX’s trades without changing OCC’s existing rules. The change is effective immediately, signaling a fresh chapter in how MIAX’s contracts get cleared and settled.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
OCC to Clear MIAX Contracts
OCC filed on June 4, 2025 to provide clearing and settlement services for MIAX Futures and options on those futures once all required regulatory approvals are received. This means MIAX-traded cleared contracts would be processed under OCC's existing clearance, settlement, custody, and risk-management framework after certification under CFTC Regulation 40.6.
Stricter New-Product Approval Steps
OCC would require prior written approval for any new Futures or Futures Options that could materially change OCC's risk profile or introduce new product risk, and may require underlying futures to trade for a reasonable period before options open. OCC may defer trading of new contracts and require additional supporting documentation before clearing.
OCC Monitoring and MIAX Reporting Rules
The Clearing Agreement would require MIAX to provide ongoing information to OCC (including annual and quarterly financials and material-event reporting), allow OCC to examine related books and records, and require MIAX to maintain sufficient financial resources or arrangements with another DCM to mitigate marketplace unavailability.
New Cybersecurity and Resilience Duties
The Clearing Agreement would require OCC and MIAX to share contact information, set mutual cybersecurity-incident notifications, and require MIAX to maintain a comprehensive cybersecurity program and written business continuity and disaster recovery program (including connectivity and redundancy requirements). These measures aim to reduce operational and outage risks for cleared trading activity.
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