Options Corp Gets Nod to Shuffle Guaranty Payments Around
Published Date: 12/12/2025
Notice
Summary
The Options Clearing Corporation (OCC) got the green light to change how it handles a special cash payment called the Guaranty Substitution Payment during tough financial times. This update helps OCC better manage its money risks if a big participant defaults, keeping the system safer for everyone involved. These changes kick in soon and won’t cost extra but will make OCC’s risk checks smarter and stronger.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Clearing Members May Pay Less Collateral
If you are a Clearing Member, OCC will now account only for the portion of a member's unpaid NSCC Required Fund Deposit and Supplemental Liquidity Deposit tied to exercise-and-assignment stock settlement activity (the "Final GSP") when sizing liquidity needs. OCC observed NSCC data where SLD obligations suggested a potential need to hold $7 billion while E&A activity related to only $60 million, and switching to the Final GSP could reduce the collateral OCC collects from Clearing Members.
Investors May See Lower Trading Costs
If you trade securities, OCC's change to count only the Final GSP when stress-testing liquidity could lower the amount OCC collects from Clearing Members and thereby reduce clearing-related costs that can flow through to investors. The Commission approved the change on December 9, 2025, and the filing includes an example where NSCC data implied holding $7 billion when related exposure was $60 million.
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