OCC Refines Clearing Fund Risk Sharing Among Members
Published Date: 12/16/2025
Notice
Summary
The Options Clearing Corporation (OCC) is changing how it decides how much money each member must put into the Clearing Fund. This new method makes sure that members who create more risk for the OCC pay their fair share, keeping things safer and fairer for everyone. These changes kick in soon and affect all OCC clearing members, with no extra costs but smarter risk sharing.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 0 costs, 2 mixed.
OCC Can Hold Allocations Constant
OCC now has rule authority (proposed Rule 1003(c)) to hold allocation weights constant month-over-month at its sole discretion during volatile market conditions, subject to internal review by the Stress Testing Working Group and notification to Clearing Members, the Risk Committee, the SEC, and the CFTC. Any hold-constant decision must be based on existing facts and be in furtherance of OCC integrity and financial stability.
Clearing Fund Reweighting to Shortfalls
If you are an OCC clearing member, OCC changed how it allocates Clearing Fund deposits by using a new weighting: 70% based on stressed shortfalls (stress loss in excess of margin), 15% based on margin, and 15% based on cleared volume. The rule replaces the old weightings (which included open interest) and introduces the defined shortfall metric into the allocation formula.
Lookback Extended to Three Months
OCC extended the lookback period used to calculate allocation-related measures from one month to three months so allocation inputs align with Clearing Fund sizing parameters. This change is intended to smooth month-to-month allocation changes by using three months of data instead of one month.
Estimated Member Contribution Changes
OCC provided illustrative results showing distributional effects: under the proposed methodology the top 10 Clearing Members would have experienced, on average, a 1.28% increase in contributions; the top five within that top-10 group would have experienced, on average, a 2.67% decrease; and the remaining Clearing Members would have experienced a 1.28% decrease in average contributions. OCC provided these aggregate percentage results in its filing.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12162 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Certain Fees and Rebates Applicable to Transactions in Non-Penny Classes
MIAX PEARL is shaking up its fees and rebates for trading non-penny options starting now! Priority customers get bigger rebates, market makers see some rebate boosts but pay higher fees when taking liquidity, and other traders face adjusted fees too. These changes affect anyone trading non-penny options on MIAX PEARL and kick in immediately, so watch your wallet and trading strategy!
2026-12195 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Regulation 14A (Commission Rules 14a-1 Through 14a-21 and Schedule 14A)
The SEC is asking to keep using and extend a set of rules (Regulation 14A) that help companies share important info with shareholders before big votes. This update also lets the Federal Reserve use the same forms, making things simpler for both agencies. No new costs or big changes for companies, but the paperwork approval is up for renewal soon.
Previous / Next Documents
Previous: 2025-22853 — Privacy Act of 1974; Matching Program
The VA and IRS are teaming up again to share income info so the VA can check if veterans and their families qualify for certain benefits and pay the right amount. This new program starts soon after January 15, 2026, unless people speak up, and will run for 18 months. It helps make sure benefits are fair and accurate without wasting money or time.
Next: 2025-22856 — Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Certain Changes to the Governing Documents of the Exchange and Its Parent Company
The Texas Stock Exchange and its parent company are updating their key governing documents to keep things running smoothly and clearly. These changes affect stockholders and the Exchange’s management, with no immediate cost impact. The updates took effect right after filing on December 8, 2025, making the Exchange’s rules fresher and more up-to-date.