OCC tweaks options clearing membership rules for safety
Published Date: 9/8/2026
Notice
Summary
The Options Clearing Corporation (OCC) is updating the rules for who can be a clearing member, making sure members meet stronger standards to keep the system safe and sound. This affects financial firms that clear options trades, aiming to reduce risks and protect the market. The changes are proposed now and could impact membership requirements and costs soon after approval.
Analyzed Economic Effects
9 provisions identified: 2 benefits, 7 costs, 0 mixed.
Higher risk‑based capital floors
OCC proposes to establish risk-based minimum capital levels for Clearing Members, effectively increasing minimum capital requirements to align with a risk-based approach.
One-year operating history rule
If your firm applies to be an OCC Clearing Member, OCC would require the applicant to have at least one year of operating history in the same or substantially the same business, or instead demonstrate that senior personnel have sufficient financial, risk, and operational experience that OCC accepts. This new one-year minimum is part of OCC's eligibility changes.
Physical office facility requirement
Applicants and existing Clearing Members would be required to maintain a physical office facility to conduct business with OCC, unless OCC determines a remote office model does not present heightened risk. This makes a physical presence the default expectation for membership.
New business-plan and disclosure demands
OCC would require applicants, and in some cases existing Clearing Members, to provide broader disclosures such as internal stress tests, credit agreements, audited financial statements, and, upon OCC request, a business plan assessed by an independent third party demonstrating the firm can meet and sustain financial and operational responsibility standards.
Faster approvals via delegated authority
OCC would expand delegation so the Risk Committee or its designated delegates/agents can decide to approve or deny applications and reapplications, and can grant expedited approvals. OCC notes Risk Committee meetings occur approximately quarterly, and the delegation is intended to reduce delays between those meetings.
Reapplication limits and probation rules
OCC would restrict applicants denied membership from reapplying until they satisfy OCC that the denial reasons are addressed, and may place certain approved applicants on a probationary period with contingencies. A final denial of a reapplication can be treated as grounds for summary suspension under Rule 1102.
Expanded protective measures and key‑person rules
OCC would expand its ability to impose protective measures on applicants or Clearing Members and introduces a defined concept of 'Key Person' (e.g., CEO, CFO, CRO, CCO or equivalent). If a Key Person's departure materially impacts operations or financial profile, OCC may impose restrictions on the impacted Clearing Member.
Stricter operations, personnel, and reporting rules
OCC proposes to amend operational capability obligations (books and records), require particular financial, operations, and risk-management personnel, and change event-based reporting such as Early Warning Notices. OCC may also request parent or affiliate audited financial statements.
Formal hearing timelines and procedures
If OCC proposes to deny an application or reapplication, an applicant may request a hearing by filing with OCC's Secretary within five (5) business days of the notice. OCC will give at least ten (10) business days' written notice of the hearing, and the applicant must submit a detailed written statement within seven (7) business days after requesting a hearing. OCC codifies detailed hearing procedures and confidentiality of the hearing record.
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Key Dates
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