OCC updates legacy clearing system with Cinnober
The Options Clearing Corporation (OCC) is replacing its legacy clearing system with a system that employs Cinnober’s TRADExpress RealTime Clearing.
Cinnober was acquired by Nasdaq for $190m
Cinnober, acquired by Nasdaq, provides trading and clearing technology to marketplaces and clearing houses. The acquisition by Nasdaq is under investigation in the UK.
“Following a lengthy and rigorous analysis, we decided to pair our internal work with the adoption of the TRADExpress RealTime Clearing solution,” says John Davidson, president and chief operating officer at OCC.
“The new systems will deliver many advantages to our participating exchanges and clearing firms in a modern and flexible technology architecture, including enhanced functionality to procure and submit data to and from the system for external and internal users, enhanced ad-hoc reporting capabilities, enhanced control mechanisms, expanded new product support capabilities, improved futures processing, and greater flexibility in processing clearing member trade agreements,” he adds.
OCC is an equity derivatives clearing organisation and the central counterparty for all US exchange-listed options trades. OCC also clears transactions in OTC options, futures and options on futures, as well as securities lending transactions.
Cinnober’s clients include exchanges such as the Asia Pacific Exchange (APEX), Australian Securities Exchange (ASX), B3, Bitstamp, Dubai Gold & Commodities Exchange (DGCX), Euronext, Japan Exchange Group (JPX), Johannesburg Stock Exchange (JSE), London Metal Exchange (LME) and Stock Exchange of Thailand (SET).
