Friday October 25 2024

News Source: Global Exchanges

Focus: Clearing & Settlement

Type: General




On 22nd October 2024, the Options Clearing Corporation (OCC) published a circular on preparing its new solution Ovation for Beta 2 in late October. The testing, which commenced in July, is planned to be progressive, with functionality added in each beta release while supporting previously released functionalities. 

Ovation, the new clearing, risk and data platform, is designed to offer real-time clearing capabilities, along with the resiliency of cloud-based architecture. Since Ovation is a new platform, OCC requires all market participants who send or receive files from the clearing house to test even if there are no layout changes. In addition, all market participants who access the user interface must test all functions they utilise in their daily operations. 

Following Beta 2, OCC plans the third phase of its external testing, focused on collateral management, to begin in January and continue throughout the first quarter of 2025. In addition, OCC’s market loan programme for stock loans will also be available for testing. After Beta 3, OCC will run Ovation in parallel with the previous system ENCORE. Prior to the official launch, OCC will need to obtain approvals of several rule fillings. 

The launch of Ovation, scheduled for mid-2025, will mark a significant step forward in the capabilities and infrastructure of OCC. As the platform moves through its beta phases, OCC expects its continued collaboration with regulators and market participants to bring a smooth transition toward an improved experience, driving innovation in clearing processes 

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