*Letters

OCC Proposed Rule Change Related to Price Reasonableness Checks on Confirmed Trades

Published on:
August 21, 2014
Committee:

SIFMA provided comments to the Securities and Exchange Commission (SEC) regarding a proposed rule change filed by The Options Clearing Corporation (OCC) with the SEC that would add an interpretation and policy concerning OCC’s administration of existing Article VI, Section 7(c) of the By-Laws.

Specifically, OCC is requesting approval to implement price reasonableness checks on confirmed trades in standardized options and futures options to increase the likelihood that erroneous trades will be identified and void. SIFMA strongly agrees with OCC’s request to implement new post trade risk controls to “promote the protection of OCC and clearing members from erroneous trades.”

As a result, SIFMA believes it is appropriate that the SEC approve OCC’ s added interpretation and policy of existing Article VI, Section 7(c) of the By-Laws.

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