Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-105975; File No. SR-OCC-2026-004] July 23, 2026. I. Introduction On May 19, 2026, The Options Clearing Corporation (“OCC”) filed with the Securities and Exchange Commission (“Commission”) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act”)  [ 1 ] and Rule 19b-4 thereunder, [ 2 ] a proposed rule change to establish a commercial paper program as part of its overall liquidity plan to meet OCC's settlement obligations (hereinafter, the “Proposed Rule Change”). [ 3 ] The Proposed Rule Change was published for public comment in the Federal Register on June 8, 2026. [ 4 ] The Commission has received one public comment regarding the substance of the Proposed Rule Change that it addresses below. [ 5 ] For the reasons discussed ( printed page 47278) below, the Commission is approving the Proposed Rule Change. II. Background OCC is a central counterparty (“CCP”), which means that, as part of its function as a clearing agency, it interposes itself as the buyer to every seller and the seller to every buyer for financial transactions. As the CCP for the listed options markets in the United States, [ 6 ] as well as for certain futures and stock loans, OCC is exposed to various risks arising from providing clearance and settlement services to its Clearing Members because OCC is obligated to perform on the contracts it clears. [ 7 ] For example…
Citation: 91 FR 47277
