Centrally cleared, exchanged-traded derivatives markets have flourished over the last several decades. Under substantial regulation at all critical points in the ecosystem, (i.e. brokers, clearing members, exchanges and central counterparties (CCPs)), these markets proved to be resilient during the 2008 financial crisis. The regulatory regime for these markets included requirements respecting record-keeping, price reporting and transparency, and intermediated access to centralized counterparties such as OCC. Providing robust, independent risk management of financial transactions under the comprehensive regulatory oversight of and examination by the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC), OCC has served as the foundation for secure markets in the U.S. listed equity options markets since 1973.
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