About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

OCC is Selected as New Options Symbology System Operator

Subscribe to our newsletter

Following the furore surrounding the establishment of an alternative standard to the Options Price Reporting Authority (Opra) code last year, industry participants have finally selected a suitable candidate to operate the new symbology allocation system. There were ongoing discussions throughout 2008 about the lack of agreement on the basics surrounding the introduction of a new code but it seems that some progress has been made, including the selection of the Options Clearing Corporation (OCC) as the operator of the system.

The OCC was selected by market participants as the most suitable candidate to maintain a centralised database of securities symbols, although other players in the market were considered, including the Depository Trust & Clearing Corporation (DTCC), the Financial Industry Regulatory Authority (Finra), the Issuer Advisory Group (IAG) and SFB Market Systems (SFBMS). The OCC is the clearing house that since 2005 has led the Options Symbology Initiative (OSI) and was likely chosen because of this long association with the market.

Last year, the Financial Information Forum (FIF) released a report that indicated the cost of the introduction of the new system could total an estimated US$250 million.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Delta Capita Acquires DTCC Report Hub to Deliver Full Stack Regulatory Reporting

When Delta Capita confirmed its acquisition of DTCC’s Report Hub earlier this year, the deal looked, at first glance, like familiar consolidation in a crowded category. Look closer and it signals a broader shift: Delta Capita is moving from adviser and operator to full stack provider in regulatory reporting – pairing managed services with a...

EVENT

Data Management Summit New York City

Now in its 15th year the Data Management Summit NYC brings together the North American data management community to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...