OCC to provide clearing services to The Small Exchange
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OCC to provide clearing services to The Small Exchange 10 September 2019Chicago Reporter: Jenna Lomax
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The OCC is to provide central counterparty clearing and settlement services to The Small Exchange, a new futures exchange.
The exchange launched earlier this year in January and aims to bridge the futures product gap for investors.
It recently secured $10 million in capital from Jump Capital and Citadel Securities.
The proposed clearing agreement with OCC is subject to the regulatory approval process.
John Davidson, CEO of the OCC, commented: “Innovation is the cornerstone of what we do at OCC to help drive growth for the US equity options and futures industry.”
He added: “The Small Exchange is a new and innovative opportunity to provide access for new segments of market participants to the products we clear. We look forward to working with them.”
Don Roberts, the Small Exchange president and CEO, said: “OCC continues to pave the way to promoting financial and market integrity in the US equity options and futures markets. They have been very supportive of our own mission to deliver access to the futures marketplace for participants at all levels. By providing us with clearing and settlement, we are closer in achieving the necessary steps to launch the exchange.”
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