OCC penalised by the SEC and CFTC for operational risk management shortcomings

IT project issues led to the underfunding of the OCC clearing fund by up to $600m.

The SEC has charged the Options Clearing Corporation (OCC) with a failure to “properly establish, implement, and enforce written policies and procedures reasonably designed to manage certain operational risks”.  

The charges stem from OCC amendments to its rules and systems to address deficiencies, identified by the SEC, in its

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