SEC Approves OCC Clearing Fund Allocation Rule Change

On October 2, 2026, the Securities and Exchange Commission issued an order that sets aside the Delegated Order of December 11, 2025 and approves the Options Clearing Corporation's proposed rule change SR-OCC-2025-018, as modified by Partial Amendment No. 1. The amendment revises the methodology for allocating Clearing Fund deposit requirements among OCC's clearing members to better align allocations with the size of the Clearing Fund and to proportionally assign stress-based risk to participants that expose the OCC to such risk.

The Commission's de novo review considered the full record, including a petition for review filed by Fidelity Investments on December 24, 2025, written statements of opposition filed on March 12, 2026, and additional public comments. The Commission concluded that OCC satisfied its burden to demonstrate consistency with the Exchange Act, finding the proposal consistent with Sections 17A(b)(3)(F) and (I) of the Act and with Rules 17ad-22(e)(2) and (18).

The order references Release No. 34-106573 and File No. SR-OCC-2025-018. It follows the Commission's earlier notice of filing on October 1, 2025 and the extended comment period designated on November 3, 2025. By approving the rule change, the Commission affirms that the revised allocation framework meets statutory and regulatory requirements for a registered clearing agency.

Effective immediately, the approved methodology applies to all OCC clearing members, redefining how deposit obligations are calculated to reflect each member's contribution to overall clearing fund stress exposure.