The US Securities and Exchange Commission approved the Options Clearing Corporation’s revised clearing-fund allocation on 2 October, resolving an administrative review prompted by Fidelity. The December 2025 approval under delegated authority had been stayed. The new order replaces that earlier decision with Commission approval.[1]
The change reallocates members’ contributions towards stress losses exceeding margin. OCC says it leaves the process determining the overall fund size unchanged. A broker’s financing requirement can therefore rise even without an increase caused by this rule in the aggregate fund.[4]
Allocation weights above the member minimum
| Component | Existing formula | Approved formula |
|---|---|---|
| Stress loss exceeding margin | 0% | 70% |
| Margin-based risk | 70% | 15% |
| Open interest | 15% | 0% |
| Cleared volume | 15% | 15% |
Fidelity argued that the formula overstates agency brokers’ risk by failing to recognise protections such as customers’ own collateral, while underweighting operational risks at proprietary firms. Its December petition estimated a 67% increase in its contribution. That was an estimate supporting its challenge, not a current assessed payment.[3]
The Commission concluded that the allocation reflects the risk brought to OCC rather than targeting a business model. It also said OCC could not rely on assets outside its control when a member defaults. That distinction explains why collateral available elsewhere in a brokerage relationship need not receive the same recognition as resources available to the clearing house.[1]
Members have an implementation tool: OCC’s parallel reports show projected requirements and their component contributions. OCC confirmed their continued availability in September. Comparing those projections with production requirements gives each member a more relevant funding assessment than applying another broker’s estimated percentage increase.[4][6]
As checked on 21 October, OCC’s public register marks the original filing approved but leaves the implementation date blank. The approval is established; this review has not confirmed that revised contributions are already being collected.[5]
Sources & further reading
- SEC approval of OCC allocation change US Securities and Exchange Commission · 2 Oct 2026 · Accessed 21 Oct 2026
- OCC submission on allocation methodology The Options Clearing Corporation · 12 Mar 2026 · Accessed 21 Oct 2026
- Fidelity petition for review Fidelity Investments · 24 Dec 2025 · Accessed 21 Oct 2026
- Parallel clearing-fund allocation report The Options Clearing Corporation · 20 Nov 2025 · Accessed 21 Oct 2026
- OCC rule-filing and implementation register The Options Clearing Corporation · Accessed 21 Oct 2026
- Parallel-report reminder and implementation update The Options Clearing Corporation · 1 Sep 2026 · Accessed 21 Oct 2026