OCC updates default auction rules to encourage buy-side bids

Clearer’s proposed changes follow client fears of being locked out

Auction

The Options Clearing Corporation (OCC) is set to change its rule book in order to make it easier for buy-side firms to participate in default auctions.

The equity derivatives clearing giant is working with the US Securities and Exchange Commission (SEC) on changes that would significantly simplify a lengthy document that clearing firms have to sign to allow their clients to make bids during default auctions.

The clearer has already submitted a draft version of the proposed changes to the

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