Approval of OCC Rule Change Relating to Methods for Liquidation of a Defaulting Member’s Account (Final Rule); SEC Release No. 34-65654

76 FR XXX (SEC Release No. 34-65654; SR-OCC-2011-08)

October 28, 2011

The SEC granted approval to a rule change of the Options Clearing Corporation that will allow the OCC to use an auction process as one of the possible means by which it may liquidate a defaulting clearing member's account. (An auction process is commonly used to liquidate futures positions for an insolvent FCM.)

Cross References: SEC Release No. 34-64982 (7/28/11) (Proposal)