A thread on an under-the-radar but critical part of the plumbing of markets: the Options Clearing Corporation, or OCC:pic.twitter.com/H8tntwpq6q
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OCC is a great example of the characteristics of exchanges. - highly regulated - relatively unknown - a critical part of our markets - created by exchanges, for exchanges - connections to every bank & exchange on the Street
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Sources: https://annualreport.theocc.com/getmedia/43551335-e2ef-44ea-92ea-ceeaa7fd3e62/OCC-2019-AnnualReport.pdf …; https://www.sec.gov/Archives/edgar/data/1120193/000112019319000002/ndaq1231201810-k.htm … https://www.sec.gov/ix?doc=/Archives/edgar/data/1571949/000157194920000003/ice2019123110k.htm … https://www.sec.gov/ix?doc=/Archives/edgar/data/1374310/000155837020001127/cboe-20191231x10k3d7487.htm …
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You threw me for a loop on its profits - if it's a profitable company, that means it's a federally-sanctioned monopoly, correct? It has no competition. Also its balance sheet is huge (I thought) b/c it guarantees delivery and/or settlement, allowing things like box spreads.pic.twitter.com/LiQzuOyCgE
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