CHICAGO (Reuters) - The OCC said on Monday it has moved the expiration process of standard monthly options contracts from Saturday to Friday night after receiving approval from U.S. securities regulators.
The OCC, formerly known as the Options Clearing Corp and the world largest equity derivatives clearing organization, said the change for the standard monthly back office expiration process was effective last Friday, the day of June options expiration.
OCC said the rollout of Weekly and Quarterly expirations created an environment in which all option contracts can be expired in a consistent repeated process.
The move aligns the U.S. options market with other global options markets and streamlines processing for all options on the same system, OCC said in a statement.
Reporting by Doris Frankel, editing by G Crosse