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South Street Securities has become an active member of the Options Clearing Corporation (OCC), an equity derivatives clearing organisation.
The OCC promotes stability and market integrity through delivering, clearing and settlement services for options, futures and securities lending transactions.
As a systemically important financial market utility (SIFMU), OCC operates under the jurisdiction of the US Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) and the Board of Governors of the Federal Reserve System.
Anthony Venditti, managing director and head of strategic initiatives and sales, comments: “It has been exciting to witness the success of South Street’s expansion into securities lending. Becoming an OCC member is a significant step for us as we build out our business to better execute and deliver for our clients.”
James Tabacchi, president and CEO of South Street, adds: “The OCC is an important addition to South Street’s growing roster of financial industry memberships.”
These memberships include the Depository Trust and Clearing Corporation, the Securities Industry and Financial Markets Association, the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation, among others.
“Integrating OCC with our technology platform at South Street will give us a competitive edge in the securities lending market and allow us to connect with more lenders and borrowers,” says Raghuram Veeramallu, director of technology product development.
