What is OCC subscription? How to use the OCC order function? How to place an order?

An OCC (Options Clearing Corporation) subscription grants direct access to clearing services, providing numerous benefits like enhanced efficiency and reduced costs for eligible brokers and dealers.

Feb 09, 2025 at 11:42 pm

What is OCC Subscription?

An OCC subscription establishes a direct connection between a user and an OCC (options clearing corporation). OCC membership provides a number of benefits including greater clearing efficiency and lower processing costs. In order to become an OCC subscriber, a user must meet certain eligibility requirements and submit an application. Once the application is approved, the user will be given access to OCC's clearing services.

Steps to becoming an OCC subscriber:

Be a registered broker-dealer with the SEC
Have a minimum net worth of $250,000
Have been in business for at least one year
Pass an OCC background check

How to Use the OCC Order Function?

The OCC order function allows users to place orders to buy or sell OTC options electronically. To use this function, a user must have an OCC subscription. Once a user is subscribed, they can access the OCC's order entry system (OES). The OES is a web-based system that allows users to enter, modify, and cancel orders electronically.

Steps on how to use the OCC order function:

Log in to the OCC's OES
Select the "New Order" tab
Enter the order details, including the option symbol, quantity, and price
Submit the order

How to Place an Order?

Orders sent to the OCC can be regular orders or quotes. Regular orders are either marketable or executable against quotes entered only by the sending market participant. Quotes are actionable against either regular orders or other quotes.

Steps on how to place an order:

On the OCC OES, select the "New Order" tab
Enter regular orders or quotes
Input the option symbol
Select quantity
Enter price
Select action type
Submit order

FAQs:

What is the difference between a regular order and a quote?
A regular order is actionable against quotes posted by other members. A quote is actionable against other quotes or market orders.
What is an executing broker in the OCC context?
An OCC executing broker is an entity that executes orders on its customers' behalf and assumes the clearing obligations.
What are some of the benefits of being an OCC subscriber?
OCC subscribers enjoy greater clearing efficiency, lower processing costs, and reduced operational risk.

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