The Options Clearing Corporation (OCC) announced today that its Board of Directors recently approved a refund of $ 57,928,503 to Clearing Members for the year ended Dec. 31, 2009.
Since 2003, OCC has refunded all revenues in excess of operational expenses. For the years ended Dec. 31, 2008, 2007 and 2006 those refund amounts were $64.7 million, $58.7 million, and $45.2 million, respectively. Since 1974 OCC’s cumulative refunds and discounts have exceeded $1.2 billion.
The net clearing fee for 2009 was 1.6 cents per contract. This is a fraction of a penny higher than the 2008 net clearing fee, reflecting the smaller increase in contract volume relative to annual increases in operating costs.
“As options trading volume continues to rise—including last year’s record of more than 3.6 billion contracts—OCC has been able to consistently offer the lowest net cost of clearing in the world,” said Michael E. Cahill, OCC President and Chief Operating Officer. “We are pleased that while maintaining the lowest fees, we are also able to continue providing our members with the best clearing, settlement and risk management services, ensuring a solid foundation for the markets we serve.”