OCC, the world's largest equity derivatives clearing organization, today announced the successful implementation of AWS generative AI (GenAI) technology to streamline internal development processes and enhance operational efficiency.
GenAI use has delivered significant improvements in three key areas:
- Code Testing: Reduced time spent documenting software tests by as much as 80%, saving individuals and teams from hours of highly manual work.
- Software Deployment: Streamlined the process of checking and updating code, helping developers identify potential issues sooner and deploy solutions more efficiently.
- Knowledge Management: Simplified the creation of developer release notes, technical summaries and procedure documents, enabling teams to organize and share information more quickly.
"As the sole central counterparty for U.S. listed options, OCC continuously seeks to enhance our operational efficiency to deliver cost-effective clearing and settlement to our clearing members,” said Andrej Bolkovic, Chief Executive Officer at OCC. "Our goal with using GenAI technologies is to explore how we can continue to achieve operational excellence through prudent and thoughtful innovation. We are excited to share the results of our initial AI implementation, and we will continue to make significant investments in enhancing our financial, operational and technological resiliency to fulfill our role as the foundation for secure markets."
"By building with AWS GenAI technology, OCC has established a framework for continued innovation that supports their crucial role in the U.S. financial market," said Scott Mullins, Managing Director, Worldwide Financial Services at AWS. “The success of OCC's AI implementation demonstrates the transformative potential of generative AI in financial services operations, particularly for systemically important financial market utilities where reliability, accuracy and efficiency are paramount.”
OCC has established comprehensive governance frameworks to ensure its AI implementation adheres to regulatory requirements and industry best practices. In the future, OCC plans to expand GenAI usage across its development operations, including requirements coverage verification and security reviews.
