"This advancement moves the options industry yet another step closer to straight through processing," said Michael Cahill, OCC President and Chief Operating Officer. "The overall benefit to the marketplace is that firms will have a real-time view of cleared options positions, which enhances efficiency and risk management."
"The PHLX is pleased to join the other exchanges in providing this important service to the options industry member firm community. The ability to see a true intra-day position, regardless of the executing marketplace, will lead to true real-time risk management and can only further enhance options trading," said William H. Morgan, PHLX Executive Vice President and Chief Information Officer.
It is OCC's goal to have all options exchanges submitting real-time trades by the end of the year. In April, The Chicago Board Options Exchange and the Pacific Exchange began sending trades to be processed during the day.
ENCORE, OCC's largest system development ever, is a highly flexible clearing system designed to readily adapt to changes in contract volume, product offerings and the increased use of the Internet in the derivatives industry. More information about ENCORE is available at http://www.optionsclearing.com/initiatives/new_clearing.jsp.
