Notice2026-03232
Self-Regulatory Organizations; the Options Clearing Corporation; Order Granting Petition for Review and Scheduling Filing of Statements Concerning Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Partial Amendment No. 1, by the Options Clearing Corporation Concerning Methodology To Allocate Clearing Fund Deposit Requirements Among Its Clearing Members To Better Align the Allocation With the Sizing of the Clearing Fund so Stress Based Risk Is Fairly Allotted to Market Participants That Expose OCC to Such Stress Risk
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 19, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 33 (Thursday, February 19, 2026)</title>
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[Federal Register Volume 91, Number 33 (Thursday, February 19, 2026)]
[Notices]
[Page 8034]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03232]
[[Page 8034]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104846; File No. SR-OCC-2025-018]
Self-Regulatory Organizations; the Options Clearing Corporation;
Order Granting Petition for Review and Scheduling Filing of Statements
Concerning Order Granting Accelerated Approval of Proposed Rule Change,
as Modified by Partial Amendment No. 1, by the Options Clearing
Corporation Concerning Methodology To Allocate Clearing Fund Deposit
Requirements Among Its Clearing Members To Better Align the Allocation
With the Sizing of the Clearing Fund so Stress Based Risk Is Fairly
Allotted to Market Participants That Expose OCC to Such Stress Risk
February 13, 2026.
This matter comes before the Securities and Exchange Commission
(``Commission'') on petition to review the approval, pursuant to
delegated authority, of the Options Clearing Corporation's (``OCC'')
proposed rule change (File No. SR-OCC-2025-018) to amend the
methodology for allocating Clearing Fund deposit requirements to its
Clearing Members.
On September 26, 2025, OCC filed with the Commission, pursuant to
section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange
Act'') \1\ and Rule 19b-4 \2\ thereunder, the proposed rule change. The
proposed rule change was published for public comment in the Federal
Register on October 1, 2025.\3\ On October 7, 2025, OCC amended SR-OCC-
2025-018 to append an Exhibit 2 to documents filed as part of File No.
SR-OCC-2025-018 on September 26, 2025 (``Partial Amendment No. 1''). On
November 3, 2025, pursuant to section 19(b)(2) of the Exchange Act,\4\
the Division of Trading and Markets, for the Commission pursuant to
delegated authority, designated a longer period within which to act on
the proposed rule change.\5\ On December 11, 2025, after consideration
of the record in the proposed rule change, the Division of Trading and
Markets, for the Commission pursuant to delegated authority, published
notice of Partial Amendment No. 1 and approved the proposed rule
change, as modified by Partial Amendment No. 1, on an accelerated basis
(``Approval Order'').\6\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 104111 (Sept. 26,
2025), 90 FR 47383 (Oct. 1, 2025) (File No. SR-OCC-2025-018).
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 104173 (Nov. 3,
2025), 90 FR 51424 (Nov. 17, 2025) (File No. SR-OCC-2025-018).
\6\ Securities Exchange Act Release No. 104359 (Dec. 11, 2025),
90 FR 58352 (Dec. 16, 2025) (File No. SR-OCC-2025-018).
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Pursuant to Rule 430 of the Commission's Rules of Practice,\7\ on
December 18, 2025, Fidelity Investments (``Fidelity'') filed a notice
of intention to petition for review of the Approval Order,\8\ and on
December 24, 2025, Fidelity filed a petition for review of the Approval
Order.\9\ Pursuant to Rule 431(e) of the Commission's Rules of
Practice, notice of intention to petition for review results in an
automatic stay of the action by delegated authority until the
Commission orders otherwise.\10\
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\7\ 17 CFR 201.430.
\8\ Fidelity's Notice of Intention to Petition for Review (Dec.
18, 2025), available at <a href="https://www.sec.gov/files/rules/sro/occ/2026/34-104359-fidelity-letter-121825.pdf">https://www.sec.gov/files/rules/sro/occ/2026/34-104359-fidelity-letter-121825.pdf</a>. On December 23, 2025,
Robinhood Markets, Inc. filed a comment letter in support of
Fidelity, available at <a href="https://www.sec.gov/comments/SR-OCC-2025-018/srocc2025018-687647-2132694.pdf">https://www.sec.gov/comments/SR-OCC-2025-018/srocc2025018-687647-2132694.pdf</a>.
\9\ Fidelity's Petition for Review (Dec. 24, 2025), available at
<a href="https://www.sec.gov/files/rules/sro/occ/2025/34-104359-petition.pdf">https://www.sec.gov/files/rules/sro/occ/2025/34-104359-petition.pdf</a>.
On January 22, 2026, OCC submitted a letter recommending that the
Commission not grant the Petition for Review, available at <a href="https://www.sec.gov/comments/sr-occ-2025-018/srocc2025018-695847-2175634.pdf">https://www.sec.gov/comments/sr-occ-2025-018/srocc2025018-695847-2175634.pdf</a>.
\10\ 17 CFR 201.431(e).
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Pursuant to Rule 431 of the Commission's Rules of Practice,\11\
Fidelity's petition for review of the Approval Order is granted.
Further, the Commission hereby establishes that any party or other
person may file a written statement in support of or in opposition to
the Approval Order on or before March 12, 2026.
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\11\ 17 CFR 201.431.
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For the reasons stated above, it is hereby:
Ordered that Fidelity's petition for review of the Division's
action made pursuant to delegated authority is granted; and
It is further ordered that any party or other person may file a
statement in support of or in opposition to the action made pursuant to
delegated authority on or before March 12, 2026.
It is further ordered that the Approval Order shall remain stayed
pending further order of the Commission.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-03232 Filed 2-18-26; 8:45 am]
BILLING CODE 8011-01-P
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