The US’s Options Clearing Corp is putting the finishing touches on a long-awaited new plan to boost its capital, risking unhappiness among customers and shareholders as it tries to shore up its balance sheet.
The Chicago clearer expects to file a revised plan to the Securities and Exchange Commission, the US markets watchdog, by the end of the month, according to John Davidson, chief executive of the OCC. Key parts of the plan include cutting the annual dividend to shareholders and increasing daily fees for users.
Approval by authorities later this year could resolve a lengthy dispute with some users over the clearer’s aims — at the urging of regulators — to improve its ability to withstand severe market dislocations.
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