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training_data/curated/text/61cdbff1155e7ba5a01fc3b6754b4bc1d511a29e6fda7894c7c82fef59ea81e6.txt

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+The Options Clearing Corporation
+Remember when Wimpy would tell Popeye, “I’ll gladly pay you Tuesday
+for a hamburger today.” Did Popeye ever get paid for those burgers? In a
+contract, it’s very important for each party to hold up his end of the bargain
+—especially when there is money at stake. How does a trader know the
+party on the other side of an option contract will in fact do that? That’s
+where the Options Clearing Corporation (OCC) comes into play.
+The OCC ultimately guarantees every options trade. In 2010, that was
+almost 3.9 billion listed-options contracts. The OCC accomplishes this
+through many clearing members. Here’s how it works: When Trader X buys
+an option through a broker, the broker submits the trade information to its
+clearing firm. The trader on the other side of this transaction, Trader Y, who
+is probably a market maker, submits the trade to his clearing firm. The two
+clearing firms (one representing Trader X’s buy, the other representing
+Trader Y’s sell) each submit the trade information to the OCC, which
+“matches up” the trade.
+If Trader Y buys back the option to close the position, how does that
+affect Trader X if he wants to exercise it? It doesn’t. The OCC, acting as an
+intermediary, assigns one of its clearing members with a customer that is
+short the option in question to deliver the stock to Trader X’s clearing firm,
+which in turn delivers the stock to Trader X. The clearing member then
+assigns one of its customers who is short the option. The clearing member
+will assign the trader either randomly or first in, first out. Effectively, the
+OCC is the ultimate counterparty to both the exercise and the assignment.