OCC launches Renaissance Initiative
15 January 2019 Chicago
Image: Shutterstock
The OCC has launched Renaissance Initiative to redevelop and modernise the company’s risk management, clearing and data systems.
For risk management, the internally developed risk platform elements of the Renaissance Initiative build upon the programme already underway at OCC with many features operating on Cloud infrastructure.
The Renaissance Initiative will provide an environment for intra-day risk management, intra-day computations, pricing and re-valuation, OCC revealed.
According to OCC, it will enhance efficiency and speed of margin, stress testing and back-testing capabilities.
Additionally, it is expected to increase transparency and insight for clearing members into exposures via ad hoc queries and real-time processing.
Meanwhile, with respect to OCC’s Clearing Systems, OCC has decided to use a combined approach, pairing internal work with the adoption of the TRADExpress Real Time Clearing (RTC) solution developed by Cinnober.
The development of OCC’s Data platform will be independent of its clearing and risk systems and will address OCC’s historical data limitations.
The Renaissance Initiative will build a proprietary data model to support OCC’s business that is separate and distinct from its current technology solution.
OCC will have the self-serve capability for data discovery, search and historical analysis as well as a centralised enterprise repository, which can serve data to concurrent processing needs.
Craig Donohue, executive chairman and CEO, said: “The Renaissance Initiative is perhaps the most important project undertaken by OCC in the past 20 years. When completed, it will enhance OCC’s resiliency, improve our compliance posture, and help us operate in a more effective and efficient manner.”
John Davidson, president and COO of OCC, added: “The Renaissance Initiative will provide OCC with the ability to operate clearing, data and risk applications based on a modular architecture.”
“It will improve our real-time and extended hours risk management capabilities, drive operational efficiency through process engineering and automation, improve information transparency and service to clearing firms, and increase product development agility.”
For risk management, the internally developed risk platform elements of the Renaissance Initiative build upon the programme already underway at OCC with many features operating on Cloud infrastructure.
The Renaissance Initiative will provide an environment for intra-day risk management, intra-day computations, pricing and re-valuation, OCC revealed.
According to OCC, it will enhance efficiency and speed of margin, stress testing and back-testing capabilities.
Additionally, it is expected to increase transparency and insight for clearing members into exposures via ad hoc queries and real-time processing.
Meanwhile, with respect to OCC’s Clearing Systems, OCC has decided to use a combined approach, pairing internal work with the adoption of the TRADExpress Real Time Clearing (RTC) solution developed by Cinnober.
The development of OCC’s Data platform will be independent of its clearing and risk systems and will address OCC’s historical data limitations.
The Renaissance Initiative will build a proprietary data model to support OCC’s business that is separate and distinct from its current technology solution.
OCC will have the self-serve capability for data discovery, search and historical analysis as well as a centralised enterprise repository, which can serve data to concurrent processing needs.
Craig Donohue, executive chairman and CEO, said: “The Renaissance Initiative is perhaps the most important project undertaken by OCC in the past 20 years. When completed, it will enhance OCC’s resiliency, improve our compliance posture, and help us operate in a more effective and efficient manner.”
John Davidson, president and COO of OCC, added: “The Renaissance Initiative will provide OCC with the ability to operate clearing, data and risk applications based on a modular architecture.”
“It will improve our real-time and extended hours risk management capabilities, drive operational efficiency through process engineering and automation, improve information transparency and service to clearing firms, and increase product development agility.”
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