State Street is First Bank to Become OCC Clearing Member

OCC, the world’s largest equity derivatives clearing organization, announced that State Street is the first bank to become an OCC clearing member. OCC will provide central counterparty clearing and settlement through its Stock Loan Program for State Street’s Prime Services platform, which offers integrated custody-based securities lending solutions to investors. Brendan Eccles, global head of Prime Services at State Street said, “As a market leader with our Prime Services business, becoming an OCC clearing member was a strategic milestone reflecting the growing importance of central clearing in the securities finance landscape. This relationship strengthens our capital efficiency within our custody-based Prime Services model while providing our clients with greater access to securities lending opportunities. We are proud to be the first bank clearing member of OCC supporting our Prime Services business and look forward to delivering additional cleared solutions across our Financing Solutions product suite.”