As a result of Bats Exchange's affiliation with OCC, the standardized options contracts traded on Bats can be offset against the same options contracts traded on the other US options markets, resulting in efficiencies for participating member firms.
Jeromee Johnson, vice president of market development, who has spearheaded the Bats Options project, said: "We thank the OCC team for working with us to meet our aggressive timeline and appreciate their significant contributions to support us in that effort. We are very excited to launch Bats Options today as we strive to Make Markets Better with a pure price-time priority options market that features superior technology and simple, transparent maker-taker pricing."
Wayne Luthringshausen, chairman and CEO of OCC, said: "In the midst of the record growth experienced in the U.S. options industry, OCC is pleased to welcome Bats. As a participant exchange, Bats will be afforded the full range of premier clearing and risk management services available to all of our other exchanges."
OCC, which operates under the jurisdiction of the SEC and the Commodity Futures Trading Commission, clears and guarantees the trades executed on all US options exchanges.