OCC, recognized as the largest equity derivatives clearing organization in the world, has implemented Amazon Web Services (AWS) generative AI technology to improve its internal development processes and boost operational efficiency.
The organization reported that the use of generative AI led to improvements in three main areas. In code testing, OCC reduced the time spent documenting software tests by up to 80%, which saved both individuals and teams significant manual effort. The software deployment process was also streamlined, allowing developers to check and update code more efficiently and identify potential issues earlier. Additionally, knowledge management saw gains through simplified creation of developer release notes, technical summaries, and procedure documents, making it easier for teams to organize and share information.
Andrej Bolkovic, Chief Executive Officer at OCC, said: “As the sole central counterparty for U.S. listed options, OCC continuously seeks to enhance our operational efficiency to deliver cost-effective clearing and settlement to our clearing members. Our goal with using GenAI technologies is to explore how we can continue to achieve operational excellence through prudent and thoughtful innovation. We are excited to share the results of our initial AI implementation, and we will continue to make significant investments in enhancing our financial, operational and technological resiliency to fulfill our role as the foundation for secure markets.”
Scott Mullins, Managing Director of Worldwide Financial Services at AWS, commented: “By building with AWS GenAI technology, OCC has established a framework for continued innovation that supports their crucial role in the U.S. financial market. The success of OCC’s AI implementation demonstrates the transformative potential of generative AI in financial services operations, particularly for systemically important financial market utilities where reliability, accuracy and efficiency are paramount.”
OCC stated that it has put comprehensive governance frameworks in place so its use of artificial intelligence complies with regulatory requirements and industry best practices. Looking ahead, OCC plans further expansion of generative AI within its development operations—including requirements coverage verification and security reviews.
