ASX Launches Clearing Service for OTC Equity Options
The Australian Securities Exchange (ASX) has launched Equity OTC Clear, a clearing service for the anonymous reporting of transactions involving over-the-counter (OTC) equity options.
Participants of Equity OTC Clear will not be required to lodge an International Swaps and Derivatives Association (ISDA) contract, while the ASX says expiry dates and strike prices will be flexible.
"Transactions are registered anonymously with our clearing house and the contract is cleared in a similar way to a regular listed equity option," says David Stocken, ASX senior manager of institutional sales. "The OTC contract will portfolio-margin against listed equity option positions and investors can also lodge stock as acceptable collateral against their OTC position in the same way they can lodge stock against their regular ASX-listed equity options."
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