The new A.I. layer is intended to streamline development efforts and bolster operational efficiency.
Equity derivatives clearing organization, the Options Clearing Corp. (OCC), reports that it has successfully implemented generative artificial intelligence (A.I.) technology from Amazon Web Services (AWS) in a bid to “streamline internal development processes and enhance operational efficiency,” officials say.
The deployment of AWS GenAI is yielding improvements in:
- Code Testing: the implementation has cut time spent documenting software tests by as much as 80 percent, saving firms from hours of manual work;
- Software Deployment: The is of GenAI has “streamlined the process of checking and updating code, helping developers identify potential issues sooner and deploy solutions more efficiently;” and
- Knowledge Management: The deployment “simplified the creation of developer release notes, technical summaries and procedure documents, enabling teams to organize and share information more quickly.”
Andrej Bolkovic
“Our goal with using GenAI technologies is to explore how we can continue to achieve operational excellence through prudent and thoughtful innovation,” says Andrej Bolkovic, CEO of OCC, in a prepared statement. “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.”
The 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,” says Scott Mullins, managing director, worldwide financial services at AWS, in a statement.
The OCC offers clearing and settlement services for options, futures, and securities lending transactions. As a systemically important financial market utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System.
OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 20 exchanges and trading platforms.
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