OCC, the world’s largest equity derivatives clearing organization, has successfully implemented AWS generative AI (GenAI) solutions to optimise its internal development processes, resulting in major efficiency gains. Using GenAI, OCC has reduced time spent on documenting software tests by up to 80%, streamlined software deployment to help developers detect issues earlier and accelerate code updates, and simplified knowledge management by automatically generating developer release notes, technical summaries, and internal procedure documents. “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,” said Andrej Bolkovic, Chief Executive Officer at OCC.
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He added that the aim is to “explore how we can continue to achieve operational excellence through prudent and thoughtful innovation,” and that OCC plans to further invest in AI to strengthen its financial, operational, and technological resilience. From AWS’s side, Scott Mullins, Managing Director, Worldwide Financial Services at AWS, commented: “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 has put in place comprehensive governance frameworks to ensure its AI deployment complies with regulatory standards and industry best practices, and it intends to expand GenAI across more of its development operations in the future.
