Generative AI implementation improves software development operations while maintaining rigorous security standards
OCC, the world's largest equity derivatives clearing organization, today announced the successful implementation of AWS generative AI (GenAI) technology to streamline internal development processes and enhance operational efficiency.
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GenAI use has delivered significant improvements in three key areas:
- Code Testing: Reduced time spent documenting software tests by as much as 80%, saving individuals and teams from hours of highly manual work.
- Software Deployment: Streamlined the process of checking and updating code, helping developers identify potential issues sooner and deploy solutions more efficiently.
- Knowledge Management: Simplified the creation of developer release notes, technical summaries and procedure documents, enabling teams to organize and share information more quickly.
"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. "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."
"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," said Scott Mullins, Managing Director, Worldwide Financial Services at AWS. "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 established comprehensive governance frameworks to ensure its AI implementation adheres to regulatory requirements and industry best practices. In the future, OCC plans to expand GenAI usage across its development operations, including requirements coverage verification and security reviews.
About OCC
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering 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. More information about OCC is available at www.theocc.com.
About AWS
Since 2006, Amazon Web Services has been the world's most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 120 Availability Zones within 38 geographic regions, with announced plans for 10 more Availability Zones and three more AWS Regions in Chile, the Kingdom of Saudi Arabia, and the AWS European Sovereign Cloud. Millions of customers-including the fastest-growing startups, largest enterprises, and leading government agencies-trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.
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Contacts:
OCC Media Contact:
OCC Public Relations
PublicRelations@theocc.com
AWS Media Contact
AWS Public Relations
aws-pr@amazon.com