The Securities and Exchange Commission has approved the establishment of a program for the cross-margining of certain securities options contracts cleared by The Options Clearing Corporation (OCC) in its capacity as a Commission-registered clearing agency with certain futures and options on such futures cleared by ICE Clear in its capacity as a CFTC-registered derivatives clearing organization. The OCC/ICE cross-margining agreement is substantially similar to the cross-margining agreement between OCC and the Chicago Mercantile Exchange as it pertains to bilateral cross-margining; however some sections contain differing provisions. In addition, at OCC’s request the SEC terminated its existing notice requirement mandated when OCC adds new options classes to a cross-margining program. In approving the rules changes on an accelerated basis, the SEC noted that cross-margining enhances clearing member liquidity and systemic liquidity both in times of normal trading and in times of market stress.