智通财经网·2025-11-30 23:45Core Insights - The U.S. options market is expected to set a historical record for trading volume for the sixth consecutive year, raising concerns among industry experts about the over-reliance on a few banks for market-making transactions [1][3]. Group 1: Market Dynamics - The Options Clearing Corporation (OCC) processes over 70 million contracts daily during busy periods, with the top five member institutions contributing nearly half of the OCC's default fund by Q2 2025 [1]. - Major institutions like Bank of America, Goldman Sachs, and Dutch Bank are identified as core players, holding the majority of market-maker positions, which poses a risk of widespread losses if any of these institutions fail [1]. Group 2: Clearing Risks - There is a significant concentration risk in the clearing intermediary segment, as highlighted by Craig Donohue, CEO of the Chicago Options Exchange, who expressed concerns about the potential impact of a member's default [1]. - The trend of market makers "self-clearing" is rising, where they become clearing members themselves, but this model carries inherent risks due to lower capital adequacy compared to banks [3]. Group 3: Regulatory Challenges - The fragmented regulatory framework in the U.S. complicates the situation, with banks regulated by the Federal Reserve, while broker-dealers and options markets fall under the SEC, and futures products are overseen by the CFTC [5]. - The emergence of zero-day-to-expiration (0DTE) options and the explosive growth of retail trading present new challenges for clearing members, especially if the market shifts to a 24/7 trading model [5]. Group 4: Default Fund Reform - The OCC has proposed adjustments to its $20 billion default fund contribution calculation to better reflect the market risk of each broker's portfolio, aiming to ensure adequate compensation for members in case of simultaneous failures of major clearing institutions [6]. - Current contributions are based on members' ability to handle about 5% market volatility, but the OCC seeks to revise this to account for more extreme scenarios, similar to the 1987 market crash [6].