Options Clearing Corporation Pays $22 Million to Settle Probes

Options Clearing Corp. will pay a combined $22 million to settle allegations from the two main US market regulators that it lacked some policies and procedures to manage operational risks.

The firm, which provides clearing and settlement services to exchanges and trading platforms, will pay $17 million to the Securities and Exchange Commission and $5 million to the Commodity Futures Trading Commission. The OCC, which didn’t admit or deny the allegations as part of the settlement, has also undertaken remedial measures, the SEC said in a statement.

The SEC alleged that OCC failed to comply with one of ...