Are you ready for Theta Consultants yet? Maybe not.

Let’s review OCC’s public guidelines for membership. This is the first and most transparent, of several gates to pass through during the process. Have a look.

The below information is available from the OCC’s web site, these are the minimal requirements but being armed with the right guidance during this process will ensure you begin with the optimal materials covering any implicit or opaque standards. Time savings alone on this otherwise lengthy process cover the costs of this guidance.

Requirements of Membership

• Applicant must be a broker/dealer or Futures Commission Merchant registered with the SEC or CFTC, a U.S. bank or a non-U.S. securities firm.

• Applicant must meet minimum net capital requirements (initial requirement is a minimum of $10,000,000.

• Applicant must have qualified staff and adequate facilities to support approved activities and interface with OCC and other Clearing Members.
  

• Documentation

• Must Enter all Applicable Information into the OCC Pre-Qualification Application

• Must submit appropriate paperwork received from Pre-Qualification

• Financial Reports

• Audited Financial Statements

• The Findings of Securities and Commodities Regulators

• $4,000 Non-refundable Qualification Fee

• Resumes of Staff Responsible for P&S, Positions Reconciliation, Risk monitoring and Margin

Site Visit

The Credit Risk and Member Services Departments may conduct an on-site visit at the firm. The visit addresses financial and operations requirements of OCC.

Approval

The Applicant's Designated Examining Authority and/or Designated Self-Regulatory Organization is contacted for pertinent information that OCC should consider during its due diligence review. The due diligence of the Applicant and any findings associated with the applicant are submitted in a memo to the Risk Committee for review.