The Options Clearing Corporation
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A central counterparty clearinghouse based in Chicago, the Options Clearing Corporation backs up U.S. exchange-listed options trades — it stands between every buyer and seller so each side gets paid even if the other doesn't show up. Founded in 1973, the same year the Chicago Board Options Exchange was born, it began life as the CBOE Clearing Corp before taking its broader name two years later. That single year also saw the publication of the Black-Scholes pricing model, making 1973 the birthday of the modern listed options market.