The Options Clearing Corporation
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A clearinghouse that stands in the middle of nearly every stock-options trade in the United States, making sure the buyer and seller on each deal actually get what they were promised. Based in Chicago, it was founded in 1973 as a small offshoot of the Chicago Board Options Exchange to handle that new market's paperwork — and it began work on the very same day the exchange first opened its doors, April 26, 1973. Today it is one of the world's largest clearing organizations for equity derivatives, guarding the plumbing behind a huge share of the country's listed options.
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