The Options Clearing Corporation, the world’s biggest equity derivatives clearing organisation, plans to offer the first central clearing facility in the US for the $6,500bn over-the-counter equity derivative market by next year.

The OCC’s move could put pricing pressure on established exchanges that are also hoping to make inroads into the OTC market at a time when the financial industry is debating the profitability of clearing OTC contracts. As a non-profit-making utility run by clearing member companies and options exchanges, the OCC is likely to offer low-cost clearing that may undercut other initiatives.