Options Clearing Corp, the US’s largest equity derivatives clearer, will examine overhauling its technology in coming months in the next stage of its root-and-branch refresh under chief executive Craig Donohue.

The group, which on Wednesday agreed to clear for Nasdaq’s new energy futures trading business, has in recent months concluded long-running talks with shareholders to bolster its corporate capital structure, to meet new rules on clearing.

It has also made senior hires including the appointment of Luke Moranda on Tuesday as its new chief information officer. Mr Moranda will be responsible for OCC’s technology. Although it has regularly been upgrading it, the underlying system on which it is based is 10 years old.

Mr Donohue, who took over in late 2014 with a mandate to rejuvenate the clearer, acknowledged that a potential overhaul would be under consideration over the next six months.

“Now with our new CIO …this is an opportune time to think about our technology. We will take the opportunity to take a step back,” Mr Donohue told FT Trading Room. “Clearing is changing and new regulatory requirements drive changes in capabilities in technology,” he said. He added that the company had not made a decision on how to proceed.

Mr Donohue also said he would focus on strengthening OCC’s internal processes. Two years ago US regulators warned the group about concerns over OCC’s systemic weakness in its risk management and operations.

Last week the Securities and Exchange Commission approved OCC’s capital plan, which will see its four main shareholders — CBOE, Nasdaq, International Securities Exchange and the New York Stock Exchange — contribute a total of $150m.

That will help raise shareholders’ equity from $25m at the end of 2013 to $247m. The exchanges have also committed to provide up to $117m replenishment capital in the event of unexpected losses.

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