Overview

ICBC provides a $173 million USD revolving credit facility to Options Clearing Corporation for unspecified purposes

Commitments (Constant USD, 2023)$173,000,000

Commitment Year•2023Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 1, 2023

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Options Clearing Corporation (OCC)

Loan description

ICBC provides a $173 million USD revolving credit facility to Options Clearing Corporation for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In June 2023, the New York Branch of the Industrial and Commercial Bank of China (ICBC) entered into a $173,000,000 USD secured revolving credit facility (RCF) agreement with the Options Clearing Corporation (OCC) — a Delaware-incorporated American central counterparty and equity derivatives clearing organization / house headquartered in Chicago, Illinois — for unspecified purposes.

Staff comments

1. There is very little information available about this facility, though its presence in an ICBC booklet is definitive proof of its existence. OOC mentions in its 2023 annual report that it entered into a $2.5 billion USD 364-day syndicated line of credit in 2023, among other agreements. It is plausible that this RCF was part of that loan. It also possible the borrower was a OCC-entity(s) not widely documented in the public view. This issue merits further investigation.