115TH CONGRESS 
2D SESSION 
H. R. 5749 
AN ACT 
To require the appropriate Federal banking agencies to in-
crease the risk-sensitivity of the capital treatment of 
certain centrally cleared exchange-listed options and de-
rivatives, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Options Markets Sta-
bility Act’’. 
SEC. 2. RULEMAKING. 
Within 180 days of the date of enactment of this Act, 
the Board of Governors of the Federal Reserve System, 
the Federal Deposit Insurance Corporation, and the 
Comptroller of the Currency shall, jointly, issue a pro-
posed rule, and finalize such rule within 360 days of the 
date of enactment of this Act, to adopt a methodology for 
calculating the counterparty credit risk exposure, at de-
fault, of a depository institution, depository institution 
holding company, or affiliate thereof to a client arising 
from a guarantee provided by the depository institution, 
depository institution holding company, or affiliate thereof 
to a central counterparty in respect of the client’s per-
formance under an exchange-listed derivative contract 
cleared through that central counterparty pursuant to the 
risk-based and leverage-based capital rules applicable to 
depository institutions and depository institution holding 
companies under parts 3, 217, and 324 of title 12, Code 
of Federal Regulations. In issuing such rule, the Board 
of Governors of the Federal Reserve System, the Federal 
Deposit Insurance Corporation, and the Comptroller of 
the Currency shall consider—
(1) the availability of liquidity provided by mar-
ket makers during times of high volatility in the cap-
ital markets; 
(2) the spread between the bid and the quote 
offered by market makers; 
(3) the preference for clearing through central 
counterparties; 
(4) the safety and soundness of the financial 
system and financial stability, including the benefits 
of central clearing; 
(5) the safety and soundness of individual insti-
tutions that may centrally clear exchange-listed de-
rivatives or options on behalf of a client, including 
concentration of market share; 
(6) the economic value of delta weighting a 
counterparty’s position and netting of a counter-
party’s position; 
(7) the inherent risk of the positions; 
(8) barriers to entry for depository institutions, 
depository institution holding companies, affiliates 
thereof, and entities not affiliated with a depository 
institution or depository institution holding company 
to centrally clear exchange-listed derivatives or op-
tions on behalf of market makers;
(9) the impact any changes may have on the 
broader capital regime and aggregate capital in the 
system; and 
(10) consideration of other potential factors 
that impact market making in the exchange-listed 
options market, including changes in market struc-
ture. 
SEC. 3. REPORT TO CONGRESS. 
At the end of the 5-year period beginning on the date 
the final rule is issued under section 2, the Board of Gov-
ernors of the Federal Reserve System shall submit to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate a report detailing the impact 
of the final rule during such period on the factors de-
scribed under paragraphs (1) through (10) of section 2. 
Passed the House of Representatives July 10, 2018. 
Attest: 
Clerk.
115TH CONGRESS 
2D SESSION 
H. R. 5749 
AN ACT 
To require the appropriate Federal banking agen-
cies to increase the risk-sensitivity of the capital 
treatment of certain centrally cleared exchange- 
listed options and derivatives, and for other pur-
poses.