What aspect of opened options does the OCC control?

The correct response highlights the role of the Options Clearing Corporation (OCC) in establishing standardized features for options contracts. The OCC is responsible for ensuring uniformity and clarity in the trading of options, which includes setting specific parameters such as the standard exercise prices and expiration dates for options.

This standardization is crucial as it provides transparency and consistency across the options market, allowing traders to understand exactly what to expect when dealing with any given options contract. By controlling these elements, the OCC helps facilitate smoother trading, promotes market integrity, and reduces complexities for market participants, which ultimately contributes to more efficient price discovery and risk management.

In contrast, while premiums that buyers pay can fluctuate based on supply and demand dynamics, they are not controlled by the OCC. Market volatility indicators and trading volume ratios are influenced by market conditions rather than dictated by the clearing corporation, which focuses on contract specifications and clearing services.