Final answer:
The Options Clearing Corporation guarantees the terms of exchange-listed options contracts when they are exercised, not the SEC, Federal Reserve, NY Options Exchange, or SIP Corporation. Therefore correct option is D
Step-by-step explanation:
The entity that guarantees that the terms of an exchange-listed option contract are fulfilled when an option is exercised is the Options Clearing Corporation (OCC). None of the other listed options, including the Securities and Exchange Commission, Federal Reserve, New York Options Exchange, or the Securities Investors Protection Corporation, play a role akin to that of the OCC in guaranteeing the fulfillment of option contracts. The OCC acts as an intermediary to both the buyer and the seller in the transaction, thereby ensuring that the obligations outlined in the contract are met.