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1. What is OPRA?

OPRA (Options Price Reporting Authority) is a national market system plan that governs the process by which options market data are collected from participant exchanges, consolidated, and disseminated. Consolidated data help ensure that broker-dealers, markets, and investors have the best prices available for an option, from all markets trading that option class. It assists customers in setting the terms of their orders and in monitoring how well their brokers execute their orders. Consolidated data also assist brokers and markets in providing the best execution possible for an order.

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2. Who makes up the OPRA committee?

Current OPRA participants include: BATS Exchange, Inc., BOX Options Exchange LLC, C2 Options Exchange, Inc., Chicago Board Options Exchange, Inc., EDGX Exchange, Inc., International Securities Exchange, LLC, ISE Gemini, LLC, ISE Mercury, Miami International Securities Exchange, LLC, NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, LLC, NASDAQ Stock Market, LLC, NYSE MKT LLC, and NYSE Arca, Inc. The participants act as a policy committee composed of representatives from each participant exchange and they implement and, subject to Commission approval, amend the policies and procedures set forth in the OPRA Plan.

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3. How is SIAC involved with OPRA?

The OPRA committee selected the Securities Industry Automation Corporation ("SIAC") as the facility for gathering the last sale and quote information from each of the participant exchanges and consolidating and disseminating it to approved vendors. All of the transactions executed on, and price quotations for options generated by, each options exchange are communicated to the public by OPRA through the facilities of its exclusive processor, SIAC. The messages are sent to OPRA and distributed to market data vendors on a consolidated basis for use by options market participants, including retail investors, broker-dealers, and the exchanges themselves.

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4. Does OPRA report on all trades? What is a "message"?

Each trade that is executed on an options exchange, as well as each price change quoted on an options exchange, is reported to OPRA as a "message." Quote message traffic represents the vast majority of the options message traffic generated. Generally, quotes are generated automatically for individual options series based on changes in the underlying stock price or index value. In other words, every time a price changes for a particular equity security, the quotes for all of the options on that security or an index in which that security is represented are automatically updated on each exchange that trades those options. A more significant gauge of the level of options market data is messages per second. Messages per second, or "MPS," is just that - the number of messages (i.e., options trade and quote data) reported to OPRA by the options exchanges during any given second of a trading day.

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5. What is a "Non-Professional subscriber"?

A Non-Professional subscriber uses current options last sale information and current options quote information for personal non-business use. Non-Professional subscribers contract with an OPRA vendor and pay the vendor the associated Non-Professional subscriber rate fee. Non-Professional subscribers must meet the following criteria:

Individual applies for OPRA data in his own capacity, not on behalf of a firm, corporation, partnership, trust or association,
Information is used solely in connection with personal business, not in connection with any trade or business activities,
Information cannot be furnished to any other person or entity,

Individual is not a securities broker-dealer, investment advisor, futures commission merchant, commodities introducing broker or commodity trading broker, member of a securities exchange or association or futures contract market, or an owner, partner or an associated person of any of the foregoing,

Individual is not employed by a bank or insurance company or an affiliate of either to perform functions related to securities or commodity futures investment or trading activity.

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6. Are there different fees for Non-Professional subscribers?

Yes, click on the link below to see the fee schedule:

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7. I am a Professor at a university and want to use options data as part of my educational instruction plan. Is there a separate fee schedule for research and education?

OPRA places a high value on research and educational instruction at the university level. As a service to educators OPRA offers academic waivers for its real-time OPRA data fees to qualifying academic institutions to help offset research costs. Colleges and universities may apply for a waiver of the OPRA monthly data and annual administration fees associated with those devices used by students and professors in the university or college research and classroom environments only. To be considered for an academic waiver, the university's program sponsor should submit a written request to OPRA. The request must be printed on university letterhead and include the following information:

Name and description of the academic program
Company and contact name of the external distributor to provide OPRA data
Number of devices with access to real-time OPRA data
Approximate number of students and faculty in program
Brief description of how OPRA data will be used in program

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8. What is an OPRA vendor?

An OPRA vendor is engaged in the business of publishing, disseminating or otherwise distribution security market information, including consolidated OPRA last sale reports, quotation information and related information. A Vendor may retransmit or redistribute Options Information on a selective or continuous basis, and may furnish a market data or retrieval service or services with respect to Options Information whereby Professional and Non-Professional Subscribers, authorized vendors, and other authorized persons may receive access to the options information through interrogation or display devices and over circuits provided by the vendor, provided that in re-transmitting or redistributing such information or in making such information available through a market data or retrieval service, Vendor shall not exclude information or otherwise discriminate on the basis of the market in which a transaction took place or in which a quotation was entered.

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9. How do I become a Non-Professional subscriber?

Contact an OPRA vendor directly.The vendor will provide you with a Subscriber Agreement. Complete and return the completed Agreement to the Vendor. The Vendor will review each Agreement. If you qualify as a Nonprofessional Subscriber, the Vendor shall approve your application by endorsing the completed Agreement.

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10. How do I find an OPRA vendor?

Click on this link for a list of current OPRA vendors.

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11. What type of information is available through OPRA?

Last Sale Reports: means any price, volume or related information reflecting completed transactions in eligible securities
Quotation Information: means bids and offers or related information pertaining to quotations in eligible securities
Options Information: means last sale reports and quotations information and any other information transmitted over the information reporting system administered by OPRA.

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12. What is the definition of "current" data?

The term "current" means OPRA Data that has been transmitted by the Processor, by a Participant or by OPRA to Vendor within the immediately preceding 15 minutes.

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13. What is an "eligible security"?

"Eligible Securities" are each series of option contracts listed and traded on one or more of the Participant exchanges, and any other securities determined by OPRA to be eligible for inclusion in the information reporting system administered by OPRA.

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14. How do I become a Vendor?

Click on the Vendor button on the front page of this and read the documents in the "Becoming an OPRA Vendor" section.

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15. How does a Vendor receive OPRA data?

Options information is furnished to a Vendor directly from the Processor or from another vendor for the purpose of enabling the Vendor to distribute or publish options information in accordance with the terms of their contract.

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16. Can I pay my invoice by wire transfer?

Yes, if you wish to make an invoice payment via wire transfer, please contact Henry Thomas in OPRA Accounting at 312-786-7595.


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