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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: AMEX, BSE, CBOE, ISE, NASDAQ, NYSE Arca, and PHLX.
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:
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Individual
applies for OPRA data in his own capacity, not on behalf of a firm,
corporation, partnership, trust or association, |
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Information
is used solely in connection with personal business, not in connection
with any trade or business activities, |
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Information
cannot be furnished to any other person or entity, |
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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,
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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:
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Name
and description of the academic program |
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Company
and contact name of the external distributor to provide OPRA data
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Number
of devices with access to real-time OPRA data |
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Approximate
number of students and faculty in program |
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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?
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Last
Sale Reports: means any price, volume or related information reflecting
completed transactions in eligible securities |
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Quotation
Information: means bids and offers or related information pertaining
to quotations in eligible securities |
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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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