• OPRA strongly encourages distributors to use VARS to submit detailed reports. • For more information on VARS, please refer to TCB Data Systems at www.tcbdata.com.

OPRA requires that all distributors of real-time OPRA market data submit usage reports on a monthly or quarterly basis.

These usage reports must list the total number of users or devices with the ability to access OPRA data during the reporting period. Distributors must submit usage reports for each of the following OPRA services:

   • Non-Professional
   • Professional
   • Per Query
   • Voice Port

Based on the usage reports, OPRA will generate an invoice by multiplying the monthly population for each OPRA service level by the applicable fee.

Internal Distributors

An internal distributor is defined as a firm that distributes OPRA market data within the confines of the organization only. On a monthly or quarterly basis, an internal distributor is required to submit a summary report of all devices or users with the ability to access real-time OPRA market data.

The monthly report must include the total number of users or devices at each level of service with the ability to access real-time OPRA market data. OPRA will prompt the customer for the report.

External Distributors

Each external distributor is required to submit a usage report to OPRA which includes both summary and detailed information.