OPRA defines the term
"Vendor" to mean an entity that has the contractual right to
retransmit options information "externally," i.e., to persons
outside its own organization. Any external retransmission of options information
by an entity is sufficient to cause the entity to be a Vendor, including
provision of quotes on an inquiry/response basis or a dynamically updated
basis, or providing a "snapshot" quote to a customer's computer
prior to executing the customer's electronic order.
Each Vendor must enter
into a Vendor Agreement with OPRA. In addition, each Vendor must provide
OPRA with an Exhibit A describing the options information service that
the Vendor will provide. The Vendor Agreement describes the rights of
the Vendor to receive information and redistribute it to its customers
(e.g., broker-dealers, institutional investors, and individual investors).
Most OPRA Vendors are engaged in the business of disseminating market
information from a variety of securities markets (stock exchanges) and
commodity futures markets, and many disseminate market information from
markets in other countries as well as U.S. markets.
A Vendor must agree
to a Vendor Agreement with OPRA with an Exhibit A regardless of whether
the Vendor intends to redistribute options information on a "current"
or a "delayed" basis. (OPRA defines the term "current"
to mean that information relates to transactions completed within the
immediately preceding 15 minutes, and "delayed" to mean information
that is no longer current.) However, OPRA does not charge usage-based
or device-based fees for the use of delayed data.
Each Vendor is responsible
for securing the agreement of each Nonprofessional Subscriber to whom
the Vendor wishes to provide current options information to OPRA's terms
and conditions prior to providing the Nonprofessional Subscriber with
access to the information. OPRA has a form of "Subscriber Agreement"
in both "hard-copy" (paper-based) form and electronic ("click-on")
form that Vendors may use for this purpose. Alternately, OPRA will permit
a Vendor to integrate OPRA's terms conditions into the Vendor's own form
of hard-copy or electronic agreement, subject to OPRA's approval of the
form. The way in which a Vendor will obtain the assent of its Nonprofessional
Subscriber to OPRA's terms and conditions must be described in the Vendor's
As described elsewhere
on this website, a Professional Subscriber may also contract with a Vendor
to receive options information. A Vendor is responsible, before providing
current options information to a Professional Subscriber, either to verify
that the Professional Subscriber has signed a Professional Subscriber
Agreement directly with OPRA or to secure the agreement with the Professional
Subscriber to OPRA's terms and conditions. If the Vendor is entering into
the agreement with the Professional Subscriber, the range of alternative
ways of doing so that is available for Nonprofessional Subscribers is
also available for Professional Subscribers. As with Nonprofessional Subscribers,
the Vendor must describe the way in which it will obtain the assent of
Professional Subscribers in its Exhibit A.
OPRA charges each
Vendor a "Redistribution Fee" (Vendor Agreement Schedule. The
Redistribution Fee is lower for an "Internet service only" Vendor
A Vendor may retransmit
or redistribute options information on a selective or continuous basis.
However, under the terms of the Vendor Agreement Vendors are not permitted
to exclude information or otherwise discriminate on the basis of the market
in which a transaction took place or a quotation was entered. Accordingly,
if a Vendor includes option information from the market of one Participant
Exchange in respect of a series of options, the Vendor must also include
comparable information in respect of that same series form every other
Participant Exchange's market whose information is disseminated by OPRA.