OPRA

Options price reporting authority

Welcome to OPRA

Options Price Reporting Authority

The Options Price Reporting Authority (OPRA) disseminates consolidated last sale and quotation information originating from the national securities exchanges that have been approved by the Securities and Exchange Commission to provide markets for the listing and trading of exchange-traded securities options.

Overview

Getting Started

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July 20, 2024OPRA and GTH Failover to Secondary Data Center Testing: Saturday, July 20, 2024, Final Reminder
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June 3, 2024OPRA 96 Line New Symbol Distribution Effective June 10, 2024 Go-Live Final Reminder
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January 29, 2024OPRA Migration to 96 Multi cast Line Network Confidence Test Final Reminder
January 26, 2024Revised OPRA 96-Line Capacity Projections
January 23, 2024Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network:Confidence Test- Saturday, February 3, 2024 and Go-Live - Monday, February 5, 2024 - Reminder
January 16, 2024OPRA Migration to 96 Multicast Line Network_Industry Test #9 January 20, 2024, Final Reminder
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December 12, 2023OPRA Testing 2024 Blackout Dates Notice
December 5, 2023OPRA Migration to 96 Multicast Line Network Industry Test #8 December 9, 2023, Final Reminder
November 28, 2023OPRA Migration to 96 Multicast Line Network Industry Test #8 December 9, 2023 Reminder
November 27, 2023OPRA and GTH Failover to Secondary Data Center Testing: Saturday, December 2, 2023,Final Reminder
November 21, 2023MIAX SAPPHIRE OPTIONS EXCHANGE - OPRA TEST and ACTIVATION DATES
November 14, 2023OPRA Migration to 96 Multicast Line Network Industry Test #7 Nov 18, 2023 Final Reminder
November 13, 2023OPRA and GTH Failover Testing Notice Dec 2, 2023
November 7, 2023Industry Test #7 with Revised Symbol Distribution Reminder
October 31, 2023OPRA Failover MWCB Testing 2024 Schedule
October 25, 2023OPRA Processing Issue 10/25/23 - Post Mortem
October 25, 2023OPRA Processing Issue
October 19, 2023OPRA Processing Issue
October 18, 2023OPRA Migration to 96 Multicast Line Network Rescheduled February 5, 2024 -Revised Symbol Distribution
October 2, 2023OPRA Migration to 96 Multicast Line Network Rescheduled February 5, 2024
September 22, 2023Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network: Additional Capacity Test - Saturday, September 30, 2023
September 22, 2023SIAC Support of 2023 SIFMA Industry-Wide Business Continuity Testing -Update to OPRA Support Time for Pre-Test #2 on September 30, 2023
September 11, 2023Postmortem - September 11 OPRA Event
September 8, 2023REMINDER - Industry Test #6 - Saturday, September 16, 2023 Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network
August 17, 2023Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network: Industry Test #5
July 11, 2023Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network - Reminder
July 6, 2023SIAC Support of 2023 SIFMA Industry-Wide Business Continuity Testing
June 29, 2023OPRA New Network Addresses July 10 2023 Activation Final Reminder
June 28, 2023OPRA and GTH Failover to Secondary Data Center Testing July 22, 2023 Reminder
June 28, 2023OPRA PROCESSING FROM LDC ON WEDNESDAY JUNE 28, 2023
June 26, 2023OPRA POST MORTEM - Monday, June 26, 2023
June 22, 2023New Network Addresses: Confidence Test Reminder Saturday, July 8, 2023, and Activation Date Reminder - Monday, July 10, 2023
June 20, 2023UPDATE: Members Exchange (MEMX) as a new OPRA Participant- TEST and ACTIVATION DATES
June 15, 2023New Network Addresses and Expansion of OPRA Data Dissemination from a 48-Line toa 96-Line Multicast Network: Revised Activation Date - Monday, October 9, 2023
June 7, 2023OPRA Migration to 96 Multicast Line Network_June 10 Industry Test_Revised Test Schedule
June 5, 2023OPRA Migration to 96 Multicast Line Network June 10 Industry Test
May 25, 2023New Network Addresses and Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network: Industry Test #2-Saturday, June 3, 2023-Reminder
May 16, 2023OPRA Migration to 96 Multicast Line Network_May 20 Industry Test #1 Final Reminder
May 11, 2023OPRA Migration to 96 Multicast Line Network_May 20 Industry Test #1
May 1, 2023OPRA Migration to 96 Multicast Line Network - Effective July 31, 2023
April 10, 2023Members Exchange (MEMX) as a new OPRA Participant: TEST and ACTIVATION DATES
March 20, 2023New 48-Line OPRA Symbol Distribution–Effective March 27, 2023: Confidence Test Reminder
March 17, 2023OPRA Capacity Testing -April 1, 2023,Reminder
March 10, 2023OPRA and GTH Failover Testing Notice April 1, 2023 Reminder
March 9, 2023OPRA Migration to 96 Multicast Line Network - Effective July 31, 2023
February 24, 2023OPRA 48 Line New Symbol Distribution - Effective March 27, 2023 Update
February 13, 2023New 48-Line OPRA Symbol Distribution – Effective March 27, 2023
November 21, 2022Revised OPRA Capacity Projections (including 96-Lines) and Capacity Testing Schedule
November 21, 2022OPRA and GTH Failover to Secondary Data Center Testing: Saturday, December 3, 2022,Reminder
November 18, 2022OPRA Migration to 96 Multicast Line Network - Q3 Postponement
October 17, 2022OPRA and GTH Failover Testing Notice - 2023 Test Schedule
August 31, 2022General Information Notice: Expansion of OPRA Data Dissemination from a 48-Line to a 96-Line Multicast Network –Effective March 27, 2023
July 22, 2022SIAC Support of 2022 SIFMA Industry-Wide Business Continuity Testing
July 5, 2022OPRA and GTH Failover Testing Notice - July 23 2022 Reminder
July 5, 2022OPRA Capacity Projections and Testing - July 23 2022 Reminder
June 17, 2022OPRA Failover to Secondary Data Center Friday, June 17, 2022
June 14, 2022Data Recipient Notice
May 3, 2022OPRA New Symbol Distribution - May 7, 2022 Confidence Test
April 26, 2022New 48-Line OPRA Symbol Distribution: Industry Test -Saturday, April 30, 2022
April 13, 2022New 48-Line OPRA Symbol Distribution - Effective May 9, 2022 - Update 2 (Replay testing time update)
April 11, 2022New 48-Line OPRA Symbol Distribution - Effective May 9, 2022 - Update
March 31, 2022OPRA Line 19 Issue on March 30, 2022
March 25, 2022OPRA New Symbol Distribution - Effective May 9, 2022
March 15, 2022OPRA Capacity Projections and Testing - March 26, 2022 Reminder
March 11, 2022OPRA Failover Notice March 26, 2022
February 1, 2022OPRA Failover - MWCB Testing Notice - Revised 2022 Schedule
January 26, 2022OPRA Failover Notice January 26, 2022
November 29, 2021OPRA Capacity Projections and Testing Dec 4 2021 Reminder
November 29, 2021OPRA Failover Testing Notice Dec 4 2021 Final Reminder and Test Plan
November 17, 2021OPRA GTH: Confidence Test Reminder and Plan - November 20, 2021
November 10, 2021OPRA Failover Testing Notice Dec 4, 2021 Reminder
November 6, 2021OPRA GTH: Final Software Test Reminder - November 6, 2021
November 4, 2021OPRA GTH: New Hours of Operation - Sunday, November 21, 2021
November 1, 2021OPRA GTH: Final Software Test Reminder and Test Plan - November 6, 2021
October 7, 2021OPRA GTH: Final Software Test Reminder - November 6, 2021
October 7, 2021OPRA GTH: Industry Non-Functional Test Reminder and Test Plan - October 16, 2021
September 10, 2021OPRA GTH: Industry Functional Test Reminder and Test Plan - September 18, 2021
September 3, 2021OPRA GTH: Industry Functional Test Reminder- September 18, 2021
August 13, 2021OPRA Failover Testing Notice August 21 2021 Final Reminder
August 6, 2021New OPRA Trade Message Type Codes - Update 3
August 5, 2021OPRA Pillar Failover Testing to Secondary Data Center: Saturday, August 21, 2021 Reminder
August 5, 2021OPRA Pillar Capacity Testing - Reminder
August 3, 2021OPRA Migration to new Pillar SIP Platform - Fallback PeriodEnding Reminder
July 30, 2021OPRA Intraday Test Data – Updated Test Symbol List
July 21, 2021OPRA 2021 SIFMA BCP-DR Testing
July 19, 2021OPRA Migration to new Pillar SIP Platform_Confidence Test and Test Plan_072421_FINAL_REMINDER
July 13, 2021OPRA Migration to new Pillar SIP Platform_Confidence Test Reminder and Test Plan_072421
July 12, 2021OPRA Migration to new Pillar SIP Platform_Playback Test Multicast Lines 1-48 Replay
July 10, 2021OPRA Migration to new Pillar SIP Platform Final Software Test and Plan_071021_Revised Test Scope
June 30, 2021OPRA Migration to new Pillar SIP Platform_Final Software Test and Plan_071021
June 30, 2021OPRA 2021 Capacity Projections and Testing Dates July 10 2021_Additional OPRA Pillar Capacity Test
June 29, 2021OPRA New Trade Message Types_Update 2
June 21, 2021OPRA Migration to new Pillar SIP Platform: Industry Non-Functional Test #5 -June 26, 2021, Reminder and Test Plan
June 15, 2021OPRA-GTH Migration to new Pillar SIP Platform
June 8, 2021OPRA 2021 Capacity Projections and Testing Dates June 12 2021
June 7, 2021OPRA Migration to new Pillar SIP Platform Multicast Lines 49-96 Line Integrity Messages
June 7, 2021OPRA Migration to new Pillar SIP Platform Non-Functional Test #4 Testing Reminder and Test Plan
May 28, 2021OPRA Migration to new Pillar SIP Platform Non-Functional Test #3 Testing Reminder and Test Plan
May 21, 2021OPRA Migration to new Pillar SIP Platform - Webinar on May 26, 2021 @ 2:00 PM ET
May 13, 2021OPRA Migration to new Pillar SIP Platform Non-Functional Test #2 Testing Reminder and Test Plan
May 3, 2021New OPRA Trade Message Type Codes - Description Update
April 30, 2021OPRA Migration to New Pillar SIP Platform Non-Functional Test #1 Reminder and Test Plan
April 26, 2021OPRA Failover Testing Notice May 1 2021 Final Reminder with Test Plan
April 26, 2021OPRA New Trade Message Types u v
April 22, 2021OPRA Migration to new Pillar SIP Platform Documentation Updates 4
April 19, 2021OPRA Migration to new Pillar SIP Platform Functional Test #3 Test Plan
April 14, 2021OPRA Failover Testing Notice May 1 2021 Reminder
April 13, 2021OPRA Migration to new Pillar SIP Platform Functional Test #3 Reminder
April 5, 2021OPRA Migration to new Pillar SIP Platform: Functional Test #2 Test Plan
March 31, 2021OPRA Migration to new Pillar SIP Platform Documentation Updates 3
March 31, 2021OPRA Migration to new Pillar SIP Platform Functional Test #2 Reminder
March 19, 2021OPRA Migration to new Pillar SIP Platform: Functional Test #1 Test Plan
March 10, 2021OPRA Migration to new Pillar SIP Platform: Functional Test #1 Reminder
February 26, 2021OPRA Migration to new Pillar SIP Platform: Documentation Updates 2
February 10, 2021REMINDER - Certification Testing Begins on Monday, February 22, 2021
February 5, 2021OPRA Migration to new Pillar SIP Platform: Documentation Updates
January 26, 2021OPRA Pillar SIP Certification System Functional Testing
January 14, 20212021 Holiday Schedule - OPRA, LLC

The Options Price Reporting Authority, LLC ("OPRA") is a securities information processor that is registered as such in accordance with Section 11A(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). OPRA's members consist of the national securities exchanges that have been approved by the Securities and Exchange Commission (the "Commission") to provide markets for the listing and trading of exchange-traded securities options. These exchanges have been authorized by the Commission pursuant to Section 11A(a)(3)(B) of the Exchange Act to act jointly as parties to the OPRA national market system plan, which is entitled "Limited Liability Company Agreement of Options Price Reporting Authority, LLC." This plan as amended from time to time in accordance with its provisions is referred to in this Overview as the "Plan," and the parties to the Plan as they exist from time to time are referred to in this Overview collectively as the "OPRA Participants."

Last sale reports and quotations are the core of the information that OPRA disseminates. OPRA also disseminates certain other types of information with respect to the trading of options on the markets of the OPRA Participants, such as the number of options contracts traded, open interest and end of day summaries. OPRA also disseminates certain kinds of administrative messages.

OPRA classifies recipients of information that it disseminates as "Vendors" and/or as "Subscribers." A "Vendor" is an entity that has the contractual right to retransmit information disseminated by OPRA "externally," i.e., to persons outside its own organization. Each Vendor must enter into a Vendor Agreement directly with OPRA. 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). Vendors pay fees to OPRA determined in accordance with OPRA's Fee Schedule.

A "Subscriber" is an entity or a person that has the right to use information disseminated by OPRA "internally," i.e., within the Subscriber's organization (if the Subscriber is an entity) or himself or herself (if the Subscriber is a human being). An entity or person that both uses information internally and distributes it to others is both a Vendor and a Subscriber. (For example, a broker-dealer that both uses information disseminated by OPRA internally and distributes it to its customers is both a Vendor and a Subscriber.)

OPRA classifies Subscribers as either "Professional Subscribers" or as "Nonprofessional Subscribers." A Nonprofessional Subscriber is essentially an individual person who will use the information disseminated by OPRA only in connection with individual investment activities and not in connection with any trade or business activities and not for the benefit of any other person (other than immediate family members) or any entity, and who is not employed in the securities industry or the commodity futures industry or by a bank or an insurance company or an affiliate of either to perform functions related to securities or commodity futures investment or trading activity. If a person qualifies as a Nonprofessional Subscriber, the person contracts with a Vendor to receive OPRA information, and the Vendor pays OPRA's fees for the Nonprofessional Subscriber's receipt of the information.

OPRA classifies all Subscribers other than Nonprofessional Subscribers as Professional Subscribers. A Professional Subscriber may contract directly with OPRA to receive information disseminated by OPRA and pay fees directly to OPRA determined in accordance with OPRA's Fee Schedule. If a Professional Subscriber contracts directly with OPRA, the fees that it pays are either based on the number of devices or User IDs that the Professional Subscriber has that are capable of receiving the information (OPRA refers to these fees as "device-based fees"), or based on the number of "registered representatives" that the Professional Subscriber has (OPRA refers to these fees as "enterprise-rate" Professional Subscriber fees).

As an alternative to contracting directly with OPRA, a Professional Subscriber may contract with a Vendor to receive information disseminated by OPRA. In this case, the Vendor pays "usage-based" fees (sometimes called "per-query" fees) to OPRA for the use of the information by the Professional Subscriber.

* This Overview provides a high-level description of OPRA and OPRA's activities. This Overview does not modify the OPRA Plan or any other OPRA document, and in the event of any inconsistency between this Overview and the OPRA Plan or any other OPRA document the other document will control.

Learn More: View our FAQ section

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 Exhibit A.

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" (see the OPRA Fee Schedule which is incorporated into the Vendor Agreement as Attachment A). The Redistribution Fee is lower for an Internet based "query only" Vendor service.

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.

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1-800-ETRADE1
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(877) 247 5534
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203-810-1000
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520-490-3491
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201-413-2000
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844-476-5946
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866-537-5518
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877-310-8155
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408-349-3300
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