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

OPRA Systems Status

OPRA PROCESSING NORMALLY
PROCESSING FROM PRIMARY DATA CENTER
Getting Started
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.

Company

Level of Data

Services

Real
Time
Delayed
Historical
Terminals
Analytics & Charting
Datafeeds or APIs
Website Hosting
TV
Display
ActiveTick LLC
302-295-3665
ADVFN PLC
888-992-3836 (toll free)
Alpha Theory
704-307-2914
Ameriprise
612-678-7451
AS LHV Pank
372-680-0445
Bloomberg
212-318-2000
Born To Sell
800-434-6980
CQG, Inc.
800-525-7082
Devexperts
201-633-4740
DirectFN
info@directfn.com
0097143259996 ext:299
DTN, LLC
800-652-2291
Eze Software Group
+1 617-316-1000
eSignal
510-723-3519
Fidessa plc
+44 (0) 1483 206300
Fixnetix
sales@fixnetix.com
+44 (0) 203 008 8990
Flextrade Systems Inc
516-627-8993
FolioDynamix
201-605-1876
Hanweck
Associates, LLC

1-646-414-7330
Imagine Software Inc
1-212-317-7600
Interactive Brokers
1-877-442-2757
Interactive Data
212-771-6565
Investopedia
780-421-0555
InvestorPlace Media
301-250-2200
ITG
1-212-588-4000
IWBank Spa
+39-02-748741
Keytrade Bank
322-679-9000
LHV Pank
372-680-0420
Lightspeed
Trading

1-888-577-3123
LiquidPoint, LLC
312-986-2006
Markit on Demand
303-417-9999
Nasdaq ISE
301-978-5307
Nasdaq OMX
1-212-401-8788
Nexa Technologies
972-590-8669
Option Review, Inc.
203-325-1171
OptionMetrics LLC
212-707-8370
Optionsanalysis, Inc
520-490-3491
OptionsFlux.com
351926327109
Pershing LLC
201-413-2000
RBC Direct Investing
1-800-769-2560
S & P Capital IQ
877-863-1306
SAXO BANK
+45-3977-4000
Scottrade
800-619-SAVE
Stephens Inc.
800-643-9691
StockLinkU
864-990-5058
Stockwatch
1-800-268-6397
Telemet America, Inc.
800-368-2078
The Motley Fool
703-838-3665
Thomson Reuters
1-877-365-1455
TradingBlock
1-800-494-0451
TradingScreen Inc.
1-212-359-4100
Yahoo, Inc.
408-349-3300
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