Frequently Asked Questions
Options Price Reporting Authority
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What is OPRA?

OPRA (Options Price Reporting Authority, LLC) 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 often referred to as the "OPRA Plan," and the parties to the OPRA Plan as they exist from time to time are referred to as the "OPRA Participants."

How is SIAC involved with OPRA?

The Securities Industry Automation Corporation ("SIAC") is OPRA's "processor": it gathers the last sale and quote information from each of the OPRA Participant exchanges and consolidates it and disseminates it on OPRA's behalf. 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 SIAC.

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.

What is a "Nonprofessional Subscriber"?

A Non-Professional Subscriber uses current options last sale information and current options quote information for personal non-business use. Nonprofessional Subscribers contract with an OPRA Vendor for receipt of OPRA data, and pay fees established by the Vendor for use of the data. Nonprofessional Subscribers must meet criteria that are stated in an "Addendum for Nonprofessionals," which is attached to OPRA's forms of "Electronic Subscriber Agreement" and "Hardcopy Subscriber Agreement" (both of which are available on the OPRA website under the "Agreements" tab). In general a Nonprofessional Subscriber must satisfy the following criteria:

  • Individual applies for OPRA data in his own capacity, not on behalf of a firm, corporation, partnership, trust or association (although certain "single trustee" trusts can qualify as a Nonprofessional Subscriber)
  • Information is used solely in connection with the investment activities of the individual and the individual's immediate family members, not in connection with any trade or business activities
  • Information cannot be furnished to any other person or entity
  • 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
  • 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

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. Please see OPRA's Academic Waiver Policy (available on the OPRA website under the "Policies" tab).

What is an OPRA Vendor?

An OPRA Vendor is engaged in the business of distributing data disseminated by OPRA "externally," i.e., to persons outside its own organization. An OPRA Vendor may retransmit or redistribute information disseminated by OPRA on a selective or continuous basis, and may furnish a market data or retrieval service or services with respect to the information whereby Professional and Nonprofessional Subscribers, authorized Vendors, and other authorized persons may receive access to the options information through interrogation or display devices, over circuits provided by the Vendor and/or on "non-display devices." Vendors are required not to exclude information or otherwise discriminate on the basis of the market in which a transaction took place or in which a quotation was entered.

How do I become a Nonprofessional Subscriber?

Contact an OPRA vendor directly. The Vendor will provide you with a Subscriber Agreement. The Subscriber Agreement will include an "Addendum for Nonprofessionals." Return the completed Agreement to the Vendor. The Vendor will review your Agreement to determine if you qualify as a Nonprofessional Subscriber.

How do I find an OPRA Vendor?

Refer to the OPRA Vendor List on our home page.

What type of information is available through OPRA?

The information available through OPRA consists of "last sale reports" (price, volume and related information with respect to completed transactions in eligible securities effected on one of the OPRA Participant exchanges), "quotation information" (bids and offers and related information pertaining to quotations in eligible securities available for trading on one of the OPRA Participant exchanges), other related information with respect to trading on the OPRA Participant exchanges, and administrative messages.

What Type of Access Do You Need?

If you wish to redistribute OPRA market data, take our Access Quiz to find out what type of access you will need for distribution.

What is the definition of "current" data?

The term "current" means OPRA Data that has been transmitted by SIAC (OPRA's data processor), by an OPRA Participant or by OPRA to Vendors within the immediately preceding 15 minutes.

What is an "eligible security"?

"Eligible Securities" means each series of option contracts listed and traded on one or more of the OPRA Participant exchanges.

What is "Non-Display Use"?

OPRA's definitions of the term "Non-Display Use" and related terms are in the notes to OPRA's Fee Schedule.

How do I pay my OPRA invoice?

OPRA accepts payment by check, ACH, or Bank Wire. Mailed check payments should include the return portion of the invoice so that funds are applied to the correct account. ACH and Wire payments should include the Customer Number and Invoice number. Mailing address and ACH/WIRE payment instructions are listed on your OPRA invoice. Please send any payment or invoice questions to opra-ar@cboe.com

Does OPRA pay for ACH/Wire Payment bank fees?

Wire Transfer Fees are the responsibility of the party that initiates the wire transfer. Customers should make sure that when arranging wire payments to OPRA that the bank fee charge code is set to “OUR” instead of “SHA” or “BEN”. The “OUR” code will direct the banks to not deduct any transfer fees, if applicable, from the payment being sent. Any bank wire fees that do get deducted from customer payments to OPRA results in underpayment of OPRA invoices. These charges will remain on the accounts as a balance due until they are paid by the customer/subscriber.

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