Options Price Reporting Authority (OPRA)

Asset Swapped Convertible Option Transaction (ASCOT)

What is the option pricing authority?

The OPRA (Options Price Reporting Authority) is a committee of representatives of participating stock exchanges responsible for providing the latest option quotes and information from participating stock exchanges. As the blueprint for a national market system, OPRA oversees the process by which participants exchange, consolidate and disseminate market data. OPRA’s two main data streams include business (latest sales reports for completed securities transactions) and quotes (offers and options offers).

Understanding OPRA

The OPRA (Options Price Reporting Authority) divides its services into two main areas: a basic service for all options, with the exception of currency derivatives and a “FCO service” for information on currency options. The organization includes the American Stock Exchange (AMEX), the Chicago Board Options Exchange (CBOE), the Boston Options Exchange (BOX), the International Securities Exchange (ISE), the Pacific Exchange (PCX), the Philadelphia Stock Exchange (PHLX), BATS Options (BATS), Miami International Securities Exchange, NYSE Arca and Nasdaq OMX BX Options.

Less formally, the Option Options Reporting Authority serves as an industry-led consortium that supports the creation and publication of market data in a timely and accurate manner. In particular for more esoteric financial instruments such as listed options and associated securities. Behind the scenes, the work and data provided by the body responsible for the communication of option prices greatly contributes to the addition of liquidity to the market and to other elements promoting market efficiency. Without the data and information provided by OPRA, capital markets would be less developed, which would lead to higher cost of capital for savers and borrowers.

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