What Is the Options Price Reporting Authority?

The Options Price Reporting Authority (OPRA) is a committee of representatives from participating securities exchanges responsible for providing last-sale options quotations and information from the participating exchanges. Serving as a national market system plan, OPRA oversees the process by which participants exchange, consolidate and disseminate market data. OPRA's two primary data feeds include trades (last sale reports for completed securities transactions) and quotes (bids and offers for options).

Understanding OPRA

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

Less formally, the Options Price Reporting Authority serves as an industry-led consortium supporting the timely and accurate creation and release of market data. Particularly for more esoteric financial instruments such as listed options and related securities. Behind the scenes, the work and data provided by the Options Price Reporting Authority go a long way in adding market liquidity and other elements driving market efficiency. Without the data and information provided by OPRA, capital markets would be less developed, leading to a higher cost of capital for savers and borrowers.