![]() ![]() An entity or person that both uses information internally and distributes it to others is both a Vendor and a Subscriber. Vendors pay fees to OPRA determined in accordance with OPRA's Fee Schedule.Ī "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). 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). Each Vendor must enter into a Vendor Agreement directly with OPRA. 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. ![]() OPRA also disseminates certain kinds of administrative messages. 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. 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'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. 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"). ![]()
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