Legal Definitions - Options Price Reporting Authority

The Options Price Reporting Authority (OPRA) is a national market-system plan that has been approved by the Securities and Exchange Commission (SEC). Its purpose is to collect and distribute information about the last-sale and quotation prices of options traded on five different exchanges. These exchanges include:

• American Stock Exchange
• Chicago Board of Options Exchange
• New York Stock Exchange
• Pacific Stock Exchange
• Philadelphia Stock Exchange

OPRA is responsible for collecting and disseminating this information to investors and traders in a timely and accurate manner. This helps to ensure that the options market operates efficiently and transparently.

For example, if an investor wants to buy a call option on a particular stock, they can use OPRA to find out the current market price of that option on each of the five exchanges. This information can help the investor make an informed decision about which exchange to trade on and at what price.