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Simple English definitions for legal terms
Options Price Reporting Authority
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A quick definition of Options Price Reporting Authority:
Options Price Reporting Authority (OPRA) is a system approved by the SEC that collects and shares information about the last sale and quotes of options traded on five different exchanges. These exchanges include the American Stock Exchange, the Chicago Board of Options Exchange, the New York Stock Exchange, the Pacific Stock Exchange, and the Philadelphia Stock Exchange. OPRA helps investors and traders make informed decisions by providing them with accurate and up-to-date information about options trading.
A more thorough explanation:
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.