Notice2026-04062
Options Price Reporting Authority; Order Approving Amendment, as Modified by Amendment No. 1 Thereto, To Modify the OPRA Fee Schedule Regarding Certain Direct Access Connectivity Fees
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Published
March 2, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 40 (Monday, March 2, 2026)</title>
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[Federal Register Volume 91, Number 40 (Monday, March 2, 2026)]
[Notices]
[Pages 10163-10164]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04062]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104893; File No. SR-OPRA-2025-02]
Options Price Reporting Authority; Order Approving Amendment, as
Modified by Amendment No. 1 Thereto, To Modify the OPRA Fee Schedule
Regarding Certain Direct Access Connectivity Fees
February 25, 2026.
I. Introduction
On November 13, 2025, the Options Price Reporting Authority
(``OPRA'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 11A of the Securities Exchange
Act of 1934 (``Exchange Act'') \1\ and Rule 608 of Regulation National
Market System (``NMS'') thereunder,\2\ a proposal to amend the Limited
Liability Company Agreement of the Options Price Reporting Authority,
LLC (``OPRA Plan'').\3\ The proposed OPRA Plan amendment
(``Amendment'') would amend several aspects of the OPRA Fee
Schedule.\4\ The Amendment was published for comment in the Federal
Register on December 1, 2025.\5\ The Commission has not received any
comments. On February 23, 2026, OPRA submitted Amendment No. 1 to make
technical changes to the Amendment.\6\ This order approves the
Amendment as modified by Amendment No. 1.
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\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The OPRA Plan is a national market system plan approved by
the Commission pursuant to Section 11A of the Exchange Act and Rule
608 thereunder. See Securities Exchange Act Release No. 17638 (Mar.
18, 1981), 22 SEC. Docket 484 (Mar. 31, 1981). The full text of the
OPRA Plan and a list of its members are available at <a href="https://www.opraplan.com/">https://www.opraplan.com/</a>.
\4\ The full text of the OPRA fee schedule is available at
<a href="https://www.opraplan.com/">https://www.opraplan.com/</a>.
\5\ See Securities Exchange Act Release No. 104267 (Nov. 25,
2025), 90 FR 55226 (``Notice'').
\6\ Amendment No. 1 made the following technical changes to the
Amendment: (1) updated references to the fees for the 10 Gb and 40
Gb access ports and their effective dates that were amended by the
proposed rule changes cited in note 16, infra; and (2) updated
references to the name of NYSE Chicago, Inc. to be NYSE Texas, Inc.
See infra note 16. See also Securities Exchange Act Release No.
102507 (Feb. 28, 2025), 90 FR 11445 (Mar. 6, 2025) (SR-NYSECHX-2025-
01) (reflecting the name change of NYSE Chicago, Inc.).
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II. Background and Description of the Amendment
A. Background
The OPRA Plan provides for the collection and dissemination of last
sale and quotation information \7\ on options that are traded on the
participant exchanges. The Securities Industry Automation Corporation
(``SIAC'') is OPRA's ``processor,'' meaning that SIAC gathers the last
sale and quote information from each of the OPRA Plan members,
consolidates that information, and disseminates the consolidated OPRA
Data.\8\ Section 5.4(d) of the OPRA Plan requires OPRA to make publicly
available a schedule of OPRA's effective fees and charges.\9\ Rule
608(a)(5) of Regulation NMS requires every national market system plan,
or any amendment thereto, to include a description of the manner in
which any facility contemplated by the plan or amendment will be
operated. Such description must include, to the extent applicable,
``[t]he method by which any fees or charges collected on behalf of all
of the sponsors and/or participants in connection with access to, or
use of, any facility contemplated by the plan or amendment will be
determined and imposed (including any provision for distribution of any
net proceeds from such fees or charges to the sponsors and/or
participants) and the amount of such fees or charges. . . .'' \10\
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\7\ The OPRA Plan defines ``Options Information'' as Last Sale
Reports and Quotation Information and any other information
transmitted over the information reporting system administered by
OPRA. See OPRA Plan, Article I, Section 1.1. Throughout this order,
such information is referred to as ``OPRA Data.''
\8\ See Notice, supra note 5 at 55226.
\9\ See OPRA Plan, Article V, Section 5.4(d)(i).
\10\ 17 CFR 242.608(a)(5). Rule 600(b)(78) defines ``Plan
Processor'' as any self-regulatory organization or securities
information processor acting as an exclusive processor in connection
with the development, implementation and/or operation of any
facility contemplated by an effective national market system plan.
17 CFR 242.600(b)(78).
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B. Description of the Amendment
The Amendment, as modified by Amendment No. 1 thereto, is designed
to provide clarity and transparency regarding (1) the definition of
``direct access'' to OPRA Data and how such access can be obtained; (2)
the connectivity fees charged to subscribers who obtain direct access
to OPRA Data; and (3) how the existing ``Direct Access Fee'' is charged
by OPRA.\11\ In addition, the Amendment, as modified by Amendment No. 1
thereto, includes certain technical clarifying changes.\12\
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\11\ OPRA is not modifying the amounts of the Connectivity or
Direct Access Fees. See Notice, supra note 5 at 55228.
\12\ See id. at 55226-28. Specifically, OPRA proposes to update
a reference in the Fee Schedule to reflect the current OPRA website
``<a href="http://www.opraplan.com">www.opraplan.com</a>'' and remove an obsolete reference to
``<a href="http://opradata.com">opradata.com</a>'' and update the footnote references to reflect the
renumbering of footnotes required by the addition of a new footnote
that includes the new definition of ``direct access'' to OPRA Data.
See also supra note 6 (concerning the name change of NYSE Chicago,
Inc.).
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1. Direct Access Definition and Direct Access Connectivity Fees
OPRA Data is currently disseminated over a dedicated, low-latency
national market system network, the ``NMS Network,'' that exists only
within the Mahwah Data Center.\13\ OPRA proposes to update its Fee
Schedule to include a definition of direct access to OPRA Data that
more accurately reflects how consumers of OPRA Data currently receive
access to such data. Specifically, OPRA proposes ``direct access'' to
OPRA Data be defined as ``receiving OPRA Data through a connection to a
port on the `NMS Network''' in the data center operated by SIAC and its
affiliates located in the Mahwah Data Center. OPRA is further amending
its Fee Schedule to state that access to OPRA Data is provided through
either a
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10 Gb or 40 Gb access port.\14\ The connectivity fees associated with
obtaining direct access to OPRA Data through a port on the NMS Network
(the ``Connectivity Fees'') were previously filed by SIAC's affiliates,
The New York Stock Exchange LLC, NYSE Arca, Inc., NYSE American LLC,
and NYSE National, Inc. (collectively, ``NYSE'') and approved by the
Commission on May 7, 2020 \15\ and revised in September 2025.\16\ The
Amendment, as modified by Amendment No. 1 thereto, would update the
OPRA Fee Schedule to reflect the Connectivity Fees associated with
obtaining direct access to OPRA Data.\17\
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\13\ See id. at 55226-27. OPRA Data was previously disseminated
over the Secure Financial Transaction Infrastructure (``SFTI'')
network. Unlike the NMS Network, the SFTI network allowed
subscribers to access OPRA Data at many access points outside of the
Mahwah Data Center. See id. at 55226-27. According to OPRA, although
direct access to OPRA Data is provided only at the Mahwah Data
Center, subscribers also can access OPRA Data through other networks
and from other locations using services and connectivity provided by
vendors who have executed a Vendor Agreement with OPRA. See id. at
55228.
\14\ To obtain an NMS Network port, a subscriber must enter into
a contract with an affiliate of SIAC, NYSE Technologies
Connectivity, Inc., and the port is then provided by another
affiliate of SIAC, the ICE Global Network, which also maintains the
NMS Network. See id. at 55226. A subscriber does not have to be co-
located in the Mahwah Data Center to obtain direct access to OPRA
Data through the NMS Network. Instead, a subscriber could choose to
use a telecommunication circuit to access its port on the NMS
Network through the Meet Me Room in the Mahwah Data Center. See id.
at 55227.
\15\ Securities Exchange Act Release No. 88837 (May 7, 2020), 85
FR 28671 (May 13, 2020) (SR-NYSE-2019-46, SR-NYSENAT-2019-19, SR-
NYSEArca-2019-61, SR-NYSEAMER-2019-34) (Order Granting Approval of a
Proposed Rule Change, as Modified by Amendment No. 1, to Amend the
Exchanges' Co-Location Services to Offer Co-Location Users Access to
the NMS Network). Direct access connections to the NMS Network are
provided at no additional charge when subscribers purchase 10 Gb or
40 Gb connections on one of the two local area networks located in
the Mahwah Data Center--either the Liquidity Center Network
(``LCN'') or the IP Network. NYSE's current Connectivity Fee
Schedule is available at: <a href="https://www.nyse.com/publicdocs/Wireless_Connectivity_Fees_and_Charges.pdf">https://www.nyse.com/publicdocs/Wireless_Connectivity_Fees_and_Charges.pdf</a>.
\16\ See Securities Exchange Act Release Nos. 104062 (Sept. 25,
2025), 90 FR 46950 (Sept. 30, 2025) (SR-NYSEAMER-2025-60); and
104063 (Sept. 25, 2025), 90 FR 47038 (Sept. 30, 2025) (SR-NYSEARCA-
2025-71). See also Securities Exchange Act Release Nos. 104061
(Sept. 25, 2025), 90 FR 47009 (Sept. 30, 2025) (SR-NYSE-2025-37);
104064 (Sept. 25, 2025), 90 FR 46960 (Sept. 30, 2025) (SR-NYSENAT-
2025-23); and 104065 (Sept. 25, 2025), 90 FR 46966 (Sept. 30. 2025)
(SR-NYSETEX-2025-35). Only NYSE Arca, Inc. and NYSE American LLC
trade options.
\17\ According to OPRA, Connectivity Fees are charged to
purchasers on behalf of NYSE by NYSE Technologies Connectivity, Inc.
OPRA states that it does not directly charge any connectivity fees,
collect any connectivity fees, or receive any portion of the
Connectivity Fees collected by NYSE, but believes it is appropriate
to include such fees on its Fee Schedule. See Notice, supra note 5
at 55227.
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2. Direct Access Fee Payable to OPRA
The Amendment also proposes several changes to the current ``Direct
Access Fee'' provision of the Fee Schedule. First, OPRA proposes to
delete the monthly $100 additional circuit connection charge because
OPRA does not currently and has never charged this fee. In addition,
OPRA proposes to delete a sentence in the Fee Schedule stating that the
monthly Direct Access Fee ``includes one primary circuit and one back-
up circuit connection to the processor'' because it implies,
incorrectly, that OPRA, rather than an affiliate of SIAC, provides
circuits on the NMS Network. Finally, OPRA proposes certain clarifying
language to more accurately reflect how OPRA Data is currently
distributed.\18\
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\18\ See id. at 55228.
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III. Discussion and Commission Findings
Section 11A of the Exchange Act authorizes the Commission, by rule
or order, to authorize or require the self-regulatory organizations
(``SROs'') to act jointly with respect to matters as to which they
share authority under the Exchange Act in planning, developing,
operating, or regulating a national market system or one or more
facilities thereof.\19\ Rule 608 of Regulation NMS authorizes two or
more SROs, acting jointly, to file with the Commission proposed
amendments to an effective NMS plan, and further provides that no
amendment may become effective unless approved by the Commission or
otherwise permitted to be put into effect upon filing with the
Commission.\20\
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\19\ See 15 U.S.C. 78k-1(a)(3)(B).
\20\ 17 CFR 242.608(a)(1) and (b)(1).
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The Commission shall approve an amendment to an effective plan,
with such changes or subject to such conditions as the Commission may
deem necessary or appropriate, if it finds that such plan or amendment
is necessary or appropriate in the public interest, for the protection
of investors and the maintenance of fair and orderly markets, to remove
impediments to, and perfect the mechanisms of, a national market
system, or otherwise in furtherance of the purposes of the Exchange
Act.\21\
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\21\ See 17 CFR 242.608(b)(2).
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The Commission finds that the Amendment, as modified by Amendment
No. 1 thereto, is consistent with the requirements of the Exchange Act
and Rule 608 of Regulation NMS for the reasons set forth below.\22\ As
described in the Notice, the OPRA Plan members seek to amend the OPRA
Fee Schedule to ``provide clarity to the public regarding the
definition of direct access to OPRA Data, how direct access can be
obtained, and to provide the public with additional transparency
regarding the connectivity fees charged to subscribers who obtain
direct access to OPRA Data.'' \23\ Further, according to the OPRA Plan
members, the Amendment, as modified by Amendment No. 1 thereto, is
designed to ``provide additional clarity regarding the Direct Access
Fee that is charged by OPRA.'' \24\ The proposed amendments to the OPRA
Fee Schedule are appropriate in the public interest and for the
protection of investors because they will correct inaccuracies and
omissions regarding the definition of direct access to OPRA Data, how
such direct access to OPRA Data is obtained, and the fees associated
(both Connectivity Fees and the Direct Access Fee) with such access.
These changes are appropriate in the public interest and consistent
with the Exchange Act because they will provide accurate information to
persons and entities seeking to access OPRA Data.
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\22\ See 17 CFR 242.608.
\23\ See Notice, supra note 5 at 55226.
\24\ Id.
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For the reasons discussed above, the Commission finds that the
Amendment, as modified by Amendment No. 1 thereto, is necessary or
appropriate in the public interest, for the protection of investors and
the maintenance of fair and orderly markets, to remove impediments to,
and perfect the mechanisms of, a national market system, or otherwise
in furtherance of the purposes of the Exchange Act.
IV. Conclusion
It is therefore ordered, pursuant to Section 11A of the Exchange
Act,\25\ and Rule 608(b)(2) of Regulation NMS thereunder,\26\ that the
Amendment to the OPRA Plan as modified by Amendment No. 1 thereto (File
No. SR-OPRA-2025-02) be, and hereby is, approved.
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\25\ 15 U.S.C. 78k-1.
\26\ 17 CFR 242.608(b)(2).
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04062 Filed 2-27-26; 8:45 am]
BILLING CODE 8011-01-P
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