Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-104893; File No. SR-OPRA-2025-02] 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. 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,…
Citation: 91 FR 10163
