The Guide to the OPRA Feed
The Options Price Reporting Authority (OPRA) consolidated feed can help you navigate a rising tide of options trading
Options trading is more attractive than ever, buoyed by a rising tide of retail trading on platforms such as Robinhood, Webull, and SoFi. Options are seen as particularly attractive to retail traders, since they are less expensive than equities. In a similar way, the Options Price Reporting Authority (OPRA) feed has gained traction as a cost-efficient means of accessing data for this market; it is significantly less expensive to subscribe to the OPRA feed than to the major equities SIP feeds.
The Level 1 data available from OPRA can be leveraged to uncover valuable insights into options strategies. The feed’s improved latency makes it a smart choice for a wide array of market participants. Exegy’s Guide to the OPRA Feed lays out the market data fees for accessing this feed, as well as outlining some of the ways in which firms are using it.
Meeting the challenge of OPRA
The unique structure of options creates exponentially more market data than equities do, so firms must consider how they will digest OPRA’s massive feed, which has been rightly compared to a “firehose” of data. And the water pressure continues to increase; a 2023 update of the OPRA feed will double the number of data streams distributed.
Firms must be prepared with the networking capacity to deal with the increased data rates.
Exegy’s OPRA solutions
Exegy’s guide helps firms understand the hidden costs of options data and make decisions about how to receive it. Axiom Feed, Exegy’s data-as-a-service offering, can deliver a full copy of the feed or can filter or slice it to accommodate your strategies. A hardware-accelerated solution allows firms to handle the increased data rates without an expensive horizontal expansion of their existing footprint.
Every firm has different needs and use cases for the treasure trove of market data from the OPRA feed. Exegy’s portfolio includes solutions for all of them.
Get your strategy started today by downloading Exegy’s Guide to the Options Price Reporting Authority (OPRA) feed.