OPRA Tweaks Fees for Direct Data Feed Connections
Published Date: 12/1/2025
Notice
Summary
OPRA is updating its fee schedule to make direct access to options market data clearer and more transparent. This change affects anyone who pays for direct connections to OPRA’s data feeds, with fees adjusted starting immediately. The goal? To keep things fair and easy to understand while making sure the money side is crystal clear.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Exact Direct-Access Connectivity Prices Listed
OPRA's amended Fee Schedule reproduces the NYSE/SIAC connectivity fees: 10 Gb IP/NMS Network access carries a $10,000 initial charge and $11,000 monthly; 40 Gb IP/NMS access carries a $10,000 initial charge and $18,000 monthly; LCN+NMS 10 Gb access carries a $15,000 initial charge and $22,000 monthly; LCN+NMS 40 Gb access carries a $15,000 initial charge and $22,000 monthly. These amounts apply to subscribers who obtain direct access to OPRA Data via NMS Network ports.
Port Fee Caps in Processor Agreement
Under the Processor Services Agreement effective January 1, 2021 (term ending January 1, 2031), SIAC agreed to cap total fees for direct-access ports at no more than $16,000 per month per 10G port and $20,500 per month per 40G port, inclusive of cross-connect fees. OPRA notes those caps and that SIAC/affiliates must provide access consistent with those limits.
OPRA Adds Connectivity Fees to Schedule
OPRA amended its Fee Schedule to include the connectivity fees charged by SIAC/NYSE affiliates for direct access to OPRA Data so the costs are clearer and more transparent. The change clarifies what "direct access" means and shows the connectivity fees on OPRA's published fee schedule.
OPRA Direct Access Fee Clarified
OPRA clarified that it charges a single Direct Access Fee of $1,000 per month to each vendor or professional subscriber authorized for direct access to OPRA Data, regardless of the number of NMS Network ports obtained. OPRA also deleted language implying it charges $100 per additional circuit and deleted wording implying OPRA supplies backup circuits, to reduce confusion.
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