[Federal Register Volume 70, Number 101 (Thursday, May 26, 2005)]
[Notices]
[Pages 30499-30500]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-2656]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-51716; File No. SR-OPRA-2005-01]


Options Price Reporting Authority; Order Approving an Amendment 
to the Plan for Reporting of Consolidated Options Last Sale Reports and 
Quotation Information to Clarify How the Requirements of the OPRA Plan 
Pertaining to Vendors Apply to Persons Who Redistribute OPRA Data Over 
the Internet

May 19, 2005.
    On March 30, 2005, the Options Price Reporting Authority (``OPRA'') 
submitted to the Securities and Exchange Commission (``Commission''), 
pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 11Aa3-2 thereunder,\2\ an amendment to the Plan 
for Reporting of Consolidated Options Last Sale Reports and Quotation 
Information (``OPRA Plan'').\3\ The

[[Page 30500]]

proposed amendment would issue a written policy that clarifies how the 
requirements of the OPRA Plan pertaining to vendors apply to persons 
who redistribute OPRA data over the Internet. Notice of the proposal 
was published in the Federal Register on April 15, 2005.\4\ The 
Commission received no comment letters on the proposed OPRA Plan 
amendment. This order approves the proposal.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 240.11Aa3-2.
    \3\ The OPRA Plan is a national market system plan approved by 
the Commission pursuant to Section 11A of the Act and Rule 11Aa3-2 
thereunder. http://www.opradata.com.
    The OPRA Plan provides for the collection and dissemination of 
last sale and quotation information on options that are traded on 
the participant exchanges. The six participants to the OPRA Plan are 
the American Stock Exchange LLC, the Boston Stock Exchange, Inc., 
the Chicago Board Options Exchange, Inc., the International 
Securities Exchange, Inc., the Pacific Exchange, Inc., and the 
Philadelphia Stock Exchange, Inc.
    \4\ See Securities Exchange Act Release No. 51514 (April 8, 
2005), 70 FR 19976.
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    The OPRA Plan generally defines a ``vendor'' as a person who 
redistributes OPRA data (i.e., options last sale and quotation reports 
and related information) to persons outside of its own organization. 
Persons who act as vendors are required to enter into vendor agreements 
with OPRA and pay applicable access and redistribution fees. The 
purpose of the proposed Plan amendment is to adopt a written policy 
codifying prior interpretations concerning how provisions of the Plan 
applicable to ``vendors'' apply to persons who redistribute OPRA data 
by means of the Internet.
    After careful review, the Commission finds that the proposed OPRA 
Plan amendment is consistent with the requirements of the Act and the 
rules and regulations thereunder.\5\ The Commission believes that the 
proposed OPRA Plan amendment is consistent with Section 11A of the Act 
\6\ and Rule 11Aa3-2 thereunder \7\ in that it is 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. Specifically, given the 
increasing use of the Internet as a means of providing OPRA data to 
subscribers and others, the Commission finds that it is appropriate to 
clarify exactly who among the various types of service providers 
involved in Internet transmission of OPRA data are considered to be 
performing the function of a vendor under the OPRA Plan, and therefore 
subject to those provisions of the OPRA Plan applicable to vendors.
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    \5\ In approving this proposed OPRA Plan amendment, the 
Commission has considered its impact on efficiency, competition, and 
capital formation. 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78k-1.
    \7\ 17 CFR 240.11Aa3-2.
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    It is therefore ordered, pursuant to Section 11A of the Act,\8\ and 
Rule 11Aa3-2 thereunder,\9\ that the proposed OPRA Plan amendment (SR-
OPRA-2005-01) be, and it hereby is, approved.
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    \8\ 15 U.S.C. 78k-1.
    \9\ 17 CFR 240.11Aa3-2.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. E5-2656 Filed 5-25-05; 8:45 am]
BILLING CODE 8010-01-P