FINRA Manual: Contents
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09-47 New Large Options Positions Report (LOPR) Requirements Due to Implementation of Options Symbology Initiative
Large Options Positions Report
Options Symbology Initiative
The Options Clearing Corporation and its participant exchanges have begun implementation of the Options Symbology Initiative, which will affect member firms' reporting of positions to the Large Options Positions Report (LOPR) system. This Notice highlights changes to LOPR reporting as a result of the implementation.
Questions concerning this Notice should be directed to:
In June 2008, The Options Clearing Corporation (OCC) and its participant exchanges began the implementation of the Options Symbology Initiative (OSI). The OSI is a plan to overhaul the existing method of identifying exchange-traded options contracts that will enable market participants to provide more accurate and consistent information. All current information regarding the OSI is located at www.theocc.com/initiatives/symbology/default.jsp.
As part of the OSI, by February 12, 2010, all exchange-traded options are expected to be described using explicit data elements, instead of the current Options Price Reporting Authority (OPRA) codes. These changes will impose new requirements related to LOPR. In conjunction with these changes, OCC will take over the collection and dissemination of all LOPR data from the Securities Industry Automation Corporation (SIAC). SIAC will no longer accept LOPR data after January 19, 2010.
Although the threshold for the LOPR will not change, the submission of LOPR data and the LOPR layout will have significant changes that will affect the reporting of both listed and conventional options positions. Key requirements and changes related to the new LOPR include:
The milestone dates related to the implementation of the new LOPR are as follows:
|LOPR firms must verify connectivity to OCC External Test Environment||Complete by September 30, 2009|
|LOPR firms perform external testing with OCC||Starting August 17, 2009, through November 19, 2009|
|LOPR firms can begin sending production LOPRs to OCC's production environment once external testing is deemed successful||October 1, 2009|
|LOPR firms must transmit production LOPR data to OCC on a daily basis and maintain their LOPRs at OCC||Complete by November 23, 2009|
|Simultaneous submission of LOPR data to SIAC and OCC||4th Quarter 2009 and first half of January 2010|
|LOPR firms may stop sending LOPR data to SIAC||Activity of January 19, 2010|
This Notice briefly summarizes key requirements and changes related to the new LOPR. Further information regarding the OCC's collection of LOPR data, including record layouts, field mappings and milestone dates is available online at www.optionsclearing.com/products/large_options_positions_reporting/default.jsp.