<p>The Options Price Reporting Authority (OPRA) is a self-regulatory organization that collects, processes, and disseminates real-time options market data in the United States.</p>

<h2>How It Works</h2>
<p>OPRA collects options market data from various exchanges, including the Chicago Board Options Exchange (CBOE), NASDAQ OMX, and NYSE Arca. This data includes options quotes, trades, and market depth. OPRA processes and standardizes this data to ensure consistency and accuracy. It then disseminates this data in real-time to subscribers, such as market data vendors, broker-dealers, and institutional investors.</p>
<p>OPRA also maintains historical options data and provides access to it through its data services. Additionally, OPRA offers a range of market data products, including options quotes, trades, and market depth, as well as indices and analytics.</p>

<h2>Why It Matters</h2>
<p>OPRA plays a crucial role in the U.S. options market by providing timely and accurate market data. This data is essential for market participants to make informed trading decisions, assess market conditions, and manage risk. For example, a market maker might use OPRA's real-time quotes to price options and ensure fair and orderly markets. Meanwhile, an options trader might use OPRA's historical data to backtest strategies and identify profitable trading opportunities.</p>