ISE Blames OPRA for NBBO Data Exclusion
The feed, which is compiled and disseminated by OPRA as part of its consolidated feed of US options quote and trade data, includes best bid and offer data from all US options exchanges.
The ISE experienced a technical issue at the market open that led to a disruption in its outbound feed of market data to OPRA until around 10:55am, according to a statement from ISE.
The root cause was identified as a configuration error at OPRA that was applied specifically to the communication lines dedicated to receiving data from ISE and its ISE Gemini platform.
To fix the issues, ISE and OPRA installed a temporary "work-around," which allowed ISE market data to be included in the NBBO. ISE and OPRA technology teams are now working together to restore the proper configuration.
This is the second glitch at OPRA in as many months, flowing a similar event in September when the utility was forced to cancel a software upgrade for its consolidated feed after the upgrade caused issues with calculation of the NBBO price, prompting US options exchanges to halt trading while the NYSE─operated Securities Industry Automation Corp (SIAC)─which runs technical aspects of the OPRA feed-fixed the problem.
However, this time, the issue did not cause any trading halt for ISE, a spokesperson says. "The issue did not impact our trading system, but meant that ISE and ISE Gemini were not included in the NBBO that is disseminated by OPRA," the ISE spokesperson confirms.
OPRA declined to comment.
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