Status

Post Mortem: Cboe Options Exchange OPRA Trade Reporting Issues

November 01, 2019 13:32:59

Post Mortem: Cboe Options Exchange OPRA Trade Reporting Issues
SCI System(s) Affected: OPRA Printer (Trade Reporter)

Incident Description: Compliance
Please be advised that Cboe Options Exchange has identified three recent software defects related to OPRA trade reporting.

The first defect resulted in certain floor trades, including some that were edited post trade, to be reported as REGULAR trades rather than LATE trades to OPRA. This issue was introduced on October 7.

The second defect allowed floor trades that were not reported to the Exchange within 60 seconds of execution, but were reported within 90 seconds to be designated as late. Cboe Rule 6.1 allows for trades reported within 90 seconds to be classified as regular trades. This issue was introduced on October 24.

The third defect allowed for certain post trade edited floor trades to be duplicated on OPRA as a result of the original trade not being correctly reversed. This issue was introduced on October 28.

Members Affected: OPRA recipients.

Corrective Action:
The first defect was resolved on October 24th. The list of impacted trades will be provided early next week.

The second defect will be resolved on November 4th. The list of impacted trades will be provided early next week.

The third defect was resolved today (November 1st). The list of original trades that were not correctly reversed can be found here. Note the 5 trades listed as type "flex_option" are reported via OPRA administrative messages and do not count as normal OPRA trade volume.