Independent Systems Capacity Advisor

OCC acts as the Independent System Capacity Advisor ("ISCA"), elected by OPRA in accordance with the OPRA Plan. The OPRA Plan governs the process by which options market data are collected from participant exchanges, consolidated and disseminated. The role of ISCA is to work to ensure that necessary system capacity is available for participants. Without sufficient capacity, options market data could be delayed, which reduces market transparency and hampers efficient price discovery.

Working with participant exchanges, ISCA oversees a capacity planning session at least twice a year and monitors daily capacity usage. ISCA works with the Securities Industry Automation Corporation ("SIAC"), OPRA's system hosting provider, to determine when and how to modify the OPRA System so each OPRA participant may be provided with the system capacity it has requested.

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as a recommendation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your broker, from any exchange on which options are traded or by contacting The Options Clearing Corporation, One North Wacker Dr., Suite 500, Chicago, IL 60606 (1-888-678-4667).

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