Options Symbology Change - Reuters

The Strike Price Denominator Code field indicates the position of the floating decimal point.
Denominator
Code Value
Whole Numerator
7 Byte Price Field (number of decimal
places)
A 10 5 1
B 100 4 2
C 1,000 3 3
D 10,000 2 4
E 100,000 1 5
The schedule calls for OPRA to implement changes in its message format by June 30, 2008
but to still retain information needed by downstream users to continue to identify options using
the five-letter code. Then, on February 12, 2010, both OCC and OPRA will cease supplying
the information needed to maintain the five-letter code. At that point, all market participants
will have to begin using symbols with explicit strike prices and dates. Over the subsequent
few weeks, all root codes will be converted to match the ticker symbol of the underlying
security. This will eliminate virtually all so-called “wrap” and “leap” symbols.
There will be exceptions. The root symbol field in the OPRA message can accommodate a
basic symbol up to four letters in length plus a single digit to designate contracts subject to
corporate action adjustments for a total of five characters. Because NASDAQ symbols can be
five letters or more when a subordinate issue identifier is appended, OPRA will create a
separate root code to designate the subordinate issue. Other exceptions may arise and
OPRA will notify market participants as needed.
Thomson Reuters Implementation
OPRA Options RIC Structure
Thomson Reuters does not use the five-letter OPRA code for its option RICs. Instead, we use
the three- or four-letter root code plus an explicit strike price and a single letter for the month
and put/call indicator. Thomson Reuters will change the RIC structure to include more explicit
date information. The maximum length of the new options RIC is 17 characters.
Maximum length of descriptive elements in our planned RIC structure:
Symbol – 5 characters (including Corporate Action)
Expiration Month – Call/Put indicator – 1 digit - - Lower case expiration Month for any
strike >999
Expiration Day – 2 digits
OPRA OPTIONS SYMBOLOGY CHANGE - 3 -