What is the Options Symbology Initiative?
The Options Symbology Initiative (OSI) is intended to replace use of multiple root symbols and OPRA codes to identify option series with explicit series elements: • Security Symbol • Expiration Year, Month and Day • Strike Value • Call or Put In most cases, the security symbol becomes the same as the issue symbol (stock symbol, primary index or World Currency Option symbol), with variation for situations such as corporate actions or other circumstances requiring a non-standard security symbol. The initiative is accomplished in two main phases: • Conversion — Conversion from dependence on OPRA codes to use of explicit series elements. • Consolidation — Consolidation of all roots into the issue symbol. For complete details of the OSI plan, industry testing dates and implementation dates, refer to the Options Clearing Corporation (OCC) website.
