Options Regulatory Surveillance Authority (ORSA)
|Options Regulatory Surveillance Authority (ORSA)|
|Products||Options trading surveillance|
The Options Regulatory Surveillance Authority (ORSA) is a national market system in which all nine U.S. options exchanges participate. It was formed in April 2006 (originally by CBOE, American Stock Exchange LLC, Boston Stock Exchange, International Securities Exchange, NYSE Arca, Inc. and Philadelphia Stock Exchange) so that all the U.S. options exchanges could jointly fulfill their statutory obligation to surveil the markets for instances of insider trading that involve listed options. 
The participants selected the CBOE to be the exclusive regulatory services provider on behalf of all of them. 
Products and Services
CBOE, C2, Amex, Arca, BATS, BOX, ISE, PHLX, Nasdaq.
- William Brodsky's testimony before the Committee on Agriculture. agriculture.house.gov.
- CBOE CHOSEN TO BE REGULATORY SERVICES PROVIDER FOR NEW OPTIONS REGULATORY SURVEILLANCE AUTHORITY. CBOE.