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Option Symbology Initiative Testing for Brokerage Industry

Paper Presentation at Testing BFSI Applications Conference September 2008

Pradeep Yadlapati — Delivery Manager, Yemanshu Kodwani — Business Analyst, Srinivas Yeluripaty — Senior Test Manager, Infosys Technologies

Options Clearing Corporation (OCC) has initiated an industry-wide effort to change the existing 3—5 digit OPRA code to a new 21 character symbology. The objective of this initiative is to standardize all communications with all the concerned parities in options trading like, OCC, options exchanges, and clearing and settlement entities. This industry-wide change must be completed by Feb—Apr 2010. This paper gives an overview of the options symbology initiative, its impact on the brokerage industry and describes the need and approach for systematic testing.