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OCX marks its listed products against institutional-grade reference data from the underlying exchange-traded derivatives markets, consumed in real time. The exchange maintains its own market-data pipeline and treats it as the authoritative source of reference prices for everything it lists.

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What flows in

For each instrument OCX tracks, the pipeline carries the standard quote types published by the reference market:
  • Last trade — the most recent traded price.
  • Best bid / best ask — the top of the order book on each side. Together they define the live two-sided market and its mid.
  • Settlement — the official daily settlement price.
OCX tracks the reference futures contracts behind each futures market it lists and behind each option underlying, and the options chains on those underlyings. This gives OCX a real-time picture of the forward curve and of the traded option market for every underlying it lists.
The option board’s iv and delta are computed by OCX from observed prices using the model described in Options, so they are consistent with the forward each expiry is priced from.

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From feed to reference price

Raw quotes are normalized into a reference price per instrument. OCX prefers a clean, genuinely two-sided top of book; where the reference book is one-sided or too wide to trust, it uses the reference market’s own mark or last trade. Inputs that are too old to trust are not carried forward as if they were fresh — each published mark carries its update time. These reference prices are the foundation for everything OCX publishes downstream: dated-futures marks, the per-expiry forwards used to price options, and the option board.