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OCX prices its listed products against institutional reference data from the CME Group markets, delivered in real time through CQG. CQG provides a consolidated, exchange-grade feed of CME futures and options, and OCX consumes it as the authoritative source of underlying prices.

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What flows in

For each instrument OCX tracks, the feed carries the standard market-data quote types published by the exchange:
  • Last trade — the most recent traded price. When trades are flowing, this is the freshest signal of where a contract is changing hands.
  • 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 published by the exchange. It updates on a daily cadence and serves as a reliable anchor when intraday activity is thin.
OCX subscribes to the relevant futures contracts — across the front and deferred months that make up each curve — and to the options chains listed on those futures. This gives OCX a real-time picture of both the underlying forward curve and the market’s traded option prices for every underlying it lists.
The exchange feed also publishes its own option analytics (implied volatility and Greeks). OCX treats these as reference only — all volatility and Greek values used in OCX pricing are computed by OCX from observed prices using the models described in this section, so our marks are internally consistent and reproducible.

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From feed to reference price

Raw quotes are normalized into a single reference price per instrument. OCX prefers the freshest reliable signal — a live traded price or a clean two-sided top-of-book — and falls back to the daily settlement when intraday data is stale. Prices that are too old to be trustworthy are treated as unavailable rather than being carried forward: a missing input produces no mark rather than a stale one. This reference price is the foundation for everything downstream: the perpetual index, the options volatility surface, and dated-futures fair value all build on it.