> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ocx.global/llms.txt
> Use this file to discover all available pages before exploring further.

# Market data

> How OCX sources real-time CME reference prices through CQG

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.

## 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.

<Note>
  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.
</Note>

## 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.