8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                                    PURSUANT
                          TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


     Date of Report (date of earliest event reported)           May 30, 2006
     ------------------------------------------------           ------------

                                OPTIONABLE, INC.
             (Exact name of Registrant as specified in its charter)



Delaware                               333-121543               52-2219407
- -------------------------------  ------------------------   -------------------
(State or other jurisdiction of  (Commission File number)    (IRS Employer
incorporation or organization)                               Identification No.)


  555 Pleasantville Road, South Building, Suite 110 Briarcliff Manor, NY 10150
  ----------------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                 (914) 773-1100
              ----------------------------------------------------
              (Registrant's Telephone Number, Including Area Code)



                  ---------------------------------------------
                  (Former Address If Changed since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation for the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))



                            Section 7 - Regulation FD

Item 7.01. Regulation FD Disclosure

         On May 30, 2006, Optionable, Inc. issued a press release announcing
that its board of directors has authorized the repurchase of such number of
shares of its common stock as have an aggregate purchase price not exceeding
$200,000, at the rate of up to $50,000 worth of common stock each quarter. A
copy of this press release is furnished as Exhibit 99.1 to this Form 8-K.

         The information provided in this Form 8-K and the Exhibit attached
hereto is furnished and shall not be deemed "filed" for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
otherwise subject to the liability of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as expressly set forth by specific
reference in such filing.


Item 9.01. Financial Statements and Exhibits

Exhibit
Number     Description
- -------    -------------------------------------------------------------------
99.1       Press release dated May 30, 2006, announcing authorization of share
           repurchase program



                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                                     OPTIONABLE, INC.


Date:  May 31, 2006                         By: /s/ Marc-Andre Boisseau
                                                    -----------------------
                                                    Marc-Andre Boisseau
                                                    Chief Financial Officer

EX-99.1

                                   optionable
                                   ----------

DRAFT FOR REVIEW (FOR IMMEDIATE RELEASE)


               Optionable, Inc. Announced Stock Repurchase Program

Briarcliff Manor, NY, May 30, 2006 - Optionable, Inc. (OTCBB: OPBL), a leading
provider of natural gas and other energy derivatives brokerage services, today
announced that its board has authorized a stock repurchase program. Under the
terms of the repurchase program the Company may repurchase stock with an
aggregate purchase price not exceeding $200,000 in total, and up to $50,000
worth of Optionable's stock per quarter.

"During 2006 the volume of transactions in energy derivatives has grown in
response to conditions in the energy markets and the number of investors seeking
to realize market opportunities," said Kevin Cassidy, chief executive officer of
Optionable. "The combination of our OTC brokerage services along with the
planned introduction of our OPEX trading platform we believe positions
Optionable for continued growth. This growth provides us the opportunity to
further enhance shareholder value through the stock repurchase program."

The shares will be repurchased from time to time in open market transactions,
subject to market conditions and in compliance with the SEC's Rule 10b-18. The
program will be funded from the company's cash flow and may be canceled without
notice.

About Optionable

Optionable, Inc. is a leading provider of natural gas and other energy
derivatives trading and brokerage services, headquartered in Briarcliff Manor,
NY. The company provides its services to brokerage firms, financial
institutions, energy traders and hedge funds nationwide. In addition to the
traditional voice brokerage business, Optionable is developing an automated
derivatives trading platform. OPEX will be a real-time electronic trade matching
and brokerage system designed to improve liquidity and transparency in the
energy derivatives market. For more information about Optionable and OPEX please
visit www.optionable.com.


Safe Harbor Statement

This release contains forward-looking statements which are made pursuant to the
safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.
The forward-looking statements in this release do not constitute guarantees of
future performance. Those statements involve a number of factors that could
cause actual results to differ materially, including risks associated with
market acceptance of OPEX, our ability to retain key employees, reliance of
strategic relationships, intense and increasing competition, concentration of
services revenues related to natural gas derivatives, increased governmental
regulations as well as other risks detailed in the Company's filings with the
Securities and Exchange Commission. Optionable assumes no obligation to update
any forward-looking information contained in this press release or with respect
to the announcements described herein.

OPEX is a service mark of Optionable, Inc.

CONTACT

Allan Jordan
The Global Consulting Group
Tel: (646) 284-9452
Email: ajordan@hfgcg.com