Miami and Princeton, New Jersey, November 3 /PRNewswire/ — Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX) today announced that MIAX Options® has filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to launch cash-settled binary index options on one or more of its SEC-registered exchanges—including contracts based on its exclusively licensed Bloomberg stock indices—as well as cash-settled binary options tied to the company’s key performance indicators (KPIs), subject to regulatory review. This filing marks the first step toward offering binary options to SEC exchange customers.
Thomas P. Gallagher, Chairman and CEO of MIAX, said: "Investors are increasingly seeking event-driven exposure, whether it’s based on whether a benchmark index closes above or below a certain level, or whether a company achieves a specified performance metric. We believe integrating binary options contracts with our Bloomberg index business and company-disclosed KPIs is a significant step in expanding our proprietary product offerings."
The planned binary index options will allow market participants to bet on whether the closing level of broad index benchmarks, such as the Bloomberg® 500 (B500) Index or the Bloomberg 100 (B100) Index, will be above or below a specified level at expiration. Subject to SEC review and operational readiness, MIAX plans to launch these binary index options in 2027, with contracts cleared and settled by the Options Clearing Corporation (OCC).
The planned KPI binary options will allow market participants to gain exposure to specific, objective performance metrics disclosed by publicly traded companies in their SEC filings, such as revenue, earnings per share, or other reported operational data, and compare them against predetermined thresholds. The launch date for KPI binary options will be announced later and is contingent upon SEC review, as well as operational and clearing readiness.
The SEC classifies binary options as securities options, meaning they are subject to the same regulatory standards and customer protection measures as traditional U.S.-listed options. This structure offers institutional-grade liquidity, clear market transparency, and strict regulation, along with several additional advantages.
About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven company dedicated to building and operating regulated financial markets across multiple asset classes and regions. MIAX® operates eight exchanges covering options, futures, equities, and international markets, including MIAX Options®, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures®, the Bermuda Stock Exchange (BSX), and the International Securities Exchange (TISE). MIAX also owns Dorman Trading, a full-service futures commission merchant and registered introducing broker member of the National Futures Association, designed to facilitate securities and futures trading. For more information, visit www.miaxglobal.com.
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