MIAX Files Two Proposals with SEC for Cash-Settled Binary Options on Indices and Corporate Metrics

Key Facts

In its November 3 announcement, MIAX said it had filed proposals with the U.S. Securities and Exchange Commission to offer binary options on stock indices and corporate key performance metrics on its SEC-registered exchanges. The index proposal includes contracts linked to stock indices licensed exclusively to the company by Bloomberg. The move is a regulatory filing; MIAX’s statement did not announce a launch or the start of trading. The two proposals place different categories of reference assets within the binary-options framework: indices on one hand and company-reported performance metrics on the other. The proposed options would, according to the company, be cash-settled.

Key performance metric options are based on a defined outcome tied to a company’s financial or operational metric, rather than its share price alone. In an earlier order, the SEC said the Cboe proposal concerned a financial or operational metric disclosed by a company in an earnings-related filing and compared with a predefined performance level. This structure links the contract to a reported company outcome, such as whether a particular metric reaches the specified level at expiration. Cboe filed its proposal on June 30, 2026, before the SEC approved it on October 13. That provides a recent regulatory precedent for performance options, but does not determine the outcome of the SEC’s review of MIAX’s two proposals.

In its October 13 statement, the SEC described Cboe’s options as standardized contracts listed and traded on a securities exchange, cash-settled and European-style. That description means settlement is tied to expiration under the contract’s terms, rather than exercise before that date. Details of MIAX’s proposals and their review process remain tied to the filings submitted to the SEC. This context completes the picture of the regulatory framework under which contracts on indices and corporate metrics could operate if approved by the SEC. The available facts in MIAX’s announcement did not include a timeline for an SEC decision or a possible trading date.

The rules governing this type of contract show that the payoff depends on whether the specified metric condition is met at expiration. In a filing related to a rule change, the Financial Industry Regulatory Authority said these products generally pay $1 or $0 per contract at expiration, depending on whether the underlying metric has reached or exceeded the specified threshold. This structure makes settlement value depend on a clear binary outcome, rather than the size of a move in the reference asset’s price. For corporate metrics, the basis for measuring the outcome may be a financial or operational metric included in an earnings-related disclosure. This is a general description of how the products work and does not establish that the same terms will apply to the contracts MIAX has proposed.

MIAX’s move came after the SEC approved Cboe’s proposal on October 13, opening the way for an additional proposal in the market for options linked to corporate metrics. The Cboe filing covered options based on whether a company-reported financial or operational metric equals or exceeds the specified performance level. MIAX’s proposal, by contrast, adds contracts on stock indices licensed exclusively by Bloomberg alongside performance metric options. The proposal’s broader scope shows that it is not limited to a single reference, although the final contract details remain subject to regulatory review. The available materials did not report a decision on MIAX’s applications or an expected decision date.

In the market, MIAX shares closed at $34.88 in the November 2, 2026 session, according to EL7 data. The data provided contain no verified figures for the stock’s trading range during the session or for any change in response to the announcement. The closing price reflects the last session before the company’s November 3 announcement, not a subsequent reaction. MIAX’s announcement did not state an expected financial impact from the proposals or estimate potential trading volume. The next step is for the SEC to consider the two proposals.