MIAX Files with the SEC to Offer Cash-settled Binary Index Options and KPI Binary Options on its SEC-registered Exchanges

The filings are the first step toward offering binary options to MIAX's SEC-exchange customers.

Rhea-AI Summary

Miami International Holdings (MIAX) announced that MIAX Options submitted SEC rule filings to offer cash-settled index and company-performance binary options.

The proposed contracts would trade on one or more of its SEC-registered exchanges, including index contracts based on exclusively licensed Bloomberg equity indices. MIAX plans to launch the index options in 2027, subject to SEC review and operational readiness, with clearing and settlement at The Options Clearing Corporation. The company-performance contracts would measure publicly reported metrics against predetermined thresholds. Their launch timing will be announced later and remains subject to SEC review and operational and clearing readiness.

2 points · 0 major

PositiveiHow this balance works

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointSEC rule filings submitted mark the first step toward binary options for MIAX's SEC-exchange customers.
• Minor point. Forward-looking: it has not happened yet and may not happen.Index options launch planned for 2027 would expand offerings, including contracts on exclusively licensed Bloomberg indices.

Negative

• Minor pointIndex options launch remains subject to SEC review and operational readiness.
• Minor pointCompany-performance binary options remain subject to SEC review and operational and clearing readiness; launch timing is unannounced.

Key Figures

Planned binary index options launch: 2027

Planned binary index options launch

2027

Subject to SEC review and operational readiness

Historical Context

1 past event · Latest: Oct 15

1 event

1. Oct 15

   Index futures availability

   24h Move

   +3.9%

   MIAX made B500/B100 futures available to NinjaTrader customers and had planned cash options on indexes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

cash-settled binary index options, cash-settled binary options

2 terms

cash-settled binary index options technical

"offer cash-settled binary index options"

A cash-settled binary index option is a derivative that pays a fixed cash amount if a specified condition about a stock market index is true at settlement and pays nothing (or a different fixed amount) if the condition is false. The “binary” part means the payoff is discrete (typically a predetermined cash sum) rather than depending on how far the index moves; the “index” means the contract’s trigger is the level or return of a market index; and “cash-settled” means no underlying securities are delivered — the winner receives a cash payment based on the exchange’s official settlement value of the index at expiry. These contracts commonly settle on a single specified valuation time (often at expiration) and are used to express or hedge a yes/no view on the index reaching or exceeding a strike or threshold; because the underlying is an index, physical delivery is not possible and settlement follows the exchange or clearing house’s published settlement calculation and procedures.

cash-settled binary options technical

"cash-settled binary options tied to company key performance indicators"

A cash-settled binary option is a derivative contract that pays a fixed, predetermined cash amount if a specified condition about an underlying asset is true at the option’s settlement time, and pays nothing (or a different fixed amount) if the condition is false. The condition is typically whether the underlying’s price is above or below a strike level at expiration, and settlement uses a reference price or index rather than delivering the underlying asset. Because the payoff is a set cash amount, the contract’s value is all-or-nothing at expiry and settlement depends on the contract’s stated reference and rules (exchange-traded versus over-the-counter contracts can differ in settlement procedures and counterparty arrangements).

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MIAMI and PRINCETON, N.J., Nov. 3, 2026 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX^®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced that MIAX Options^® submitted proposed rule filings to the Securities and Exchange Commission (SEC) to offer cash-settled binary index options — including contracts based on its exclusively-licensed Bloomberg equity indices — and cash-settled binary options tied to company key performance indicators (KPIs), on one or more of its SEC-registered exchanges, pending regulatory review. The filings mark the first step in the launch of binary options for its SEC-exchange customers.

"Investors increasingly want event-driven exposure, whether that's where a benchmark closes or whether a company hits a specified performance metric," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "We believe that pairing binary options contracts with our Bloomberg index franchise and with company-reported KPIs is an important initiative as we build out our proprietary product offerings."

The planned binary index options will allow market participants to take a view on whether a broad-based index benchmark, such as the Bloomberg^® 500 (B500) Index or Bloomberg 100 (B100) Index, will finish above or below a stated level at expiration. Subject to SEC review and operational readiness, MIAX plans to launch the binary index options, which will clear and settle at The Options Clearing Corporation (OCC), in 2027. 

The planned KPI binary options will allow market participants to gain exposure to specific and objective performance metrics that a public company reports in its SEC filings, such as revenue, earnings per share, or another disclosed operating figure, measured against a predetermined threshold. The timeline for launch of the KPI binary options will be announced at a later date and will be subject to SEC review and operational and clearing readiness.

Binary options are classified as security options by the SEC, meaning they operate under the same regulatory guidelines and with the same customer protections as traditional U.S.-listed options. This structure delivers institutional-grade liquidity, clear market transparency, and rigorous oversight, alongside several other advantages.

About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX^® operates eight exchanges across 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 Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant and Notice Registered Broker-Dealer with the National Futures Association for purposes of facilitating transactions of security futures. To learn more about MIAX, please visit www.miaxglobal.com. 

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in MIAX's public filings with the Securities and Exchange Commission. In providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

Trading in securities, options, futures, options on futures, or other financial instruments involves risk and is not suitable for all investors. Any trades undertaken will be at the sole risk of the relevant investor and should always be made in compliance with the local laws and applicable regulations. Neither MIAX nor its subsidiaries are registered or licensed to provide, or purport to provide, financial services of any kind in any jurisdiction where MIAX or its subsidiaries are not authorized to do business or where such distribution would be contrary to the local laws and regulations.

All third-party trademarks (including logos and icons) referenced by the company remain the property of their respective owners. Unless specifically identified as such, the company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the company. Any references by the company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

MIAX Contacts:

Media
media@miaxglobal.com 

Investors
investor.relations@miaxglobal.com

 

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SOURCE MIAX

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does MIAX plan to launch its binary index options?

MIAX plans to launch its binary index options in 2027, subject to SEC review and operational readiness. The contracts will clear and settle at The Options Clearing Corporation.

What would MIAX's company-performance binary options measure?

MIAX's proposed company-performance binary options would measure public-company performance metrics against predetermined thresholds. Eligible metrics would be specific, objective figures reported in SEC filings, such as revenue, earnings per share or another disclosed operating figure.