Miami International Holdings announced two pending SEC rule proposals on 3 November for cash-settled binary options: one tied to broad-based equity indexes and another to company-reported financial or operating measures. The filings were submitted by MIAX Options and contemplate products on one or more of the group's SEC-registered exchanges, subject to review.[1][2]
The index design would pay according to whether a specified broad-market benchmark ends above or below a threshold at expiry. MIAX cites its licensed Bloomberg 500 and Bloomberg 100 indexes as candidate references. The KPI version instead would use publicly reported facts such as a company’s revenue or earnings per share measured against a specified target. The difference is not cosmetic: the first depends on an index calculation, while the second depends on which disclosure and measurement rules establish the corporate result.[1][2]
MIAX says its index binary contracts would clear through The Options Clearing Corporation. It targets a 2027 launch for those products if the SEC review and operational preparations succeed. The timing for KPI binaries has not been announced. Broker-dealers should not infer that a timetable for one option class also grants permission to offer the other.[1][2]
Why index levels and company KPIs need different rulebook scrutiny
The underlying filings give more detail than the launch announcement. The KPI proposal's issuer-by-issuer schedule includes diluted earnings per share as well as measures such as Meta's family daily active people, Microsoft's cloud revenue and Robinhood's funded customers. Each reference links the contract to a defined reported measure rather than the company's share price.[4]
That creates a different resolution task from an index binary. A contract based on a company's operating measure depends on the prescribed report, period and unit, whereas the index version depends on the benchmark level at expiry. The published proposals give brokers a starting point for examining those mechanics, but the SEC has not approved the product families.[2][3][4]
Current status of the two proposals
| Item | Details |
|---|---|
| Index filing | SR-MIAX-2026-44; pending |
| KPI filing | SR-MIAX-2026-45; pending |
| Index references | Bloomberg 500 and Bloomberg 100 cited |
| KPI references | Specified financial and operating measures reported by issuers |
| Index clearing | OCC |
| Index timetable | Targeted 2027, conditional on review and operational readiness |
| KPI timetable | To be announced |
Sources & further reading
- MIAX Files with the SEC to Offer Cash-settled Binary Index Options and KPI Binary Options on its SEC-registered Exchanges Miami International Holdings · 3 Nov 2026 · Accessed 4 Nov 2026
- MIAX Options: rule filings and pending binary-option proposals Miami International Holdings · 2 Nov 2026 · Accessed 4 Nov 2026
- SR-MIAX-2026-44: Proposed binary index options rules MIAX Options · 2 Nov 2026 · Accessed 4 Nov 2026
- SR-MIAX-2026-45: Proposed binary KPI options rules MIAX Options · 2 Nov 2026 · Accessed 4 Nov 2026