The companies, products and regulatory developments shaping the broker industry.
Options average daily volume fell faster than the US industry, taking MIAX’s share to 16.9%. Agricultural futures grew, while equity trading on MIAX Pearl slowed sharply.
MIAX has filed for cash-settled binary index and KPI options; the intended index launch is conditional on 2027 regulatory and operational milestones.
The exchange has filed separate rules for cash-settled index-threshold and corporate-KPI options; neither product family is live or SEC-approved.
The four-contract launch uses MIAX Futures Clearing. Its delivery FAQ makes the operational scale concrete: physical load-out is a 1,500-short-ton barge representing 60 contracts.
The distribution announcement is more useful alongside the contract terms: both Tini products have $1 outright ticks and cash settlement, while their underlying indices differ.
MIAX’s 23 October alert records activation at 10:19 am and says its own systems were operating normally. The notice concerns routing around NYSE American Options, not a market-wide options shutdown.
The exchange confirmed the launch on 21 October after the first trade date of 19 October. Contract size and physical load-out requirements give brokers two different scales to manage.
TBX and TBQ give eligible customers smaller units of US equity exposure. Their contract multipliers, underlying indices and separate clearing charges determine the practical comparison.