MIAX Files With SEC to Introduce Binary Index and KPI Options

Miami International Holdings (MIAX) has submitted proposed rule filings to the U.S. Securities and Exchange Commission (SEC) to launch cash-settled binary options. The proposal covers contracts tied to Bloomberg equity indices as well as binary options linked to specific company key performance indicators (KPIs), such as revenue or earnings per share.

CEO Thomas P. Gallagher stated that the initiative aims to provide market participants with event-driven exposure to benchmark performance and specific corporate metrics. The products are designed to allow investors to bet on whether an underlying index or corporate metric will exceed a defined threshold at the time of expiration.

Under the proposal, these instruments would operate under existing SEC regulatory guidelines for security options, mirroring the transparency and oversight of traditional U.S.-listed options. The company expects to launch binary index options in 2027, pending regulatory review and operational readiness. The timeline for KPI-based binary options remains subject to further disclosure and SEC clearance.