Miami International Holdings, Inc (NYSE:MIAX) 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.