Miami Exchanges Seek Rule Tweaks for Commodity Options Trading
Published Date: 6/23/2025
Notice
Summary
The Miami International Securities Exchange and its siblings want to update their rules so they can offer options trading on special investment units tied to commodities like gold or oil. This change affects traders and investors who want more ways to invest in commodity-based trusts. The SEC is now deciding whether to approve these rule changes, with no public objections so far, so keep an eye out for the final decision soon!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Options Trading Allowed on Commodity ETFs
The Exchanges propose to allow listing and trading of options on units that represent interests in Commodity-Based Trusts, including trusts that hold commodities such as gold, silver, palladium, platinum, and cryptocurrency trusts (e.g., Bitcoin trusts). The Exchanges say these options would let investors hedge exposure to those underlying Commodity-Based Trust Shares and would increase market transparency and price discovery.
No Additional SEC Approval Needed for Underlying
Each Exchange would permit any Exchange-Traded Fund Shares that are approved to list on a primary equities market as a Commodity-Based Trust Share to qualify as an underlying for options traded on the Exchange without any additional approvals from the Commission, provided other listing criteria are met.
Same Rules and Surveillance Apply to New ETF Options
The Exchanges state that options on Commodity-Based Trust Shares would trade under the same listing, continued-listing, expiration, exercise/strike price, minimum increment, position and exercise limits, margin requirements, customer account, and trading halt rules that apply to other ETF options. The Exchanges also say the same surveillance procedures and ISG/FINRA arrangements would apply.
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