NYSE Arca Eases Trading for Mini MSCI Index Options
Published Date: 4/15/2026
Notice
Summary
NYSE Arca is making it easier to trade and transfer options tied to smaller versions of the MSCI World and MSCI USA Indexes, plus the full MSCI ACWI Index. This change helps investors handle these options more smoothly starting immediately, with no extra costs announced. If you trade these options, get ready for a simpler, faster experience!
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Analyzed Economic Effects
7 provisions identified: 5 benefits, 0 costs, 2 mixed.
Smaller (1/100) Index Options Lower Cash Needed
The Exchange will list options based on 1/100th of the MSCI World and MSCI USA indexes ("WORLD (1/100)" and "USA (1/100)"). This means you can trade these index options with a much smaller upfront capital outlay because each option is based on a reduced index value (1/100th).
P.M. Cash-Settlement and European Exercise
WORLD (1/100), ACWI, and USA (1/100) options will be P.M.-settled, cash-settled contracts with European-style exercise, meaning settlement uses the official closing index value and exercise results in cash delivery on the business day after expiration. The Exchange says P.M.-settlement lets investors trade through the final trading day before settlement.
Same Trading Hours and Expiration Options
These options will trade during normal index option hours, 9:30 a.m. to 4:00 p.m. (New York time). They may have up to 12 near-term expiration months, be eligible for long-term series up to 180 months, and be eligible for short-term and quarterly option series like other broad-based index options.
Contract Size and Tick Value Set ($100 multiplier)
WORLD (1/100), ACWI, and USA (1/100) options will have a contract multiplier of $100 and be quoted in index points (one point = $100). The minimum tick is 0.05 points ($5.00) when the series trades below $3, and 0.10 points ($10.00) when at or above $3.
Position Limits Set at 50,000 Contracts
The Exchange will apply a position limit of 50,000 contracts to WORLD (1/100), ACWI, and USA (1/100) options, and exercise limits will match that 50,000 number. Reduced-value contracts will be aggregated with full-value contracts (e.g., 100 reduced-value contracts equal one full-value contract if the index is reduced by 1/100).
Exchange Will Permit FLEX Versions of These Options
The Exchange may approve and open FLEX (flexible) options series on the MSCI World (1/100), MSCI ACWI, and MSCI USA (1/100) indexes if they meet eligibility rules. FLEX options would have position limits equal to the non-FLEX limits (proposed 50,000).
Immediate Transfer/Continuity of Trading from CBOE
The Exchange asked the SEC to waive the 30-day operative delay so it could list and trade WORLD (1/100), ACWI and USA (1/100) options immediately after filing (filed March 30, 2026). The Commission waived the delay and designated the proposal operative upon filing to facilitate continuity when these options cease trading on CBOE.
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