MIAX Rolls Out Options on Bloomberg's Big Cap Index
Published Date: 3/17/2025
Notice
Summary
MIAX is updating its rules to let traders buy and sell new cash-settled options based on the Bloomberg US Large Cap Price Return Index (B500 Index). These options can settle in the morning or afternoon and will have flexible expiration dates. This change opens fresh trading opportunities starting soon, with MIAX promising to keep the SEC updated on how these options perform over the next five years.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
New A.M.-Settled B500 Index Options
If you trade options or use investment hedges, MIAX proposes to list cash-settled A.M.-settled options on the Bloomberg US Large Cap Price Return Index (the B500 Index) with third Friday-of-the-month expirations. Each contract would use a $100 multiplier, minimum ticks of $0.05 for series below $3.00 and $0.10 otherwise, strike intervals no less than $5.00, and the Exchange may list up to twelve (12) standard expiration months.
P.M.-Settled B500 Options and Trading Hours
MIAX proposes to list cash-settled P.M.-settled B500 Index options (closing-price settlement) including third Friday-of-the-month series; these contracts would use a $100 multiplier, minimum ticks of $0.05 for series below $3.00 and $0.10 otherwise, and strike intervals no less than $5.00. Trading hours for P.M.-settled third-Friday series would be 9:30 a.m. to 4:15 p.m. Eastern Time, but on the last trading day hours would be 9:30 a.m. to 4:00 p.m. Eastern Time.
Weekly and End‑of‑Month (Nonstandard) Expirations
MIAX proposes rules to allow nonstandard expirations for broad-based indexes, including Weekly Expirations (Monday–Friday, excluding the third Friday) and End‑of‑Month (EOM) expirations (last trading day of the month). For the B500 Index the Exchange may list up to twelve (12) standard monthly expirations and, correspondingly, up to twelve weekly expirations per weekday and up to twelve EOM expirations in a class; new series in Weekly and EOM expirations may be added up to and including the expiration date, and Weekly series first listed may expire up to four weeks from listing.
Five‑Year Annual Data and Public Report Commitment
MIAX commits to produce an Annual Report covering B500 Index options each year for five (5) years from launch, providing volume, end-of-day open interest, exercised contracts, trading patterns, and analysis; the Exchange may provide an in‑depth analysis (for example, of volatility within 15 minutes of the market close) and will make underlying data publicly available in machine-readable format.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-04160, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Amend the Floor Broker Fixed Cost Prepayment Incentive Program
Starting March 7, 2025, NYSE American is tweaking its Options Fee Schedule to make it easier and more rewarding for floor brokers to prepay fixed costs. They’re lowering one volume threshold, adding a new combined volume target, and testing a fresh monthly incentive for certain trades. If you’re a floor broker, these changes could save you money and boost your rewards!
Next: 2025-04162, Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change by MIAX Sapphire, LLC To Amend the Fee Schedule Related to Fee Waivers and the Open-Close Report
MIAX Sapphire is updating its fee schedule by adding a new discount for the Open-Close Report and removing old fee waivers that expired on February 28, 2025. Traders and firms using the exchange will see these changes take effect immediately, so they should check the new fees to stay in the know. This update keeps things fair and clear as the exchange moves forward.