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.
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