NYSE American Copies Nasdaq on Commodity Options Rules
Published Date: 12/10/2025
Notice
Summary
NYSE American is updating its rules to make it easier to list options on Commodity-Based Trust Shares, just like Nasdaq did earlier this year. This change affects traders and investors who deal with these options and kicks in right away with no extra fees. It’s a smart move to keep NYSE American competitive and ready for more trading action.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Exchange may list crypto-ETF options
NYSE American may list and trade options on Commodity-Based Trust Shares that meet the generic criteria of NYSE Arca Rule 8.201-E and that hold only a single crypto asset. This change became operative upon the filing on November 21, 2025 and lets the Exchange list such option series once the listing criteria are met.
$700M liquidity threshold set
To qualify for options listing, a Commodity-Based Trust's underlying crypto asset must have a total global supply whose average daily market value was at least $700,000,000 over the last 12 months. The Exchange will calculate market value by multiplying total supply by token price.
Surveillance-linked derivatives requirement
The crypto asset held by a Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement (including through Intermarket Surveillance Group membership). The Exchange must ensure this requirement is met before listing options.
Options trade under standard ETF rules
Options on qualifying Commodity-Based Trusts will trade under the Exchange's existing ETF option rules for expirations, strike intervals, minimum increments, position and exercise limits, and margin requirements. Position limits for the largest ETFs can be up to 250,000 contracts (with smaller tiers at 200,000; 75,000; 50,000; or 25,000 contracts).
Immediate operative listing permission
The Commission waived the usual 30-day operative delay and designated the proposed rule change to be operative upon filing, allowing the Exchange to list qualifying options immediately after the November 21, 2025 filing.
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