NYSE American Smooths Out Index Options Trading – No Drama Here
Published Date: 3/13/2026
Notice
Summary
NYSE American is making it easier and faster to trade options tied to the MSCI EAFE and Emerging Markets Indexes. These options will follow proven rules from the Chicago Board Options Exchange, settling in cash after the market closes. Traders and investors can start using these new rules right away, helping them move and trade these options more smoothly without extra costs or delays.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 0 costs, 1 mixed.
NYSE American Will List MSCI EAFE and EM Options
The Exchange will list and trade options that overlie the MSCI EAFE Index (694 constituents) and the MSCI Emerging Markets Index (1,196 constituents) using rules based on CBOE. The filing is intended to facilitate the transfer of EAFE and EM options to NYSE American and to increase trading and hedging opportunities for investors.
How These Index Options Will Trade and Settle
EAFE and EM options will be P.M., cash-settled contracts with European-style exercise and a contract multiplier of $100 (one index point = $100). They will trade 9:30 a.m. to 4:00 p.m. (New York time), be quoted in index points, have a minimum tick of 0.05 ($5.00) below $3 and 0.10 ($10.00) at or above $3, and strike intervals of 2.5 points when strikes are below 200 and 5 points at or above 200.
Position and Exercise Limits Set at 50,000 Contracts
The Exchange will set position limits for EAFE and EM options at 50,000 contracts on the same side of the market, and exercise limits will be equivalent to those position limits. FLEX index options on these indices will have the same position limits as non-FLEX options, and existing hedge exemptions for broad-based index options apply.
Initial and Continued Listing Standards Specified
The Exchange adopted initial and continued listing criteria for these index options, including that an index must be broad-based, have 500 or more component securities, each component have market capitalization greater than $100 million, no single component exceed 15% weight, and the top five not exceed 50% in aggregate. For EAFE non-U.S. components the limit is 25% and for EM it is 27.5%.
Rule Change Became Operative Immediately Upon Filing
The Commission waived the normal 30-day operative delay and designated the proposed rule change as operative upon filing, which was filed on February 27, 2026. That means the Exchange can facilitate listing and trading of these options immediately after filing rather than waiting 30 days.
Existing Exchange Rules and Surveillance Will Apply
Trading of EAFE and EM options will be subject to the Exchange's existing options rules including sales practice, margin, trading halts, account opening, suitability, confirmations, and surveillance procedures. The Exchange represents it has system capacity and an RSA with FINRA and participates in the Intermarket Surveillance Group for coordinated surveillance.
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
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
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!
Previous / Next Documents
Previous: 2026-04893, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Rule 14.11(j) Regarding Information Circular for UTP Derivative Security
The Cboe BZX Exchange wants to stop sending info circulars before trading starts on certain UTP derivative securities. The SEC is taking extra time, until April 27, 2026, to decide if this change is a go or no-go. This affects traders and investors who follow these securities and could speed up how new products hit the market.
Next: 2026-04895, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.24 To Allow a Retail Member Organization To Enter a Retail Order Onto the Exchange in a Principal Capacity
Cboe BYX Exchange is updating its rules to let Retail Member Organizations enter retail orders as principals, as long as they follow new requirements. These organizations must have policies to prove they’re playing by the rules and be ready to show proof if asked. This change is effective immediately and aims to make trading smoother for retail investors without extra costs.