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.
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