--- title: Yes-or-No Options on Company Earnings Are Due This Month as More US Exchanges Seek to List the Contracts description: Cboe expects to launch $1-or-nothing options on company KPIs such as EPS with Robinhood this month; MIAX filed on Nov. 2 to list the same product. author: Darie Nani (Editor-in-Chief) date: 2026-11-07T13:26:01.058Z updated: 2026-11-07T13:26:01.082Z canonical: https://www.sovereignmagazine.com/article/miax-kpi-binary-options-sec-filing image: https://cdn.nanimediahouse.com/pexels-a-stock-trader-analyzes-financial-data-on-multiple-computer--5831255.jpg categories: Markets content_type: News region: United States publication: Sovereign Magazine schema_type: Article --- US retail investors are about to be able to trade yes-or-no options on the figures companies report each quarter. Cboe chief executive Craig Donohue said on the company's Oct. 30 results call that he expects Cboe's KPI binary options to launch in November, once clearing members, brokers and market makers are ready, with Robinhood as the first retail broker to offer them. Each contract pays $1 if a reported figure, such as Microsoft's earnings per share, meets a set level, and nothing if it does not. On Nov. 2, Miami International Holdings, which runs the MIAX options exchanges, filed with the SEC to list a product it calls "substantively identical" to Cboe's, which won [SEC approval on Oct. 13](https://www.federalregister.gov/documents/2026/10/16/2026-21149/self-regulatory-organizations-cboe-exchange-inc-notice-of-filing-of-amendment-no-1-and-order). MIAX's filing says NYSE American and NYSE Arca filed their own KPI rules for immediate effectiveness on Oct. 23, and Cboe global head of derivatives Rob Hocking said MEMX, NYSE and Nasdaq have all submitted filings to launch KPI contracts. A second MIAX filing seeks to list binary options on Bloomberg stock indexes. Neither Cboe nor Robinhood will charge fees on the contracts through the end of 2026. Donohue said Interactive Brokers and Schwab have also shown strong interest. All of these are securities options overseen by the SEC, unlike [the event contracts that Kalshi and Polymarket offer on prediction markets](https://www.sovereignmagazine.com/article/legal-sports-betting-flat-prediction-markets-253513) under the Commodity Futures Trading Commission. Cboe's S&P 500 binary options traded from 2010 to 2015 and its VIX binaries until 2017, Cboe told the SEC in August, and this year the SEC approved new binary index option rules for Nasdaq MRX and amended ones for Cboe, according to MIAX's filing. ## Each Contract Pays $1 if the Company Hits the Number and Nothing if It Misses A call pays $1 if the company's reported figure is equal to or greater than the strike when the contract expires, and a put pays $1 if the figure is below it. The settlement figure comes from the company's 10-Q, 10-K or 8-K filing, and trading stops once the company reports. Cboe plans to start with figures from about 23 companies, under symbols that begin with K: KAMSF, for example, covers Microsoft's earnings per share. MIAX's filing lists the company figures it may use, including Apple's iPhone net sales, Alphabet's Google Cloud revenue, Amazon's AWS net sales, NVIDIA's data center revenue, Meta's count of daily users across its apps, Robinhood's Gold subscribers and Palantir's count of closed deals worth at least $1 million. JPMorgan Chase, Netflix, Ford and SpaceX are also on the list. > "Earnings contracts give retail investors another tool to inform their strategies and offer an even more precise way to trade on anticipated company KPIs." > — Steve Quirk, Chief Brokerage Officer, Robinhood ## MIAX Plans Index Binaries for 2027 and Has No Date Yet for Its KPI Contracts MIAX plans to launch binary options on the Bloomberg 500 and Bloomberg 100 indexes in 2027, cleared at The Options Clearing Corporation, and says it will announce a timeline for its KPI contracts later, subject to SEC review and clearing readiness. "Investors increasingly want event-driven exposure, whether that's where a benchmark closes or whether a company hits a specified performance metric," said Thomas P. Gallagher, MIAX's chairman and chief executive. ## The SEC Says Similar KPI Contracts May Fall Under the CFTC MIAX said the SEC classifies binary options as securities options, so they carry the same rules and customer protections as other US-listed options. In its Oct. 13 order, the SEC wrote that similar products on the same KPIs "may be structured in different ways and be subject to CFTC jurisdiction," and that its order "does not foreclose other markets from structuring derivative instruments overlying KPIs as other products." ## Kalshi and Two Other Firms Told the SEC That Approval Was Premature Kalshi, Paradigm and Rothera Exchange and Clearing argued during the comment period that approval was premature because Cboe's clearinghouse was not yet registered with the SEC, Cboe said in its Aug. 24 reply, and some commenters also said the products' classification was unsettled. Cboe Clear U.S. received temporary SEC registration on Oct. 23. In the same reply, Cboe quoted a 2008 letter in which Eric Sirri, then director of the SEC's Division of Trading and Markets, warned the CFTC that event contracts on earnings announcements could "create a potential for insider trading and an incentive for management to manipulate such accounting measures as earnings per share." Cboe argued that its KPI options are securities, and the SEC noted in its order that FINRA runs insider-trading surveillance for US options markets. MIAX's rule filings are at [miaxglobal.com](https://www.miaxglobal.com/markets/us-options/miax-options/rule-filings). ## FAQ **Q: What does one KPI binary option cost?** On Cboe the contracts trade in penny steps at prices between 1 cent and $1.03, with a contract multiplier of 1. The top price sits above the $1 payout to cover transaction costs, Cboe said in an exchange notice, so a buyer can pay at most $1.03 for a contract that returns either $1 or nothing. **Q: How were the companies chosen?** Cboe told the SEC that each company on its list had a market capitalization above $3 billion in May 2026 and ranked among the top 200 US companies by average daily options or stock volume. SpaceX was the exception, because its shares did not begin trading until June 2026. **Q: What happens if a company restates the figure?** Nothing changes for contract holders. Under MIAX's proposal, settlement is final and the payout does not change if the company later restates the number. **Q: Who clears the contracts?** Cboe's KPI options will be cleared by Cboe Clear U.S., which until October was registered only with the CFTC, as a clearinghouse for futures and swaps. Rob Hocking, Cboe's global head of derivatives, said Cboe is "introducing a second securities clearinghouse for the first time in over 53 years," and that connecting everyone is taking some time. MIAX's KPI filing lets the exchange designate The Options Clearing Corporation or another registered clearing agency.