Nasdaq Seeks SEC Approval for Binary-Style Options Tied to Nasdaq-100

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Nasdaq is moving deeper into the prediction market arena, with one of its options exchanges filing to introduce cash-settled, binary-style contracts linked to the Nasdaq-100 Index.

Nasdaq MRX, an options exchange operated by the company behind the world’s second-largest stock exchange by market capitalization, has submitted a proposal to the US Securities and Exchange Commission to list what it calls “Outcome Related Options.” The contracts would function as yes-or-no wagers and be priced between $0.01 and $1, according to a filing made public Monday.

The proposed instruments would allow traders to take binary positions on specific events tied to the Nasdaq-100 Index and the Nasdaq-100 Micro Index. Importantly, the products would be restricted to market-based outcomes associated with those indexes and would not extend to predictions about sports, political developments, or cultural events.

The Nasdaq-100 includes some of the largest and most actively traded technology and growth stocks in the US market, such as Nvidia, Apple, Microsoft, Amazon, Alphabet, Meta and Tesla. The binary-style contracts would effectively let market participants express a view on defined outcomes related to the performance of these benchmarks.

If approved by the SEC, Nasdaq’s offering would place it alongside established prediction market platforms such as Polymarket and Kalshi. Crypto-native trading venues, including Coinbase and Crypto.com, have also been expanding into prediction-style products in recent months.