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NYSE sets out a 12-name launch
Within days, NYSE plans to put binary return options on 12 stocks and exchange-traded funds into trading, Reuters reported on Tuesday. The first underlyings include the SPDR S&P 500 ETF Trust alongside Tesla, Apple and Nvidia. NYSE plans to broaden the eligible list over time.
Each contract has a strike and pays a set amount if the linked share finishes above or below it; otherwise, the return is zero. NYSE describes its payout as $100. The Committee on Capital Markets Regulation put monthly event-contract volume at more than $50 billion in July 2026, against about $1 billion in 2024, in a letter this month backing Cboe earnings contracts.
Other exchanges move through approvals
Cboe has had Mini-S&P 500 yes-or-no contracts on its board since June, initially through Interactive Brokers. Charles Schwab plans to offer them to clients. SEC clearance for Cboe's earnings product came on 13 October, with Robinhood set to be the initial retail broker.
Temporary SEC registration for Cboe's clearing house followed on 23 October. Cboe targets a fourth-quarter listing.
MEMX submitted an earnings-contract filing in August; NYSE made a comparable filing in September. Cboe's index options remain the only live product in this group, with four other proposals in the pipeline. Finance Magnates reported the sequence, citing Reuters.
An older rulebook still governs the contracts
In August 2007, the SEC approved the product framework at NYSE American, then the American Stock Exchange, under the name Fixed Return Options for stocks and ETFs. Trading was narrowed to closing transactions in March 2009. The SEC later authorised a return in 2014 under the designation Binary Return Derivatives.
The earnings contracts NYSE is awaiting would pay $1 or zero, depending on whether a company figure reported to the SEC meets a strike. Examples include Apple iPhone sales and Tesla Model 3/Y production; filings name 23 companies, from JPMorgan Chase to SpaceX. The European Securities and Markets Authority (ESMA) barred retail binary-option sales in 2018 and said in July that the restriction also covers event contracts treated as financial instruments.
Britain's Financial Conduct Authority (FCA) made its retail ban permanent in April 2019. NYSE owner Intercontinental Exchange pledged as much as $2 billion to prediction-market operator Polymarket in October 2025 and completed the commitment in March.
What an operations team should check
Operations and risk teams assessing access should establish how their broker and clearing route will handle instrument setup, expiry and reconciliation of the closing share price against the strike. The report does not specify NYSE's clearing arrangement, supported order types or settlement timetable, so those details need confirmation before workflows are configured.
Risk owners should also ask how the $100 result affects exposure limits and client statements, and how an earnings contract's $1-or-zero outcome would be checked against the company figure reported to the SEC. The source gives no API, feed or reporting-field details, leaving integration and reconciliation requirements unresolved.
