One of Nasdaq’s options exchanges, Nasdaq MRX, has filed with the US Securities and Exchange Commission to launch cash-settled, binary-style contracts tied to the Nasdaq-100.
In a filing submitted Monday, Nasdaq proposed offering what it calls “Outcome Related Options,” which would allow traders to place yes-or-no bets priced between 1 cent and $1. The contracts would be linked only to financial benchmarks such as the Nasdaq-100 and Nasdaq-100 Micro indexes, not to sports, politics or cultural events.
The Nasdaq-100 includes major technology stocks such as Nvidia, Apple, Microsoft, Amazon, Alphabet and Meta.
Wall Street moves further into prediction-style products
The offering will place Nasdaq in competition with companies which develop similar products if it receives approval. The event-contract market has seen growth through platforms such as Polymarket and Kalshi which operate their own prediction markets while crypto trading platforms Coinbase and Crypto.com have implemented prediction markets within their services.
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Other major financial players have signaled interest as well. Intercontinental Exchange and CME Group and Cboe Global Markets have either invested in or announced plans for similar offerings.
CME Group has partnered with FanDuel to allow trading on certain non-financial outcomes, while Cboe’s proposed contracts focus on finance and economic events.
Asset manager Bitwise Asset Management recently filed to launch “PredictionShares” exchange-traded funds tied to event contracts related to the 2028 US presidential election. Firms such as GraniteShares and Roundhill have made similar filings.
Prediction markets have grown rapidly over the past year, with monthly trading volumes regularly exceeding $10 billion.
Nasdaq plans broader rollout
Nasdaq is also seeking to list Outcome Related Options on its other options exchanges, including Nasdaq NOM and Nasdaq PHLX.
Nasdaq MRX operates on a first-come, first-served model and does not provide trading incentives. In contrast, Nasdaq NOM and Nasdaq PHLX use pricing structures that may reward participants for adding liquidity.
The proposal signals Nasdaq’s entry into the expanding market for event-based financial contracts, pending regulatory approval.
