Nasdaq has filed with the U.S. Securities and Exchange Commission to list cash-settled, binary-style contracts tied to the Nasdaq-100 Index through one of its options venues, Nasdaq MRX. The proposed instruments, called “Outcome Related Options” in the filing, would trade as yes-or-no contracts with prices ranging from $0.01 to $1.00 and settle in cash.
According to the filing, the contracts would allow participants to take binary positions only on events linked to the Nasdaq-100 and the Nasdaq-100 Micro indexes. The proposal explicitly excludes outcomes tied to sports, culture, or politics. Prominent Nasdaq-100 constituents include Nvidia, Apple, Microsoft, Amazon, Alphabet (Google), Meta and Tesla.
If the SEC approves the listing, Nasdaq’s offering would join a broader market of prediction-style products. Established platforms such as Polymarket and Kalshi already operate in this space, and several crypto exchanges, including Coinbase and Crypto.com, have explored similar markets. Traditional exchange operators have also shown interest: Intercontinental Exchange (ICE), CME Group and Cboe Global Markets have signaled plans or investments related to prediction-market formats. CME, for example, has a partnership with FanDuel to enable markets beyond conventional finance, while Cboe’s announced efforts are expected to target finance and economic outcomes.
Asset managers are participating as well. Bitwise has filed to create “PredictionShares” ETFs that would hold event contracts tied to the 2028 U.S. presidential election, and firms such as GraniteShares and Roundhill have submitted comparable filings. Crypto-based prediction markets experienced rapid growth last year, with monthly trading volumes repeatedly topping $10 billion on some platforms, driving increased retail attention even as regulators have considered tighter oversight.
Nasdaq plans to make Outcome Related Options available across multiple options exchanges it operates: MRX, NOM and PHLX. MRX uses a first-come, first-served model without trading incentives, while NOM and PHLX employ pricing structures that can reward participants who add liquidity.
This report follows the filing Nasdaq submitted to the SEC and situates the proposal within ongoing industry developments around prediction-style contracts. Readers are encouraged to consult the SEC filing and other primary sources for full details and to verify information independently.