Nasdaq Files for Binary Options on Nasdaq-100 Index

Nasdaq MRX, one of the exchange's options platforms, has submitted a regulatory filing to offer cash-settled, binary-style contracts tied to the Nasdaq-100 Index. This development marks another major Wall Street firm's entry into the prediction market space. The proposed product, called Outcome Related Options, would allow traders to place yes-or-no bets priced between 1 cent and $1 on events connected to the Nasdaq-100 and Nasdaq-100 Micro indexes. Notably, the offering would exclude prediction markets on sports, culture, and politics, focusing instead on financial outcomes related to major technology stocks including Nvidia, Apple, Microsoft, Amazon, Google, and Tesla. If approved by the Securities and Exchange Commission, Nasdaq would enter a rapidly growing market alongside established platforms Polymarket and Kalshi. Cryptocurrency exchanges including Coinbase and Crypto.com have also begun integrating prediction market functionalities. Other traditional financial institutions are exploring similar offerings, with the Intercontinental Exchange, CME Group, and Cboe Global Markets all investing in or signaling intentions to launch prediction market-style products. CME Group's partnership with FanDuel will enable trading beyond financial markets, while Cboe's offering will concentrate on finance and economic contracts. The asset management firm Bitwise recently filed with the SEC to launch prediction market exchange-traded funds tied to the 2028 US presidential election, with GraniteShares and Roundhill submitting similar proposals in February. Prediction markets emerged as one of the hottest use cases in cryptocurrency during 2025, consistently surpassing $10 billion in monthly trading volume.