Moomoo Plans to Offer NYSE American’s $100 Binary Return…
By Rick Steves
AI summary of the source article
Moomoo plans to become one of the first U.S. retail brokers offering NYSE American's Binary Return Options. The European-style contracts pay a fixed $100 gross settlement if an underlying stock or ETF meets specified closing-price conditions at expiration.
Why it matters
Kevin Tyrrell, chief product officer at NYSE, pointed to "a lot of interest in newer ways to trade or newer products to trade," with the text noting that "brokerage distribution can bring more customers to the product."
Key facts
- The initial program covers 12 underlying securities—six equities and six ETFs—across five consecutive weekly expiration series.
- Winning contracts pay a fixed gross settlement of $100 based on the official closing price reported by the security's primary listing market.
- NYSE American updated its rules, raising the minimum market capitalization requirement from $40 billion to $290 billion and requiring $10 million in average daily closing-auction turnover.
Source excerpt · FinanceFeeds
Moomoo plans to be among the first U.S. retail brokers to offer NYSE American’s Binary Return Options, contracts that pay $100 when a stock or ETF meets a specified closing-price condition at expiration. In its announcement , the broker said the initial program covers 12 underlying securities and five consecutive weekly expiration series. The product gives options-approved customers a way to trade…