Federal Register #SR-IEX-2026-34

IEX proposal on options for crypto-asset trusts and the iShares Bitcoin Trust ETF

The Securities and Exchange Commission (SEC) notice describes a proposed rule change by Investors Exchange LLC (IEX), not a procurement or contract award. - Government agency: Securities and Exchange Commission (SEC). - Proposing organization: Investors Exchange LLC (IEX). - Proposal: Listing standards and withdrawal criteria for options on Commodity-Based Trusts holding one or more crypto assets, plus position and exercise limits for options on the iShares Bitcoin Trust ETF (IBIT). - Notable proposed requirements: Each underlying crypto asset would need an average daily market value of at least $700 million over the preceding 12 months and must underlie a derivatives contract traded on a market covered by a comprehensive surveillance-sharing agreement. - Other named exchanges referenced as examples or comparators: Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc., NYSE Arca, Inc., MIAX, ISE, and MEMX. - Procurement status: No products or services are being purchased; no purchase quantities, OEMs, or contract value are identified.

Description

Investors Exchange LLC filed a proposed rule change to update options listing standards and position and exercise limit rules ahead of the launch of IEX Options. The proposal establishes listing standards and withdrawal criteria for options on Commodity-Based Trusts holding one or multiple crypto assets, including conditions related to each asset’s market value and derivatives trading. It also amends position and exercise limits for options on iShares Bitcoin Trust ETF (IBIT).

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