Cboe launches binaries on the Mini‑Russell 2000 and expands Cboe Predicts suite

Cboe Global Markets launched binary contracts on the Mini‑Russell 2000 Index (MRUT) that began trading on 9 November 2026. The ticker is MRTBW; each contract pays $100 or $0 depending on whether MRUT settles at or above the strike, and Cboe will list P.M.‑settled expiries for the same day and the following day with central clearing via the Options Clearing Corporation (OCC).

What Cboe launched and how it works

The new MRUT binary contracts pay $100 if the Mini‑Russell 2000 closes at or above the specified level and $0 if it closes below. Cboe describes MRUT as a one‑tenth representation of the Russell 2000, the benchmark for US small‑cap stocks. Series are P.M.‑settled and expiries include the same trading day and the next day. Clearing is provided by the Options Clearing Corporation (OCC).

Cboe said these products will be available through "select retail brokers," but the 9 November release did not name any intermediaries for this issuance nor specify which customers will be eligible to trade the contracts.

“The Russell 2000 is traditionally more volatile than broader measures,” said JJ Kinahan, head of retail expansion and alternative investment products at Cboe, explaining growing interest in zero‑days‑to‑expiry options.

Positioning inside the Cboe Predicts suite and regulatory background

The product family joins the suite Cboe branded Cboe Predicts on 23 June 2026, when Cboe introduced binaries on the Mini‑S&P 500 (tickers XSPBW and XSPBX). Interactive Brokers offered those contracts at launch and the initial release said Charles Schwab would follow “in coming months.”

On 13 October the US Securities and Exchange Commission approved binaries tied to corporate performance metrics (KPI binaries), but Cboe said it would not list them until its clearinghouse Cboe Clear U.S. (CCUS) received necessary operational approval. In a 3 November circular Cboe Options told trading permit holders that CCUS had published the disclosure document brokers must deliver to each client authorized to trade those KPI binaries (circular RC26‑018). The 9 November note says only that earnings‑metric contracts will “soon” join the suite; no start date was given for those products.

Fees, other indexes and liquidity support

A Cboe Exchange, Inc. filing effective 1 November names binaries on MRUT, the Dow Jones Industrial Average (DJX) and the Cboe Magnificent 10 Index (MGTN) in addition to XSP. That filing also reduces the fee for market makers adding electronic liquidity in these series: the per‑contract fee falls from $0.05 to $0 to incentivise competitive quoting. The same document lists prior market conditions and describes product features under Cboe Options Rule 4.16.

Prior to this launch Cboe disclosed activity figures for its traditional Russell 2000 options: an average of 85,000 contracts per day in the first three quarters of 2026. Cboe did not publish volumes for the XSP binaries or the new MRUT series in the 9 November release; the only volume figure in the note is the legacy RUT number.

Product design and how it compares with other event markets

MRTBW is a short‑expiry — zero‑days‑to‑expiry — all‑or‑nothing option that lets an investor cap maximum loss while taking exposure to small‑cap moves. Cboe presents the format as regulated products under US securities law, traded on a registered exchange and cleared by the OCC, leaving brokers responsible for deciding which customers may trade. See /regulation for related rules.

Cboe’s move does not enter distribution channels for products regulated by the Commodity Futures Trading Commission or for sports betting contracts; its advantage is the registered‑securities wrapper and central clearing, while retail reach will depend on the brokers that integrate the series into their platforms. Learn more about the suite on /b2b.

Liquidity and next steps

The filing that waives the market‑maker fee suggests market depth is the primary constraint today. Cboe has used fee reduction to encourage market makers to post quotes; if the unnamed retail brokers route client orders, retail flow can follow. Coverage of the distribution decisions will be important to watch on /news.

FX News Group reported on 5 October that a Cboe Options notice had set an initial effective trading date of 26 October; Cboe’s official 9 November release lists that day as the first trading session for MRTBW and does not comment on the earlier discrepancy.

Cboe now offers short‑expiry binaries in both large‑cap and small‑cap under US securities law. The change broadens the asset range inside Cboe Predicts, but whether this becomes a material prediction‑markets business will depend on volumes Cboe discloses in coming weeks.

Renata Quiroga, Betting Markets Correspondent.