NYSE American Expands Short Term Options Series Program to Allow Monday and Wednesday Expirations for Qualifying High-Liquidity Securities
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NYSE American LLC filed a proposed rule change (SR-NYSEAMER-2026-26) on March 27, 2026, amending its Short Term Options Series Program to allow listing of up to two Monday and two Wednesday expiration series per week for options on certain highly liquid individual stocks and Exchange-Traded Fund Shares, collectively called 'Qualifying Securities.' The rule takes immediate effect as the Commission waived the standard 30-day operative delay, citing a substantively identical rule already approved for Nasdaq ISE. To qualify, a security must meet all four criteria assessed quarterly: individual stocks need a market cap above $700 billion (closing price on last day of prior quarter), or ETFs need AUM above $50 billion (NAV basis); monthly options volume exceeding 10 million sides in the last month of the prior quarter; a position limit of at least 250,000 contracts; and participation in the Penny Interval Program. As of June 27, 2025, only 8 individual stocks and 1 ETF (that didn't already have Mon/Wed expirations) met all criteria — representing less than 0.2% of all optionable securities. The new Monday and Wednesday expirations will follow the same structural rules already in place for SPY, QQQ, and IWM: up to two expirations beyond the current week, P.M.-settled, subject to a 30-series-per-expiration cap, and skipped when they would fall on the same day as standard, monthly, or quarterly expiration series. Critically, no expiry will be listed on a day when a Qualifying Security has a post-market Earnings Announcement, to avoid amplified post-close volatility affecting exercise and assignment decisions. Strike price intervals mirror existing short-term equity option rules: $0.50 or greater below $100, $1 or greater between $100–$150, and $2.50 or greater above $150. The Exchange confirmed it has adequate surveillance and system capacity to support the new expirations. Eligibility is reassessed each calendar quarter, and securities that fall below thresholds lose Monday/Wednesday listing rights from the second trading day of the following quarter, though already-listed series may continue trading until expiry.
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Key Changes
- NYSE American may now list up to two Monday and two Wednesday expiration series beyond the current week for options on Qualifying Securities, in addition to existing Friday weekly expirations
- Qualifying Securities criteria: individual stock market cap >$700B OR ETF AUM >$50B (NAV), plus monthly options volume >10M sides, position limit ≥250,000 contracts, and Penny Interval Program participation — assessed quarterly
- As of June 27, 2025, only 8 individual stocks and 1 ETF meet all four criteria (less than 0.2% of optionable securities)
+ 3 more changes with Pro
Obligations
What this law requires
NYSE American must assess securities quarterly against four criteria: market cap >$700B (stocks) or AUM >$50B (ETFs), monthly options volume >10 million sides, position limit ≥250,000 contracts, and Penny Interval Program participation. Publish list of Qualifying Securities by close of business on first trading day of each quarter.
NYSE American must not list Monday or Wednesday expiration series on any day when a Qualifying Security has a post-market Earnings Announcement (defined as official public quarterly or yearly earnings filed with the Commission).
NYSE American must remove Monday and Wednesday listing rights for securities that fall below eligibility thresholds, effective the second trading day of the following quarter. Already-listed series may continue trading until expiry.
NYSE American must limit Qualifying Securities to a maximum of two Monday expiration series and two Wednesday expiration series per week, both beyond the current week, with a 30-series-per-expiration cap.
NYSE American must not list Monday or Wednesday expirations on days when standard, monthly, or quarterly expiration series already expire for the same security.