CMC Markets Lets UK Clients Buy Options on Anthropic Before It Lists
CMC Markets has become the first UK-regulated broker to offer options on Anthropic before its expected Nasdaq listing, allowing UK clients to buy calls and puts on the AI company.
CMC Markets has started offering UK clients options tied to Anthropic's expected share price before the artificial intelligence company lists on the Nasdaq. The broker described itself as the first UK-regulated firm to provide options on pre-IPO grey markets, according to its announcement on Saturday.
Clients can purchase both call and put options, with the premium paid representing the maximum potential loss. This differs from other brokers' offerings, which have been leveraged contracts for difference (CFDs) on Anthropic in recent weeks.
Anthropic filed for a Nasdaq listing on October 26, sparking a race among brokers, crypto exchanges, and the company itself to provide UK retail investors with exposure to the anticipated listing.
How the Options Settle
The options are European-style and cash-settled. If Anthropic lists before an option expires, the contract will settle against the official closing price of the listed shares. If the company hasn't listed by expiration, settlement will use the grey market price set by CMC.
This product builds upon CMC's previous grey market spread bets and CFDs on SpaceX, which it first offered in May. The firm's clients traded an estimated $451 billion monthly over the two quarters ending September, according to FM Intelligence broker volumes data.
It significantly broadens the range of opportunities available
Setting the Grey Market Price
Unlike its SpaceX offering where the grey market pricing wasn't specified, CMC now states it sets its own price based on its view of the expected listing price. The company uses indicative price ranges when available, valuations of comparable listed companies, and market sentiment.
Crucially, the price isn't based on trades in private shares. With no exchange-traded reference before a listing, the product cannot be hedged in the open market. Option prices include an estimate of future volatility.
Client Exposure Options
Brokers and exchanges now offer UK retail investors at least four types of exposure to Anthropic's listing, each with different outcomes for clients. ThinkMarkets quotes Anthropic's value at the end of its first trading day, while Pepperstone tracks the expected opening share price. Both are leveraged CFDs.
Kraken allows eligible clients to request share-backed ANTx tokens, though allocation isn't guaranteed. Anthropic has named six UK platforms for its retail share offer coordinated by RetailBook, which doesn't include Robinhood.
Among these options, only CMC's derivatives provide a known maximum loss at trade opening. The options are available to UK clients starting Saturday, with a global rollout planned. Clients must pass an appropriateness assessment for both OTC options and grey market products.
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