Nasdaq OMX Group has received approval from regulators to list a new type of derivative and start trading options on the Alpha Indexes, The Wall Street Journal reports. The new derivative will allow investors to bet on the performance of stocks, including Apple or Citigroup, versus the broader market.

The first group of relative performance options will compare Apple, the SPDR Gold Trust, the iShares MSCI Emerging Markets Index Fund and the iShares Barclays 20+ Year Treasury Bond Fund to the SPDR S&P 500 exchange-traded fund. The options will be cash-settled and European-style, meaning no physical shares change hands and closing transactions are handled on the date of expiry.

Click here for the story from The Wall Street Journal.