finance
Charles Schwab to Offer Yes-or-No Options on S&P 500 via Cboe Partnership
The brokerage will let customers wager on whether the index closes above or below preset levels. Rollout is planned for the coming months.
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Charles Schwab is partnering with Cboe Global Markets to offer yes-or-no options contracts on the S&P 500, according to a Wall Street Journal report cited by CoinDesk. The contracts will pay a fixed cash amount or expire worthless depending on whether the index closes above or below a preset level. Rollout to Schwab customers is expected in the coming months.
Schwab and Cboe are also exploring related contracts using Cboe’s Plus Zone feature, which would allow partial payouts when a prediction is close to the final outcome. The companies have discussed expanding the product lineup to other market indexes or financial benchmarks.
Schwab plans to focus on contracts tied to financial markets and will not offer contracts on politics, sports, or other nonfinancial events.
Coinbase and Robinhood have both recently introduced prediction market offerings. m.
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