Charles Schwab Partners With Cboe to Launch Binary S&P 500 Options in Coming Months

SPX500-0.04%
KALSHI-0.43%
According to Wall Street Journal, Charles Schwab has partnered with Cboe Global Markets to offer binary-style options on the S&P 500 in the coming months. The contracts let customers wager on whether the index closes above or below a set strike price, paying either a fixed amount ($100) or expiring worthless. Schwab manages $11.8 trillion in client assets across 47.2 million accounts as of Q1 2026, making this entry into prediction markets a significant move targeting territory dominated by platforms like Kalshi and Polymarket. The product will use Cboe's regulated options infrastructure and track only financial benchmarks, excluding sports, elections, and other non-financial outcomes.
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