Cboe Global Markets Inc. has launched the first products in its new prediction markets suite called Cboe Predicts.
According to a Tuesday press release, Cboe Predicts features binary option contracts based on the Mini-S&P 500 Index (XSP). These contracts let customers bet on the performance of the S&P 500 at one-tenth the size of the full index, making them more retail-friendly.
The contracts, listed under tickers XSPBW and XSPBX, are currently available on Interactive Brokers and expected to launch on Charles Schwab in the coming months, confirming earlier reports.
The prediction market suite is an expansion of Cboe's S&P Index options products, including SPX 0DTE — options that expire the same day, allowing traders to take a position on where the S&P 500 will close by the end of the trading session.
"Cboe's S&P 500 options suite has long provided traders with flexibility to define their outcomes through traditional options strategies," said JJ Kinahan, head of retail expansion and alternative investment products at Cboe. "With Cboe Predicts, we are expanding that choice by offering simple 'yes-or-no' payout event contracts."
