Cboe and Robinhood Announce Planned Launch of New KPI Contracts, Further Expanding Prediction Market Offerings
The initiative includes an application to extend Cboe Clear U.S. into clearing the proposed securities contracts, subject to approval.
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Rhea-AI Summary
Cboe Global Markets (CBOE) plans to launch contracts tied to company performance measures in October 2026, subject to regulatory approval. The binary options would let investors take positions on specific company metrics and corporate events. Initial listings are planned for 23 U.S.-listed companies, with Robinhood as the first retail broker offering them at launch. The proposed products would trade on Cboe's registered U.S. securities exchange under SEC regulation.
Cboe plans to charge no fees through the end of 2026, subject to regulatory review; Robinhood will also offer fee-free access through year-end. Cboe Clear U.S. has applied to the SEC for temporary registration as a Covered Clearing Agency to clear the contracts, subject to approval. Following initial registration, it may pursue further clearing services, potentially including tokenized binary security options, subject to regulatory approval.
Positive
- Minor point. Forward-looking: it has not happened yet and may not happen.Planned October 2026 launch would add contracts initially covering 23 U.S.-listed companies.
- Minor point. Forward-looking: it has not happened yet and may not happen.Robinhood will be the first retail broker offering Cboe's KPI contracts at launch.
- Minor point. Forward-looking: it has not happened yet and may not happen.Cboe Clear U.S. may pursue expanded clearing services, potentially including tokenized binary security options.
Negative
- Minor point. Forward-looking: it has not happened yet and may not happen.The October 2026 launch remains subject to regulatory approval.
- Minor point. Forward-looking: it has not happened yet and may not happen.Cboe plans no KPI contract fees through end-2026, subject to regulatory review.
- Minor point. Forward-looking: it has not happened yet and may not happen.Cboe Clear U.S.'s temporary SEC registration and clearing of KPI contracts remain subject to approval.
- Minor point. Forward-looking: it has not happened yet and may not happen.Further clearing expansion depends on initial registration and regulatory approval.
Key Figures
- Initial company coverage
- 23 U.S.-listed companies
- Planned initial listing of KPI contracts
- Expected launch
- October 2026
- Subject to regulatory approval
- Cboe fee waiver
- No fees through the end of 2026
- Subject to regulatory review
- Robinhood fee waiver
- No fees through the end of the year
- For the products offered to Robinhood clients
Key Terms
binary options financial
designated contract markets regulatory
federal preemption regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Products tied to 23 companies to roll out in October, subject to regulatory approval
The KPI binary options will provide investors with a new way to take positions on specific company metrics and corporate events through Securities and Exchange Commission (SEC)-regulated products traded on Cboe's registered
The planned launch comes amid growing investor demand for products that are intuitive, event-driven and directly based on the companies they follow. Cboe plans to initially list contracts for 23 U.S.-listed companies that represent some of the most actively traded
JJ Kinahan, Head of Retail Expansion and Alternative Investment Products at Cboe, said: "These KPI contracts are designed to provide exposure to key corporate metrics, giving investors a granular way to trade many of the individual components that are being tracked and driving headlines each quarter. We're pleased to have Robinhood among our first partners in bringing these SEC-regulated products to its client base. As investable event contracts, we believe they will appeal to a broad spectrum of market participants, from systematic traders seeking targeted exposure to retail investors looking to better understand how KPIs can influence a company's performance."
Steve Quirk, Chief Brokerage Officer at Robinhood, said: "Earnings contracts give retail investors another tool to inform their strategies and offer an even more precise way to trade on anticipated company KPIs."
As part of this initiative, Cboe filed an application for temporary registration from the SEC for its
Rob Hocking, Global Head of Derivatives at Cboe, said: "This isn't just about launching a new product, but an example of how Cboe can leverage our strengths across listing, trading and clearing, as well as our history of operating trusted, regulated markets, to help build out the next generation of markets and products. We're particularly excited to expand our
Following initial registration, CCUS may pursue opportunities, subject to regulatory approval, to expand its clearing services beyond the CFTC-regulated derivatives it clears today to support new products, potentially including tokenized binary security options, reflecting Cboe's broader strategy to expand its
About Cboe Global Markets
Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.
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Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.
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Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.
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SOURCE Cboe Global Markets, Inc.
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