Schwab to launch S&P 500 event-based binary options with Cboe, report says

Charles Schwab is working with Cboe Global Markets on event-based, S&P 500-linked binary options that let clients place yes-or-no wagers on whether the index closes at a specified level. The product is expected to become available to Schwab customers in the coming months, the Wall Street Journal reported, citing people familiar with the matter. Early offerings are set to focus on objectively verifiable financial-market benchmarks such as the S&P 500, rather than politics or sports. Robinhood and Coinbase have also been cited as entrants in prediction markets, though the report did not detail their product timelines or financial impact.