Cboe Launches Cboe Predicts With Binary Options on Mini S&P 500 Index

SPX500-1.26%
According to Cboe, on June 24, the Chicago Board Options Exchange announced the launch of Cboe Predicts, its new prediction market product suite. The initial offerings are binary options contracts on the mini S&P 500 index (XSP), trading under symbols XSPBW and XSPBX. The contracts are currently available on Interactive Brokers, with availability expected on Charles Schwab within the coming months and expansion to additional retail brokerage platforms thereafter. Traders can take bullish positions (earning $100 if the index closing price reaches or exceeds a specified level, or $0 otherwise) or bearish positions (earning $100 if the closing price falls below the level, or $0 otherwise).
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