Cboe launches prediction market product Cboe Predicts, the first binary contract traded around the rise and fall of the S&P 500 index BlockBeats News: On June 24th, according to official sources, Cboe (Chicago Board Options Exchange) Global Markets announced today the launch of the first batch of its new predictive market product suite - Cboe Predicts. This product line includes binary option contracts based on the Mini S&P 500 Index (XSP), with trading codes XSPBW and XSPBX. These contracts are currently available for trading on Interactive Brokers and are expected to be launched on Charles Schwab in the coming months. They will gradually be opened to more retail brokerage platforms in the future. Cboe Predicts is the latest extension of the Cboe S&P 500 Index (SPX) product line. XSP allows clients to trade on the performance of the S&P 500 index, but its contract size is only one tenth that of SPX, making it smaller in size and closer to the needs of retail clients. Traders can express their views on the closing price of XSP by selecting either a "bullish" position ($100 if the index settlement price reaches or exceeds a specified level, $0 otherwise) or a "bearish" position ($100 if the settlement price is below that level, $0 otherwise). [Original link]