Rich by Coin

The Chicago-based venue for options trading confirmed that it was in early talks with brokerages and market makers, according to a Feb. 2 report in the Wall Street Journal. Cboe is supposedly exploring a potential “regulated product” that would use “an options structure to offer all-or-none payouts,” according to a report from Reuters. This would be a binary-style payoff that would deliver a fixed return if a specified condition were met, and return nothing if the condition is not met. Cboe, per the WSJ report, will focus strictly on financial markets.

So, yes-no markets on things like if the S&P 500 will close at a certain point at the end of trading. Although retail participation in derivatives markets has grown substantially over the years, a binary, all-or-nothing options product would certainly appeal to less experienced investors. Bloomberg reported in November 2025 that Cboe was planning to launch its own prediction markets tied to financial events. “It’s moving quickly, but at the same time, I also think it’s still early stages,” Cboe’s Chief Executive Officer Craig Donohue told the publication.

“Our focus right now is on our own organic efforts, which I hope will come to fruition in the next several months.” The interview came at the time that Cboe’s chief rival, CME Group, announced that it would partner with FanDuel to power a new prediction market-focused app. Cboe will also shun the allure of sports betting. “I know there’s probably the potential to make money there,” Donohue said.