On October 14, 2026, the US Securities and Exchange Commission approved a rule change allowing Cboe Global Markets to list binary options linked to company-specific key performance indicators. Cboe is the first securities exchange authorized to offer these contracts.
The instruments function as binary bets where a contract pays $1 if a company meets a specific performance threshold and $0 if it does not. The initial offering includes over 100 metrics across 23 companies, such as trading volume for Coinbase, data-center revenue for Nvidia, and vehicle deliveries for Tesla.
Robinhood Markets will serve as the primary retail broker for these products. Both Cboe and Robinhood intend to waive fees until December 31, 2026, pending regulatory review. Trading is not yet active as Cboe Clear U.S. awaits temporary registration for clearing services.
Following the announcement, Cboe shares increased by more than 4%, while Robinhood shares declined by nearly 9%. These products are classified under existing securities-options protections, distinguishing them from event contracts regulated by the Commodity Futures Trading Commission.
