Woofun AI reports that Cboe Global Markets has launched Cboe Predicts, introducing binary options products linked to the Mini-S&P 500 Index. The contracts, designated XSPBW and XSPBX, are currently accessible through Interactive Brokers, with Charles Schwab expected to enable client access in the coming months.

These instruments allow traders to position on index closing levels, paying $100 for correct "yes" or "no" outcomes and settling at zero otherwise. Clearing is handled by the Options Clearing Corporation using existing infrastructure. Cboe intends to subsequently introduce XSP vertical spreads via its Quoted Spread Book framework.