Schwab to launch S&P 500 prediction-market options, joining Coinbase and Robinhood

Charles Schwab is partnering with Cboe to offer binary options on the S&P 500, bringing prediction markets to mainstream brokerage customers for the first time.

• Schwab's product will pay a fixed amount if the S&P 500 closes above or below a preset target, or expire worthless.
• The rollout is expected in the coming months, with plans to expand to other financial benchmarks.
• Coinbase and Robinhood have already launched similar prediction market offerings.
• Schwab will avoid contracts tied to politics, sports or other non-financial events.

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