CBOE and Robinhood launch KPI binary options contracts with zero fees through end of 2026.
DeFi & Yields ·
Cboe Global Markets and Robinhood have announced plans to launch binary contracts tied to company-specific key performance indicators, with an expected debut in October 2026 pending regulatory approval. The new products will initially cover 23 U.S.-listed companies and will be offered through Robinhood to retail clients at launch. Both Cboe and Robinhood will charge no fees for these contracts through the end of 2026.
The contracts operate as SEC-regulated securities traded on Cboe's registered exchange, positioning them within the U.S. securities regulatory framework rather than on designated contract markets. This structure aims to provide investor protections and federal oversight that Cboe views as distinct from comparable event-based contracts elsewhere. Cboe has also filed an application seeking temporary registration of its clearinghouse, Cboe Clear U.S., LLC, as a Covered Clearing Agency to handle settlement of the KPI contracts.
Several regulatory and operational steps remain pending, including SEC approval of the product listing, the temporary clearinghouse registration, and the October 2026 launch itself. The scope of expansion beyond the initial 23 companies and the fee structure after 2026 have not yet been disclosed.