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Cboe Unveils Partial-Payout Prediction Contracts, Plans Mini S&P 500 Listing in Q2

Executives are pressing for clear oversight to protect investors.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 9, 2026. REUTERS/Brendan McDermid/File Photo
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A logo for CBOE (Chicago Board Options Exchange) Global Markets is seen at their headquarters in Chicago, Illinois, U.S., April 11, 2024. REUTERS/Jim Vondruska
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Overview

  • Cboe introduced a patent-pending framework with a defined payout zone that can settle at $0, a partial amount, or a full $100.
  • The first listing will be a Mini S&P 500 Index event contract on Cboe Options Exchange with OCC clearing, with launch targeted for the second quarter of 2026.
  • Cboe says the design repackages vertical spread mechanics for retail users and cites 2025 averages of about 580,000 SPX vertical-spread contracts traded per day.
  • Nasdaq is seeking SEC approval for index-linked outcome options, while Intercontinental Exchange committed up to $2 billion to Polymarket and CME launched a state-limited platform with FanDuel.
  • Industry leaders, including Nasdaq’s Adena Friedman and CME’s Terry Duffy, called for consistent, durable rules to safeguard customers and curb manipulation risks as prediction markets expand.