Cboe Wants to Turn Company KPIs Into Tradable Yes-or-No Options

Cboe Global Markets is seeking SEC approval to list binary options tied to corporate performance metrics, bringing prediction-style trading into the core of the US securities market.

The proposal covers more than 100 metrics across 23 major companies, including SpaceX revenue, Nvidia data centre sales and Apple iPhone shipments.

Unlike standard equity options, which track share prices, these contracts would settle on whether a specific business metric hits a predefined threshold. In effect, Cboe wants to turn parts of the earnings cycle into tradable yes-or-no events.

Cboe is seeking US regulatory approval to list all-or-nothing options tied to corporate earnings results, allowing traders to wager on figures ranging from SpaceX revenue and Nvidia data-center sales to JPMorgan’s credit-loss provisions https://t.co/PKcBlWzpkn

— Bloomberg (@business) July 1, 2026

A Different Regulatory Route

The filing gives Cboe a different path into event-based trading than Kalshi or Polymarket, which operate through CFTC-regulated designated contract markets. Cboe's proposed products would sit inside the SEC-regulated securities options framework instead.

If approved, the contracts would be centrally cleared by the OCC, making them easier to distribute through existing brokerage accounts at firms such as Charles Schwab and Interactive Brokers.

It also gives the product a more familiar regulatory wrapper. SEC-regulated options as it could be easier for compliance teams to review.

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Prediction Markets Meet Corporate Research

The proposal follows Cboe's launch of Cboe Predicts, which brought binary options on the S&P 500 to retail platforms. Moving into company KPIs is a more direct play on corporate research and earnings analysis.

Instead of trading only the stock reaction to an earnings release, clients could take a position on the underlying metric itself, like iPhone shipments, data centre revenue, production numbers, exchange volume, or another measurable KPI.

"Prediction markets are demanding real-time signals, and we are bringing that activity to time-tested venues," the exchange said.

The move also puts Cboe closer to Kalshi's institutional strategy. The platform has been pushing custom event markets for firms such as ARK Invest, including contracts linked to macroeconomic and business data.

What Brokers Should Take From It

If the SEC approves the product, brokers could offer yes-or-no exposure to corporate metrics through existing securities accounts, without sending clients to a standalone prediction platform.

As Cboe, Nasdaq and ICE explore event-linked products, access to simple outcome-based contracts may become part of the standard brokerage toolkit. The SEC's response will show how far outcome-based trading can move inside the traditional options market.