Cboe and Robinhood plan company KPI prediction contracts

Chicago-headquartered exchange group Cboe said on Wednesday the contracts will initially cover 23 US-listed companies and allow investors to take positions on specific corporate key performance indicators (KPIs) and events.

“These KPI contracts are designed to provide exposure to key corporate metrics, giving investors a granular way to trade many of the individual components that are being tracked and driving headlines each quarter,” said JJ Kinahan, head of retail expansion and alternative investment products at Cboe, said in a release.

Kinahan added: “We're pleased to have Robinhood among our first partners in bringing these SEC-regulated products to its client base. As investable event contracts, we believe they will appeal to a broad spectrum of market participants, from systematic traders seeking targeted exposure to retail investors looking to better understand how KPIs can influence a company's performance.”

The products will trade on Cboe's US securities exchange as Securities and Exchange Commission-regulated binary options, distinguishing them from event contracts traded on Commodity Futures Trading Commission-regulated designated contract markets.

Robinhood will offer the products to its clients at launch, with both Cboe and Robinhood planning to waive fees on the contracts through the end of 2026, subject to regulatory review.

“Earnings contracts give retail investors another tool to inform their strategies and offer an even more precise way to trade on anticipated company KPIs,” said Steve Quirk, chief brokerage officer at Robinhood, in a release.

The launch follows Cboe's push to expand further into prediction and event markets. Chief executive Craig Donohue said in May that the exchange was planning contracts beyond its previously announced index-based offering, identifying company-specific contracts as an area of particular interest. “Being in both the securities and futures space, and being particularly strong in the equity and equity derivatives space, we are super keen on coming to market with company specific contracts,” Donohue said at the time. “We see lots of opportunities for doing that.”

Cboe seeks expanded US clearing role

Cboe has applied to the SEC for temporary registration of Cboe Clear US as a Covered Clearing Agency, which would allow the clearing house to clear the KPI contracts subject to regulatory approval.

Cboe Clear US currently clears CFTC-regulated derivatives, but the exchange operator said it may subsequently seek approval to expand the clearing house into additional product categories, potentially including tokenised binary security options.

“This isn't just about launching a new product, but an example of how Cboe can leverage our strengths across listing, trading and clearing, as well as our history of operating trusted, regulated markets, to help build out the next generation of markets and products,” said Rob Hocking, global head of derivatives at Cboe, in a release.

Hocking added:“We're particularly excited to expand our US clearing capabilities, which will further strengthen Cboe's competitive position and broaden our ability to support new products – both traditional and non-traditional financial instruments – creating opportunity for even more optionality and innovation.”

The proposed contracts extend Cboe's offering into event-driven products tied directly to individual companies as investor interest in prediction and event markets grows.

This comes as Robinhood earlier this month added Crypto.com and OG.com to its prediction-markets routing network, alongside existing venues including Kalshi, ForecastEx and Rothera. Robinhood said at the time that customers had traded more than 45 billion event contracts since it launched prediction markets roughly two years ago, including more than 30 billion during the first eight months of 2026.