According to BlockBeats, on June 24, Cboe (Chicago Options Exchange) Global Markets announced the launch of the first products in its new prediction market product suite – Cboe Predicts.

The product line includes binary options contracts based on the mini S&P 500 index (XSP), trading under the ticker symbols XSPBW and XSPBX. These contracts are currently available for trading on Interactive Brokers and are expected to launch on Charles Schwab in the coming months, with plans to gradually roll them out to more retail brokerage platforms.

Cboe Predicts is the latest extension to Cboe's S&P 500 (SPX) product line. XSP allows clients to trade on the performance of the S&P 500 index, but with a contract size only one-tenth that of SPX, making it smaller and more accessible to retail clients. Traders can express their opinion on the XSP closing price by selecting a "bullish" position (earning $100 if the index settles at or above a specified level, otherwise $0) or a "bearish" position (earning $100 if the settlement price falls below that level, otherwise $0).