Cboe plans to launch KPI-based binary contracts for 23 U.S.-listed companies in October 2026, subject to regulatory approval, with Robinhood set to be the first retail broker to offer them.

The planned products would let investors take positions on company-specific metrics and corporate events. Cboe says the contracts would be SEC-regulated securities traded on its registered U.S. securities exchange, with Robinhood handling retail distribution.

SEC review will shape the launch

Cboe says its proposed approach differs from similar event-based contracts traded on designated contract markets. It frames the securities structure as offering the transparency, oversight and investor protections of U.S. securities markets.

The companies have not announced a specific list of the 23 companies or detailed which KPIs the initial contracts will cover. Cboe says it will charge no fees on the products through the end of 2026, subject to regulatory review; Robinhood also plans to waive fees through year-end.

The clearing arrangement still requires approval. Cboe has applied to the SEC for temporary registration of its U.S. clearinghouse, Cboe Clear U.S., as a Covered Clearing Agency. If the application is approved, the clearinghouse would clear the KPI contracts.

Cboe pairs market infrastructure with retail reach

The planned split gives Cboe responsibility for listing, trading and, subject to approval, clearing, while Robinhood would bring the products to its retail clients. That exchange-and-broker pairing mirrors a broader model in which consumer platforms distribute event products supported by outside market infrastructure, rather than operating the entire market themselves. Robinhood’s use of external market infrastructure provides a relevant comparison.

JJ Kinahan, Cboe’s Head of Retail Expansion and Alternative Investment Prod...