Charles Schwab is reportedly working with Cboe to offer prediction-market-style contracts tied to the S&P 500, according to reporting cited by multiple outlets. The proposed product is described as a binary, yes-or-no option structure that lets customers place wagers on whether the S&P 500 finishes above or below a specified target price by a set time, such as the market close. Several sources frame this as Schwab’s first move into prediction-market-like products. The reporting also characterizes the planned offering as limited to the binary outcomes rather than open-ended forecasting. Other coverage notes that prediction market services are already offered by companies including Kalshi and Polymarket, placing Schwab’s planned entry in the context of a growing market for event-based trading products. The sources provided focus on the expected contract design and the involvement of Cboe, while not detailing regulatory approvals, launch timing, pricing, or eligibility requirements.