Cboe launches new prediction market

The Chicago Board Options Exchange (Cboe) announced the launch of its new prediction market, Cboe Predicts. The platform now supports trading in binary options contracts based on the Mini S&P 500 Index (XSP). Investors can take a "Yes" or "No" position on whether the XSP index will close above a specified price at a given time. A correct "Yes" position, where the index closes above the benchmark, results in a fixed payout of $100 per contract, while an incorrect bet yields $0.