SEC批准Cboe成为首家可上市KPI二元期权的证券交易所，Robinhood为合作经纪商

Cboe Global Markets Inc. won approval from the Securities and Exchange Commission to become the first securities exchange to list options contracts tied to publicly-traded companies’ performance metrics.

The measures, also known as key performance indicators, are a growing segment in the fast-moving world of predictions markets. Cboe’s contracts will allow traders to wager on whether companies will exceed or fall short on specific metrics, such as how many cars Tesla Inc. might deliver or how many new iPhones Apple Inc. might sell during a quarter.

Cboe had previously announced its intention to list KPI contracts for 23 US-listed companies, scheduled to debut this month. The contracts will trade in partnership with brokerage app Robinhood Markets Inc.

A spokesperson for Cboe didn’t immediately respond to a request for comment on the approval.

Read More: Robinhood Debuts Weekend Trading, Perpetual Futures in US

The regulator’s approval late on Tuesday marks a win in Wall Street’s attempt to keep pace with industry upstarts, such as New York-based prediction markets platform Kalshi Inc., which already lists similar contracts. Tensions persist over other areas of competition like perpetual futures, where the derivative being traded has no expiry date. Exchanges including CME Group Inc. and Kalshi have sought regulatory approval to list perpetual-style contracts tied to oil, though CME later withdrew its plans to do so.

Predictions trading tied to KPIs has pushed US regulators to offer greater clarity about when the SEC or its sister agency, the Commodity Futures Trading Commission, has jurisdiction over certain contracts. Many prediction-market contracts to date have been structured as swaps, which are overseen by the CFTC.

The SEC’s move “does not address — and does not foreclose — CFTC jurisdiction over KPI contracts based on the same underlying KPIs,” SEC Chairman Paul Atkins said in its statement on the decision, as a result of the Cboe contracts’ proposed structural differences.

“The SEC’s approval of KPIs gives investors a new way to manage company-specific risk, and listing them on a regulated securities exchange means every investor who trades them is protected by the securities laws,” said Chris Iacovella, chief executive officer of the American Securities Association, which represents regional brokers and other financial services companies.