Charles Schwab's S&P 500 event contracts mark Wall Street's full embrace of prediction market trading

Charles Schwab is partnering with Cboe Global Markets to launch binary event contracts on the S&P 500, letting retail investors take fixed-payout yes-or-no positions on the index. The move is a notable reversal for Schwab, whose CEO had criticized prediction markets as blurring the line between gambling and investing, and signals Wall Street's full entry into a space previously dominated by Kalshi and Polymarket.