JPMorgan Chase Enters Prediction Market Business, Will Offer S&P 500 Event Contracts

BlockBeats News, June 20th, according to The Wall Street Journal, JPMorgan Wealth Management is partnering with Cboe to launch all-or-nothing options contracts, allowing clients to engage in binary trades around the performance of the S&P 500 Index.

Sources familiar with the matter stated that these contracts are slightly different from prediction market contracts offered by platforms like Kalshi or Polymarket, as the latter list futures contracts instead of options. However, these binary options are similar in function: if the index closes above or below the target price, the contract will pay out a fixed cash settlement amount; otherwise, it will pay out nothing.

Sources indicated that JPMorgan Wealth Management plans to open up these contracts to clients in the coming months.