Trading cannot begin until the clearinghouse registration receives final approval, and that approval has not yet been granted. Robinhood expects to launch during third-quarter earnings season. SEC Chairman Paul Atkins has said the order does not settle whether differently structured company-metric contracts fall under CFTC jurisdiction. The order applies only to the Cboe products and does not cover existing prediction-market contracts on public companies.
The approval is the first time a securities exchange has entered this market, which has so far been dominated by platforms such as Kalshi and Polymarket. Those platforms offer event contracts, mostly on elections and economic data, under CFTC oversight. Cboe's backers argue that the securities framework brings transparency, federal oversight, and preemption of state registration rules. Attorneys should watch how the SEC and CFTC divide jurisdiction, since that split will likely determine how quickly similar products follow. They should also watch the clearinghouse registration and the October retail rollout, which will show whether event-driven products are moving from institutional venues to retail brokerages.