First came options, then weekly options, then 0DTE options, then prediction markets.
Now, Charles Schwab is partnering with Cboe Global Markets to develop binary options: simple yes-or-no bets on where the S&P 500 closes. Unlike Polymarket or Kalshi, these settle in cash or nothng based on target levels. They're even adding a Plus Zone feature for partial payouts on near-misses.
Wall Street spent decades trying to look different from a casino, but lately it's moving the other direction. Retail trading volume is already shifting heavily toward ultra-short-term derivatives. At what point does financial innovation just become a more sophisticated way to gamble?