全球市场公司（Global Markets Inc.）获得了美国证券交易委员会（SEC）的批准，成为首家允许交易与上市公司业绩指标挂钩的期权合约的证券交易所。
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.
这些指标（即“关键绩效指标”，Key Performance Indicators，KPIs）在快速发展的预测市场领域中正变得越来越重要。Cboe推出的期权合约允许交易者押注公司是否能够达到或未能达到特定的业绩目标——例如特斯拉公司在一个季度内可能交付多少辆汽车，或者苹果公司可能销售多少部新iPhone。
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.
此前，Cboe曾宣布计划为23家在美国上市的公司的KPI指标推出期权合约，并计划于本月正式上市；这些合约将与经纪应用程序Robinhood Markets Inc.合作进行交易。Cboe的发言人尚未对此次批准的评论请求作出回应。
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.
美国证券交易委员会在周二晚间的批准，标志着华尔街在竞争中取得的一项重要胜利——华尔街正努力跟上像总部位于纽约的预测市场平台Kalshi Inc.这样的新兴企业的步伐；Kalshi Inc.早已开始交易类似的期权合约。不过，在其他竞争领域（如“永续期货”领域）的竞争依然激烈：这类衍生品的到期日并未被明确规定。包括CME集团（CME Group Inc.）在内的多家交易所都曾试图获得监管机构批准，以交易与石油价格挂钩的“永续期货”合约，但CME后来撤回了相关计划。
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.
由于Cboe推出的期权合约在结构上存在某些差异，美国证券交易委员会在声明中表示：“此次批准并未改变美国商品期货交易委员会（CFTC）对基于相同关键绩效指标的衍生品的管辖权。”美国证券交易委员会主席保罗·阿特金斯（Paul Atkins）指出：“这一决定并未排除CFTC的管辖权。”
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.
“美国证券交易委员会（SEC）对关键绩效指标（KPIs）的批准为投资者提供了一种管理特定公司风险的新方式；将这些指标在受监管的证券交易所上市意味着所有交易这些指标的投资者都受到证券法律的保护，”美国证券协会（American Securities Association）的首席执行官克里斯·雅科维拉（Chris Iacovella）表示。该协会代表地区性经纪公司及其他金融服务企业。
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.