I recently spent a few days with retail traders at Robinhood’s HOOD Summit in Houston. It was a jam-packed conference that really highlighted the engagement and enthusiasm of this group of retail traders who in many ways represent the next generation of trading and investing.
I wrapped up my time at HOOD with a fireside chat with my long-time friend Tom Sosnoff. Tom and I both started our trading careers in the S&P 100 pit on the Cboe trading floor. He's the founder of thinkorswim, tastytrade and, most recently, Lossdog, and genuinely loves building solutions for the retail community. What struck me most from my conversation with Tom, and my entire experience at the HOOD Summit, was how much remains the same, even as markets rapidly evolve. The key principles that were foundational to successful trading 40 years ago still hold true today for the next generation: bet on yourself and own your decisions.
The commitment to “bet on yourself” came through loud and clear, not only in my conversation with Tom but throughout the conference. The next generation of retail traders is committed to owning their future, emboldened by the products and platforms that have revolutionized trading. Both legacy institutions and new disruptors have incredible opportunities to match the enthusiasm of this generation with innovative solutions that make sense for today’s market environment.
This is the mentality that motivated us to develop XSP binary options and KPI binary options. Today’s retail traders want granularity and clear outcomes that stock trading can’t provide, and they’re finding it outside of traditional markets. The HOOD Summit reinforced my belief that traditional exchanges have a role to play in helping shape the next generation of retail trading, and a responsibility to do so in a way that protects those traders in the same way we protect institutional investors. There are multiple ways to do this, but at Cboe we think the best approach is to provide binary options that follow the same regulatory framework as traditional options.
Our XSP binary options are already serving as a way for retail traders to precisely express their view of the S&P 500 Index. Now I’m excited for Cboe to partner with Robinhood to bring KPI binaries to their trading community. The contracts will enable investors to isolate individual performance metrics across 23 companies and trade directly on those outcomes.
Tom and I also discussed how critical it is for traders to own their money decisions, instead of outsourcing them. Part of that relates to passive investing versus active trading, but it’s also a reminder that education is paramount to successful trading. The power of education was on full display at the summit, where attendees spent two days attending informational sessions, connecting with professionals and talking strategy with each other. One of my favorite sessions was the Trading Lab session led by my colleague’s Henry Schwartz and Stacey Gilbert, alongside OIC’s Mat Cashman. The trio explained the S&P 500 Index options ecosystem in a way that was not only understandable, but entertaining too.
It was clear that people walked away with a better understanding of the markets and products they can use to meet their goals. But, of course, the education available needs to extend beyond a conference, and it needs to be readily accessible to anyone who’s interested in learning.
Cboe’s Options Institute continues searching for new ways to meet retail traders where they are, with free on-demand courses, trading tools and expert-led sessions. Their curriculum includes everything from basic explainers to strategy deep dives, making sure there’s a way to level up at any point in the trading journey. Of course, Cboe’s not the only firm offering education, which I love. The more easily accessible, high-quality education out there, the better. As the market evolves and new products emerge, the onus is on institutions like Cboe to continue meeting the moment with the right education and support, not just the right products. This is a key focus for me in my role at Cboe, and this summit reminded me of exactly why. Our industry is entering a new frontier, and it is essential that we keep end investors in mind from start to finish — and it all starts with education.
I left the HOOD Summit invigorated about the future of retail trading. The principles that have guided traders for 40 years still apply: bet on yourself, own your decisions and never stop learning. Our responsibility at Cboe is to give this generation the right products, the right protections and the right education to do exactly that. If the energy in Houston is any indication, the next generation of traders is ready, and I’m excited to help build what comes next.
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