Schwab Considering Prediction Markets Tied to Finance Events

Charles Schwab Corp. is likely to launch prediction markets linked to financial events as competitors including Robinhood Markets Inc. expand their presence in the space. Schwab is "taking a hard look" at prediction markets, Chief Executive Officer Rick Wurster said on a conference call Thursday, but would stay away from allowing customers to place wagers on sports or pop culture given the firm's focus on building clients' long-term wealth. Schwab's CEO Rick Wurster joined Bloomberg Businessweek Daily to discuss.