By Christian Dass, Bloomberg Markets Live strategist and reporter

With events from elections to central-bank rate moves to wars threatening upheaval in the markets, investors are increasingly seeking a pre-determined payoff if they bet right.

While many traders — from mom-and-pops to systematic hedge funds — are using zero-day-to-expiry listed options, large investors have increasingly turned to over-the-counter binary contracts that can hedge tail risks across multiple assets.