Cboe Global Markets and S&P Dow Jones Indices have extended their exclusive licensing agreement for another 25 years, keeping their partnership in place through 2051.
The deal gives Cboe continued rights to offer S&P 500 Index options while opening the door to new products, including tokenized options contracts.
On September 29, 2026, Cboe signed an exclusive agreement with S&P Dow Jones Indices that extends its rights to list and trade S&P 500 index options through 2051.
The deal extends a partnership that began in 1983 and covers Cboe’s flagship SPX options business. Demand for these products has also reached record levels. In 2025, SPX options recorded 970.6 million contracts, with average daily volume reaching 3.9 million contracts, up 25% from the previous year.
Cboe CEO Craig Donohue said the agreement gives the company a long-term runway to expand its SPX and VIX products while maintaining continuity for institutional traders.
The deal also shifts the partnership’s focus to tokenized options on blockchain networks.
Cboe plans to work with S&P Dow Jones Indices on blockchain-backed, tokenized options. The goal is to combine traditional index products with distributed ledger technology.
Today, standard SPX options trade during set exchange hours. Tokenised options could eventually allow 24/7 global trading, giving investors access beyond traditional market hours.
Blockchain could also use smart contracts to automate parts of margin management and trade settlement. This could reduce delays and make options trading faster and more efficient.
The plan also gives real-world asset tokenisation a major use case. With SPX options already handling 3.9 million contracts a day, even a small move toward tokenization could give blockchain-based financial markets a major real-world use case.
Cboe also provided details on the financial impact of the extended agreement. There will be no change to its 2026 royalty terms, with the existing rates staying in place through the end of the year.
The new royalty terms will begin on January 1, 2027. Cboe expects the updated fee structure to have a negligible impact on net revenue growth.
The company expects higher trading volumes, pricing changes and continued growth across its products to offset the higher fees. Future royalty increases after the 2027 reset are also expected to be smaller, giving Cboe more predictable costs under the long-term agreement.
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