Cboe Global Markets and S& P Dow Jones Indices have extended their exclusive licensing agreements for another 25 years, with the cooperative relationship to continue until 2051.
This agreement allows Cboe to continue to have the right to provide S&P 500 index options, while also opening up space for the launch of new products, including tokenized option contracts.
The SPX option rights of Cboe have been extended to 2051.
On September 29, 2026, Cboe and S& P Dow Jones Indices signed an exclusive agreement to extend the rights to list and trade SP500 index options until 2051.
This agreement continues the partnership that began in 1983 and covers Cboe's flagship SPX option business. The demand for related products has also reached record levels. Cboe stated that in 2025, the trading volume of SPX options reached 970.6 million contracts, with an average daily trading volume of 3.9 million contracts, a 25% increase from the previous year.
Cboe CEO Craig Donohue stated that this agreement provides room for the company to continuously expand its SPX and VIX products while maintaining the continuity of institutional trader business.
The agreement will also shift the focus of cooperation towards tokenized options on blockchain networks.
Cboe Promotes the Listing of S&P 500 Options on the Blockchain
Cboe plans to collaborate with P Dow Jones Indices to develop blockchain-based tokenized options. The goal is to combine traditional index products with distributed ledger technology.
Currently, standard SPX options are traded during the trading hours specified by the exchange. In the future, tokenized options may enable 24-hour, 7-day-a-week trading globally, allowing investors to participate in trading outside of traditional market hours as well.
Blockchain can also utilize smart contracts to automate part of the margin management and transaction settlement, thereby reducing delays and making options trading faster and more efficient.
This plan also provides an important use case for the tokenization of real-world assets. SPX Options currently process 3.9 million contracts per day, and even if only a small portion of these moves towards tokenization, it could still provide an important practical application example for blockchain-based financial markets.
New royalty terms will come into effect in 2027.
Cboe also disclosed the impact of the extended agreement on finances. The royalty terms for 2026 will not change, and the current rates will remain in effect until the end of this year.
The new royalty terms will come into effect on January 1, 2027. Cboe expects that the impact of the updated fee structure on net revenue growth will be minimal.
The company expects that higher transaction volumes, changes in pricing, and the continued growth of its products will offset the increased costs. After the reset in 2027, it is also anticipated that the future royalty increases will be smaller, which will allow Cboe to have more predictable costs under the long-term agreement.
