Chicago and New York, September 29th / PRNewswire / -- Cboe Global Markets, Inc. ( Cboe : CBOE ), a leading global market operator and pioneer in the field of stock and index derivatives, as well as the world's leading index provider S&P P Dow Jones Indices ("S&P P DJI"), today announced that they will extend their exclusive licensing agreement for another 25 years, with the partnership to continue until 2051.
According to the extended agreement, Cboe will continue to have the exclusive trading rights for its flagship product, the S&P 500® Index (SPX) options. Cboe and S& P DJI can also collaborate to advance innovations beyond traditional index derivatives, including new products such as tokenized option contracts.
This agreement is built on the foundation of cooperation between the two parties that began in 1983 and has continued for over 40 years. Back then, the SPX option was introduced as a groundbreaking innovation, and since then it has become the global standard for investors to obtain and manage exposure to the U.S. stock market.
Cboe Global Markets CEO Craig Donohue stated: " Cboe and S& P DJI have jointly created one of the most successful stories in the industry. By combining S& P DJI's expertise in indices with Cboe's unparalleled ability to build and operate highly liquid derivatives markets, we have created one of the most liquid products in the world and established a relationship that brings lasting value to global financial markets."
He stated, "This extension allows us to further expand our SPX and VIX businesses, while providing customers with the certainty and continuity they expect from these products. It also provides us with an important space to explore the next frontiers of innovation, enabling us to stay ahead of the ever-changing needs of investors and emerging technologies. The opportunities ahead are as compelling as those that brought our two companies together 43 years ago, and we look forward to achieving even more together in the coming decades."
S& P DJI CEO Catherine Clay stated: "The S&P 500 index is an authoritative measure of the performance of the U.S. stock market and is also the most widely tracked index globally. The demand from investors for exposure to U.S. stocks continues to accelerate, and we envision a future where every investor, anywhere, can access this benchmark in the form that best suits their needs. Cboe has deep expertise in developing, listing, and operating highly liquid derivatives markets, which complements our expertise in indices. This agreement enables us to continue to innovate for the next generation of investors."
SPX Options are among the most liquid and actively traded index options in the world. Reflecting the growing global demand for exposure to the U.S. stock market, SPX Options set a record in 2025 with an annual trading volume of 970.6 million contracts, averaging 3.9 million contracts per day, a 25% increase from the previous year, and for the fourth consecutive year, they have broken new trading activity records.
In recent years, Cboe has continued to expand its SPX option product line, and has coordinated closely with its closely related VIX options and futures business. By launching new products, structures, and expiration dates, it has expanded the range of tools and access channels available to retail and institutional investors worldwide.
About Cboe Global Markets
Cboe Global Markets ( Cboe : CBOE ) is a leading global market operator with a long history of innovation in the field of stock and index derivatives. Since the launch of the world's first listed options exchange in 1973, Cboe has been at the forefront of numerous milestone products, including the introduction of S&P 500® index options and the creation of the VIX ® index – a globally leading market volatility indicator – which has reshaped the way investors manage risk and seize opportunities. Today, Cboe operates derivatives, stock, and foreign exchange markets, providing trading, clearing, and investment solutions to customers around the world. For more information, please visit www.cboe.com.
About S& P Dow Jones Indices
S&P is the world's largest provider of core concepts, data, and research resources based on indices, and it is also the origin of iconic financial market indicators such as the S&P 500® and the Dow Jones Industrial Average®. The scale of assets attracted by its index-based products exceeds that of any other index provider globally. Since Charles Dow Jones invented the first index in 1884, S&P has continuously innovated and developed indices in various asset classes, helping to define the way investors measure and trade in the markets. S&P is a division of S&P & Co. (NYSE: SPY), which provides essential information to individuals, companies, and governments to help them make decisions with confidence. For more information, please visit: www.sandp.com.
Cboe ®, Cboe Global Markets ®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc. S&P 500 Index is owned by S&P P Dow Jones Indices LLC or its affiliates. S&P®, S&P 500®, The 500®, 500™, US 500™, and SPX ® are trademarks of Standard & Poor; Dow Jones ® is a trademark of Dow Jones Trademark Holdings LLC. The aforementioned trademarks have been authorized for use by Cboe Exchange, Inc. The options related to S&P 500 Index are not sponsored, issued, or endorsed by S&P P Dow Jones Indices, and S&P P Dow Jones Indices assumes no responsibility therefor. All other trademarks and service marks are the property of their respective owners.
Any products that use the S&P index or index portfolios as their underlying assets have not received sponsorship, endorsement, sales promotion, or endorsement from Standard & Poor or Cboe. Standard & Poor and Cboe also do not make any statements or recommendations regarding the suitability of investing in such products. All other trademarks and service marks are the property of their respective owners.
Cboe Global Markets, Inc and their affiliated parties do not provide advice or make any statements regarding the potential returns of any securities, futures, or investments, or third-party products or services. Cboe Global Markets, Inc have no association with S&P. Investors should conduct their own due diligence regarding their securities, futures, and investment practices. This press release is only valid as of this date. Cboe Global Markets, Inc shall not be obligated to update the information in this document.
No part of this announcement should be construed as an offer or solicitation to purchase or sell any securities or futures in any jurisdiction where such activities are illegal under the laws of that jurisdiction. The content contained herein does not constitute tax, legal, or investment advice. Investors must consult with their tax advisors or legal counsel regarding their specific circumstances in order to obtain advice and information.
Cboe Global Markets, Inc and their affiliates make no express or implied warranties regarding the products and services described in this document, including but not limited to suitability for sale, suitability for a particular purpose, accuracy, completeness, or timeliness, nor do they guarantee that the recipient will obtain any particular results from them; they also assume no responsibility for whether the indices mentioned in this press release can generally track the performance of the securities in any subset thereof. Cboe Global Markets, Inc and their affiliates have not calculated, compiled, or determined the constituents or weights of the securities included in the third-party indices mentioned in this press release, and therefore assume no responsibility for any inaccuracies or errors in these indices.
Any trading of Cboe products mentioned in this document involves significant risks. Before participating in such product transactions, market participants should carefully read the disclosures and disclaimers located at https :// www.cboe.com /us_disclaimers/. Options trading carries risks and is not suitable for all market participants. Before buying or selling options, individuals should read the Standardized Options Characteristics and Risk Disclosure (ODD); this document must be provided to all such individuals. A copy of ODD can be obtained from your broker or options clearing firm (The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606).
Warning Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, which involve various risks and uncertainties. You can identify these statements by the use of forward-looking words such as “may”, “might”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, or “continue”, as well as their negative forms and other similar expressions. Except for statements of historical facts, all statements that reflect our expectations, assumptions, or forecasts about the future are forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about us, and may include forecasts of future financial performance based on growth strategies and expected business trends. These statements are merely judgments made based on our current expectations and forecasts of future events. There are important factors that could cause our actual results, levels of activity, performance, or achievements to differ significantly from those expressed or implied in the forward-looking statements.
We operate in a highly competitive and rapidly changing environment. New risks and uncertainties arise from time to time, making it impossible to predict all of them, nor to assess the impact of all factors on our business, or the extent to which a single factor or a combination of factors could lead to significant differences between actual results and any forward-looking statements.
Factors that may lead to different actual results include: the loss of exclusive listing and trading rights for certain index options and futures products; economic, political, and market conditions; compliance with legal and regulatory obligations; competition in prices and new products and services, as well as industry consolidation; decreases in trading or clearing volumes, market data fees, or changes in the product portfolio traded on exchanges; legislative or regulatory changes or tax regime changes; our ability to protect our systems and communication networks from security vulnerabilities and intrusions; our ability to attract and retain high-quality management and other employees; intensified competition from domestic and foreign entities; our dependence on third parties for our business and operations and the related risk exposures; factors that affect the quality and integrity of the indices we use; our ability to effectively manage global operations, growth, as well as strategic acquisitions, divestitures, spin-offs, or alliances; increases in the costs of products and services we use; our ability to conduct business without infringing on the intellectual property of others, as well as the costs incurred in protecting our own intellectual property; our ability to reduce credit, liquidity, market, investment, counterparty, and default risks when operating a clearing house; our ability to handle trading and clearing volumes and transaction traffic (including significant growth) without failures or declines in system performance; improper behavior by market participants or the counterparties we clear transactions with; challenges regarding the use of open-source software code; our ability to meet compliance obligations, including managing business interests and regulatory responsibilities; loss of key customers or significant declines in their trading or clearing volumes; damage to our reputation; whether our compliance and risk management methods can effectively monitor and manage risks; restrictions imposed by debt obligations and our ability to pay off or refinance debt; the ability to maintain an investment-grade credit rating; impairment of goodwill, long-term assets, investments, or intangible assets; the accuracy of estimates and forecasts; and litigation risks and other liabilities.For more factors that may affect the actual results, please refer to the documents we submitted to the U.S. Securities and Exchange Commission (SEC), including the Form 10-K annual report for the fiscal year ending December 31, 2025, and other documents submitted from time to time thereafter.
Except as required by law, we do not assume, and explicitly declare that we do not assume, any obligation to update any forward-looking statements due to new information, future events, or other reasons. Readers should be cautious not to rely excessively on these forward-looking statements, which are only valid as of the date of this document.
