Overview
- Cboe and S&P Dow Jones Indices announced Tuesday that they have extended their exclusive license for S&P 500 index options for 25 years, running through 2051.
- The agreement formally puts tokenized options on the companies’ joint agenda as an area to study but does not commit to any product, trading venue, settlement method, regulatory filing, or launch timetable.
- Cboe said royalty terms remain unchanged for 2026 and will be revised starting in 2027 with only a minimal expected effect on its net revenue growth.
- The move preserves Cboe’s control of the highly active SPX market after a record 2025 when Cboe reported 970.6 million SPX contracts traded and a 3.9 million average daily volume.
- The extension builds on a long partnership that began in 1983 and arrives as U.S. market players and regulators advance tokenization work, meaning any tokenized options would still need technical design and regulatory approvals before they could launch.