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Cboe Global Markets extended its exclusive licensing agreement with S&P Dow Jones Indices by 25 years, through 2051. The deal preserves Cboe’s exclusive rights to offer trading in its flagship S&P 500 Index options, known as SPX options. The companies may also explore products beyond traditional index derivatives, including tokenized options contracts.
Why it matters
The extension secures Cboe’s position in a major index-options market for decades. SPX options recorded 970.6 million contracts in 2025, with average daily volume of 3.9 million, up 25% year over year.
Market impact
The agreement pairs an established, high-volume derivatives franchise with an early exploration of tokenization. No specific tokenized options product or launch timeline has been announced, so the immediate change is the extended licensing arrangement rather than a new product entering the market.
Frequently asked questions
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How long did Cboe extend its exclusive S&P 500 options agreement?
Cboe extended its licensing agreement with S&P Dow Jones Indices by 25 years, through 2051.
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What rights does Cboe retain under the extended agreement?
Cboe retains exclusive rights to offer trading in its flagship S&P 500 Index options, known as SPX options.
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How much SPX options trading took place in 2025?
SPX options reached 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts.
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How did SPX options average daily volume change year over year?
Average daily volume was up 25% year over year.
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Are tokenized options launching under the agreement?
The companies may explore tokenized options contracts, but no specific product or launch timeline has been announced.
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