BREAKING: Cboe Extends S&P 500 Options Deal to 2051, Explores Tokenized Contracts

Cboe Global Markets and S&P Dow Jones Indices have extended their exclusive S&P 500 options licensing agreement through 2051. The deal also gives both companies room to explore tokenized options contracts.

Ad

Ad

Cboe Locks In SPX Options Rights for Another 25 Years

The extension preserves Cboe’s exclusive rights to offer S&P 500 Index options, known as SPX options. Their partnership began in 1983, when SPX options first launched.

The franchise has since become a major part of Cboe’s derivatives business, and trading activity continues to grow. SPX options reached 970.6 million contracts in 2025, up 25% from the previous year. Average daily volume reached 3.9 million contracts, marking a fourth consecutive annual record.

Cboe CEO Craig Donohue said the agreement gives the company “certainty and continuity” around its SPX and VIX franchises. It also provides more time to develop products around emerging technologies.

The market welcomed the extension, with Cboe shares rising 6.6% in premarket trading after the announcement. Royalty terms will remain unchanged during 2026, while revised terms will begin in 2027. Cboe expects that reset to have only a minimal effect on net revenue growth.

Ad

Ad

Tokenized Options Become Part of the Next Phase

The licensing agreement also creates room for products beyond traditional index derivatives. Cboe and S&P DJI specifically identified tokenized options contracts as one possible area of collaboration.

Neither company disclosed a blockchain, settlement model, trading structure, or launch date. That keeps the project at the exploration stage, but the idea fits a wider shift among market operators.

As we reported last week, NYSE parent Intercontinental Exchange backed tZERO as it develops regulated infrastructure for tokenized securities. ICE and tZERO are also working on an NYSE-affiliated tokenized securities platform.

Cboe is approaching the same broader transition from the derivatives side. Any tokenized SPX product would build on an existing market rather than create a new benchmark.

SEC Rulemaking Forms the Regulatory Backdrop

Cboe’s tokenization plans remain preliminary, but they come as the SEC updates market rules for blockchain-based securities. The agency recently proposed changes to transfer-agent requirements covering distributed-ledger records and tokenized securities.

As we reported earlier this month, the proposal focuses on how ownership records can be maintained when securities are issued or recorded on blockchain infrastructure. It does not address tokenized options or approve any Cboe product.

However, the Cboe and S&P DJI have not disclosed a product filing, blockchain, settlement model, or launch date for tokenized options. The companies only identified them as one area they may explore under the extended agreement.