Key facts
- Cboe Global Markets and S&P Dow Jones Indices extended their exclusive S&P 500 options licensing agreement through 2051.
- The agreement includes exploration of tokenized options contracts.
- SPX options trading volume reached a record 970.6 million contracts in 2025.
- Cboe shares rose more than 6% following the announcement.
Cboe Global Markets and S&P Dow Jones Indices have extended their exclusive licensing agreement for S&P 500 Index options (SPX options) through 2051. The partnership, which dates back to 1983 when Cboe launched the first S&P 500 index options, secures Cboe's rights to offer derivatives on the benchmark index. Trading activity in SPX options has seen significant growth, reaching a record 970.6 million contracts in 2025, with an average daily volume of 3.9 million contracts. Cboe CEO Craig Donohue stated the extension provides "certainty and continuity" for the company's SPX and VIX franchises. The announcement led to Cboe shares rising more than 6% in premarket trading. The agreement also includes an exploratory phase to collaborate on new products beyond traditional index derivatives, specifically naming tokenized options contracts. This move aligns with a broader trend of institutional interest in tokenizing traditional assets, following similar initiatives from entities like the NYSE and BlackRock, and a recent SEC "innovation exemption" for tokenized stocks. While the tokenization plan is exploratory and any new contract would be separate from current SPX options trading, it signifies a potential integration of blockchain infrastructure with a major financial benchmark.