Cboe and S&P Dow Jones Indices extend exclusive options deal through 2051
Cboe Global Markets and S&P Dow Jones Indices have extended their exclusive licensing agreement by 25 years through 2051, preserving Cboe's rights to S&P 500 options while leaving room to collaborate on tokenized contracts.
Cboe Global Markets and S&P Dow Jones Indices announced a 25-year extension of their exclusive licensing agreement, keeping Cboe's exclusive rights to offer trading in S&P 500 Index (SPX) options through 2051. The companies noted that their renewed arrangement opens the door to collaborating on products beyond traditional index derivatives, specifically naming tokenized options contracts as an area of exploration. However, the announcement did not name a specific tokenized product, launch timeline, trading venue, or regulatory filing.[1][5][2][4]
The renewal protects a core revenue engine that reached a record 970.6 million SPX options contracts in 2025, marking its fourth straight record year with an average daily volume of 3.9 million contracts, up 25% from 2024. Shares of CBOE rose 10% in premarket trading following the news. The partnership between the exchange operator and the index provider dates back to 1983 when Cboe introduced SPX options, with exclusive rights previously extended in 2013 through 2032.[1][3][5]
Cboe CEO Craig Donohue said the agreement ensures continuity for its SPX and VIX businesses while giving the company runway to pursue emerging technologies. S&P DJI CEO Catherine Clay, who previously led Cboe's global derivatives business, noted the firm envisions access to the S&P 500 benchmark across multiple formats. S&P DJI has already licensed the benchmark for blockchain initiatives, including Centrifuge's SPXA index fund on Base and an S&P 500 perpetual listed on Hyperliquid by Trade[XYZ].[1]
Key facts
- Cboe Global Markets and S&P Dow Jones Indices extended their exclusive licensing agreement by 25 years through 2051.
- The deal preserves Cboe's exclusive rights to offer trading in S&P 500 Index (SPX) options.
- The firms stated they may collaborate on tokenized options contracts, though no specific product, timeline, trading venue, or regulatory filing was announced.
- SPX options trading volume set an annual record in 2025 with 970.6 million contracts traded, averaging 3.9 million contracts daily.
- Cboe shares gained 10% in premarket trading following the extension announcement.
- The Cboe and S&P DJI partnership began in 1983 and was previously extended in 2013 through 2032.
- S&P DJI previously licensed the S&P 500 for onchain products, including Centrifuge's SPXA index fund on Base and Trade[XYZ]'s perpetual on Hyperliquid.
Sources · 5 sources
- UN
UnchainedArticle ·
Cboe Locks In S&P 500 Options Rights Through 2051, Leaves Room for Tokenized Contracts Cboe Global Markets and S&P Dow Jones Indices (S&P DJI) announced on Tuesday that they are extending their exclusive licensing deal by 25 years , keeping Cboe’s exclusive rights to offer trading in S&P 500 Index (SPX) options through 2051 . The two companies also said they may collaborate on products outside traditional index derivatives, and they named tokenized options contracts as one example. The announcement did not identify a tokenized product, a launch date, a trading venue or a regulatory filing. Cboe CEO Craig Donohue said the deal lets the exchange keep building out its SPX and VIX businesses with customers assured of continuity. “It also gives us significant runway to pursue the next frontier of innovation and stay ahead of evolving investor needs and emerging technologies,” he said in the release. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . A Franchise Dating to 1983 The partnership began in 1983, when Cboe launched SPX options. In 2013, the firms extended Cboe’s exclusive rights on options tied to certain S&P DJI indexes through 2032. SPX options averaged 3.9 million contracts a day in 2025, up 25% from 2024, for a record annual total of 970.6 million , the companies said . It was the fourth straight record year. Catherine Clay , who became CEO of S&P DJI on Nov. 1, 2025, previously served as Cboe’s executive vice president and global head of derivatives, where she ran its options and futures businesses. New Formats for the S&P 500 S&P DJI has already licensed the S&P 500 for blockchain products. Centrifuge launched SPXA , a tokenized S&P 500 index fund on Base, in September 2025. In March, Trade[XYZ] won an S&P DJI license to list an S&P 500 perpetual on Hyperliquid , open to eligible investors outside the U.S. Cboe rolled out Cboe Predicts in June, yes-or-no binary options on the Mini-S&P 500 Index aimed at retail traders. S&P DJI sees “a future where every investor, everywhere, can access this benchmark in the format that best suits their needs,” Clay said in the joint release. Related Listen: How the Bitget Hack Reopened Crypto’s Fight Over Neutral Infrastructure The post Cboe Locks In S&P 500 Options Rights Through 2051, Leaves Room for Tokenized Contracts appeared first on Unchained .
Open source - CO
CoindeskArticle ·
Cboe, S&P Dow Jones may explore tokenized options contracts under extended licensing deal The agreement opens the door to tokenized derivatives as some of Wall Street's biggest institutions, including Nasdaq, NYSE and DTCC, move traditional markets onchain.
Open source - BT
Bull Theory@BullTheoryioPost on X ·
BREAKING: $CBOE is up 10% in premarket after extending its exclusive S&P 500 options license through 2051, a 25-year extension. Cboe now has zero competition risk on S&P 500 index options for the next 25 years. SPX options hit a record 970.6 million contracts in 2025, the fourth straight record year, meaning Cboe just locked up a growing, record-breaking business with no rival allowed to touch it. The deal also opens the door to tokenized options, though no timeline has been set.
Open source - DE
DecryptArticle ·
Cboe's New S&P Deal Opens the Door to Tokenized Options The renewed agreement preserves Cboe's exclusive rights to S&P 500 index options through 2051 while opening the door to pairing the flagship benchmark with blockchain infrastructure.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Cboe Extends Exclusive S&P 500 Index Options License Through 2051, Explores Tokenized Options Contracts Cboe Global Markets announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices through 2051. Under the agreement, Cboe will retain exclusive rights to offer trading in its flagship S&P 500 Index (SPX) options, while the two companies may also explore new products beyond traditional index derivatives, including tokenized options contracts. SPX options reached a record 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, up 25% year over year. No specific tokenized options product or launch timeline has been announced.
Open source