Cboe Global Markets, Inc and S&P Dow Jones Indices (S&P DJI) today announced a 25-year extension of their exclusive licensing agreement that will continue their longstanding collaboration through 2051.

Under the extended agreement, Cboe will continue to have the exclusive rights to offer trading in its flagship S&P 500® Index (SPX) options. Cboe and S&P DJI may also collaborate to pursue innovation beyond traditional index derivatives, including new products like tokenized options contracts.

The agreement builds on more than 40 years of collaboration between Cboe and S&P DJI that began in 1983 with the launch of SPX options – a breakthrough innovation that has since become the global standard for how investors worldwide gain and manage U.S. equity market exposure.

SPX options are one of the world’s most liquid and actively traded index options. Reflecting growing global demand for exposure to U.S. equity markets, SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts – a 25% increase over the prior year and the 4th consecutive year of record trading activity.

In recent years, Cboe has continued to grow the SPX options suite, alongside its closely connected VIX options and futures franchise, through new products, structures and expirations, expanding the range of tools available and access for retail and institutional investors globally.

Under the extended agreement, there will be no impact on the 2026 royalty fee terms; the updated royalty fee terms will begin in 2027. Cboe estimates the 2027 royalty fee terms will have a de minimis impact on Cboe’s 2027 net revenue growth when considered against organic and ecosystem-driven volume growth, pricing optimization opportunities, and continued business execution.

Cboe believes the extended contract, as structured, positions Cboe for growth, with future royalty fee adjustments smaller than the 2027 reset.