Shares of Cboe Global Markets rose after the exchange operator announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices (S&P DJI). At the time of writing,
Shares of Cboe Global Markets rose after the exchange operator announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices (S&P DJI).
At the time of writing, Cboe shares were trading at $268.01, up 5.83%.
Cboe Global Markets (CBOE) is an exchange operator that runs options, stock and futures markets. S&P Dow Jones Indices (S&P DJI) is the company behind the S&P 500 and the Dow Jones Industrial Average.
The new agreement keeps Cboe’s exclusive rights to offer trading in S&P 500 Index (SPX) options through 2051.
It also gives Cboe and S&P DJI room to explore new products beyond traditional derivatives, including tokenized options contracts.
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The agreement extends a partnership that has lasted more than 40 years. Cboe and S&P DJI began working together in 1983, when Cboe launched SPX options.
SPX options are contracts linked to the S&P 500 Index, which tracks 500 major U.S. companies. In simple terms, they give traders a way to gain exposure to movements in the broader U.S. stock market or hedge against those movements, rather than trading an option tied to just one company.
SPX options are cash-settled, meaning traders receive or pay cash rather than exchanging shares. They use European-style exercise, so they can only be exercised at expiration.
The market is also sizable. SPX options recorded a record 970.6 million contracts in trading volume in 2025, while average daily volume reached 3.9 million contracts, up 25% from the prior year. It marked the fourth consecutive year of record trading activity, according to Cboe.
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The extended agreement could also bring traditional derivatives closer to newer financial technology.
Cboe and S&P DJI said they may collaborate on products such as tokenized options contracts. However, the companies did not announce a specific tokenized product or provide a launch timeline.
Cboe CEO Craig Donohue said the extension would allow the company to continue expanding its SPX and VIX businesses while giving it “significant runway to pursue the next frontier of innovation” as investor needs and technology change.
For Cboe, the agreement secures its exclusive SPX options rights for another 25 years while leaving room to develop new products and trading structures around one of the world's most actively traded index options.
