Cboe and S&P DJI Extend Exclusive Options License to 2051

Two of the biggest names in index options have agreed to keep working together for another quarter century. Cboe Global Markets and S&P Dow Jones Indices announced on September 29, 2026 that they extended their exclusive license for S&P 500 options through 2051, and the companies said they may also collaborate on new products, including tokenized options contracts.

• The exclusive license now runs through 2051, extending a partnership that began in 1983.
• SPX options reached a record 970.6 million contracts in 2025, with average daily volume up 25 percent, according to the releases.
• The companies said they "may collaborate" on new products beyond index derivatives, including tokenized options contracts.
• Cboe's filing described 2027 royalty fees as "de minimis" and said it will give 2027 guidance in February.

What did Cboe and S&P DJI announce?

According to exhibits filed with the SEC, the new agreement is a 25-year extension of the exclusive license for S&P 500 index options, the contracts traded under the SPX ticker. Craig Donohue of Cboe and Catherine Clay of S&P DJI are quoted in the releases describing the deal as a long-term commitment to the franchise.

The filings also describe how fees are expected to work. Cboe says 2027 royalty fees will be "de minimis," and that future fee adjustments should be smaller than the 2027 reset. Guidance for 2027 is due in February.

What is the tokenized options angle?

This is the forward-looking part, and it is worth being precise. The releases say the two companies "may collaborate" on innovation beyond index derivatives, "including new products like tokenized options contracts." That is an exploratory statement, not a product launch. No venue, timeline or design has been announced.

Still, it fits a broad pattern of market infrastructure companies preparing for blockchain-based trading, such as the NYSE and Blockchain.com tokenized stocks effort. Decrypt reported that Cboe shares rose more than 6 percent following the news.

Why does a license extension matter?

SPX options are among the most heavily traded index contracts in the world, and certainty about who can list them for the next 25 years gives both firms a stable base for investment. For traders, it means the flagship contract is not going anywhere, while the door stays open to new formats. Cboe has already been widening access with smaller products, as in its Predicts index contracts for retail investors.

What should readers watch next?

This is an explainer, not investment advice. Useful markers include Cboe's February guidance, any further detail on tokenized products, and whether regulators signal openness to tokenized derivatives. Follow more of this in our stock trading coverage.

Sources: Cboe and S&P DJI joint release (SEC 8-K exhibit 99.2) — September 29, 2026; Cboe release (SEC 8-K exhibit 99.1) — September 29, 2026; Decrypt: Cboe S&P deal and tokenized options — September 29, 2026.