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FollowingCBOE Global Markets shares rose after signing a 25-year exclusive licensing agreement with S &P Dow Jones Indices
CBOE Global Markets shares rose after announcing a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices (S &P DJI). As of press time, CBOE shares closed at US$268.01, an increase of 5.83%.
CBOE Global Markets is an exchange operator responsible for operating the options, equity and futures markets. The S & P Dow Jones Indices is the company behind the scenes compiling the S & P 500 and Dow Jones Industrial Average.
Under the new agreement, CBOE will retain the exclusive right to provide S & P 500 Index (SPX) options trading through 2051. In addition, the agreement also leaves room for CBOE and S & P Dow Jones Indices to explore new products that transcend traditional derivatives, including tokenized options contracts.
CBOE reserves key S & P 500 option rights
This agreement continues the partnership between the two parties for more than 40 years. CBOE and the S & P Dow Jones Indices have been working together since 1983, when CBOE launched SPX options.
SPX options are contracts linked to the S & P 500 index, which tracks 50 major listed companies in the United States. In short, it allows traders to indirectly participate in fluctuations in the broader U.S. stock market, or hedge their movements, rather than just trading options on a single company.
SPX options are settled in cash, meaning that traders receive or pay cash rather than exchanging shares. They use a European exercise method, so they can only be exercised on the expiration date.
The market is huge. According to CBOE data, the trading volume of SPX options hit a record high in 2025, reaching 970.6 million contracts, and the average daily trading volume reached 3.9 million contracts, an increase of 25% from last year. This marks the fourth consecutive year of record trading activity.
Tokenized options enter discussion
This extended agreement may also allow traditional derivatives to be more closely integrated with emerging financial technologies. CBOE and S & P Dow Jones Indices said they may collaborate on products such as tokenized option contracts. However, the two companies did not announce specific tokenized product information or provide a release timetable.
Craig Donohue, CEO of CBOE, said the extension will allow the company to continue to expand its SPX and VIX businesses, while providing "important development space" for its "pursuit of the forefront of innovation" as investor needs and technology evolve.
For CBOE, the agreement not only ensures it has exclusive rights to SPX options for the next 25 years, but also leaves room for it to develop new products and trading structures around one of the most actively traded index options in the world.
