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SPX Cboe与S&P道琼斯指数续签独家授权协议至2051年，探索代币化期权合约
Cboe全球市场（Cboe Global Markets）与S&P道琼斯指数（S&P Dow Jones Indices）已续签其独家授权合作伙伴关系，期限长达2051年。这一决定巩固了双方数十年的合作关系，并为潜在的新产品——包括代币化期权合约——打开了大门。
长期合作得到强化
两家公司于周一宣布，新协议保留了Cboe提供标普500指数（SPX）期权交易的独家权利，这是Cboe的核心旗舰产品。该授权安排可追溯至1983年，当时Cboe向市场推出了首个标普500指数期权产品。
Cboe全球市场是股票、期权和期货交易所的运营商，也是全球最大的市场基础设施提供商之一。S&P道琼斯指数作为标普全球（S&P Global）的一个部门，提供广泛使用的金融市场指数，其中包括基准指标标普500指数。
除了延续历史悠久的合作关系外，两家公司还表示，他们可能会在传统指数衍生品之外进行数字创新方面的合作，特别提到了代币化期权合约的可能性。目前，该计划处于探索阶段，并不构成具体的产品发布计划。
代币化期权的潜力
Representatives from Cboe and S&P Dow Jones Indices stated that any tokenized options contracts developed under this cooperation framework will be independent products of current SPX options contracts. Companies have described tokenization efforts as a potential way to combine landmark financial benchmarks with blockchain infrastructure.
The latest data released with the announcement shows that SPX options trading volume will reach a record 970.6 million contracts in 2025. Cboe shares rose more than 6%, after learning of the agreement. SPX options trading volume hit a new record of 970.6 million in 2025, reflecting the continued market demand for such derivatives.
This move puts Cboe, a well-known global institution in derivatives trading, at the forefront of institutional investors 'interest in blockchain-driven markets. Tokenization refers to the process of creating digital representations of traditional assets on a blockchain network. Over the past year, more institutions have entered the space; the New York Stock Exchange (NYSE) recently partnered with Blockchain.com to provide tokenized stocks and ETFs, and BlackRock has expanded its activities with a partnership with Ondo Finance. Other major players, such as Goldman Sachs, JPMorgan and the Depository Trust and Clearing Corporation (DTCC), have also explored blockchain-based securities issuance.
Explanation of Terms: Tokenization is the process of issuing traditional financial assets as blockchain-based tokens, designed to improve the efficiency and accessibility of markets by enabling faster settlements, lower costs, and round-the-clock trading on global platforms.
两家公司的公告正值美国证券交易委员会（SEC）推出新的“创新豁免”，允许在未注册为全国证券交易所的情况下，通过链上渠道交易代币化美国股票的受监管途径。尽管《清晰度法案》（Clarity Act）在国会进展缓慢，但这一监管发展符合在立法滞后的情况下适应不断演变的技术的努力。
推进新型数字产品
虽然与股票相比，对期权合约进行代币化具有更大的复杂性——这归因于到期日、行权价格和结算物流等特性——但Cboe和S&P道琼斯指数表示有信心探索解决这些挑战的技术方案。
该合作可能为融合领先金融指数与区块链轨道的创新产品铺平道路，标志着代币化与传统金融的更广泛整合。目前，该协议更多地表明了意向而非迫在眉睫的产品发布，但它标志着大型金融机构在区块链和代币化产品推进过程中的又一重要进展。
