芝加哥期权交易所将标普500指数期权授权延长至2051年，并探索代币化合约

Cboe extends S & P 500 option license until 2051, exploring tokenization contract

Cboe Global Markets and S&P Dow Jones Indices renewed the exclusive license agreement on September 29, 2026, which is valid until 2051. According to Decrypt, the agreement reserves Cboe's right to provide options trading on the S & P 500 index and points out that "tokenized options contracts" are an area of cooperation that the two companies may jointly explore in the future. After the announcement, Cboe's share price rose more than 6%, with a pre-market gain of 6.6%.

Core Points

• Exclusive rights extension: The new agreement confirms that Cboe has exclusive rights to trade options on the S & P 500 Index (SPX) until 2051. The previous agreement was valid until 2033, with exclusive index option rights only retained until 2032.
• Trading volume hits a new high: According to crypto.news data, SPX options trading volume in 2025 reached a record of 970.6 million contracts, an increase of 25% from 2024. The average daily trading volume is 3.9 million contracts, setting an annual record for the fourth consecutive year.
• Royalty terms remain unchanged: Royalty terms remain unchanged during 2026, and the revised terms will take effect in 2027. Cboe said it expected the adjustment to have little impact on its net income growth.
• Tokenization is for exploration only: No tokenization products have been announced, declared or arranged at this time. Any tokenized contract will be a new product independent of currently traded SPX options. The parties did not mention specific declaration documents, trading venues, settlement designs or timetables.
• Cooperation history: The partnership began in 1983, when Cboe launched the first S & P 500 index options.

Content of Cboe's actual agreement with S&P

This extension locks in a commercial arrangement tied to one of Cboe's most active products. In addition to the license itself, the two companies said they may cooperate to develop new products in addition to traditional index derivatives, specifically mentioning tokenized options contracts. Any tokenized contract will be distinguished from the SPX options available today.

Cboe CEO Craig Donohue told crypto.news that the agreement provides "certainty and continuity" to the company's SPX and VIX businesses. He also pointed to opportunities to develop products using emerging technologies, but the announcement did not include specific business plans for tokenized options.

Tokenizing options is more complex than stocks. The contract has an expiration date, strike price and settlement mechanism, and the tokenized version needs to address these issues-none of these issues were answered in this announcement.

Tokenization competition at different starting lines

This announcement comes at a time when the wave of institutional tokenization is booming. According to reports, the New York Stock Exchange recently chose Blockchain.com to reach out to crypto investors and provide tokenized stocks and ETFs; BlackRock has delved into this area through its partnership with Ondo Finance. In addition, consortiums including BlackRock, Goldman Sachs, JPMorgan Chase and DTCC have separately explored the possibility of tokenizing stocks.

PANews将此披露作为简短新闻快讯报道，描述了联合开发代币化期权合约的可能性，但未提供任何产品条款——这与crypto.news指出的“该公告伴随没有任何监管申报”的说法一致。

监管背景因资产类型而异：

• 美国证券交易委员会（SEC）已授予符合条件的交易平台五年有条件豁免，允许通过授权系统交易代币化美国股票。条件涉及股东权利、交易限制、公开智能合约和协调的交易暂停。然而，该豁免仅适用于符合条件的代币化股票，不适用于代币化期权。
• 另外，SEC于9月1日提议更新过户代理规则，涵盖数字记录和网络安全性，但该提案尚未成为最终规则。

其他交易所集团也在不同阶段构建代币化证券系统。纽约证券交易所母公司洲际交易所（ICE）于8月同意投资tZERO并许可其区块链专利，但该平台仍需获得监管批准才能提供全天候交易和区块链结算。该项目关注的是代币化证券；而Cboe新确定的兴趣点在于期权合约。

为何重要

对于交易者而言，此次续约为广泛用于对美国股市进行头寸管理或风险管理的基准产品提供了连续性。对于Cboe股东来说，它延长了与旗舰业务挂钩的商业安排。代币化的措辞更多地被视为一种信号：它将衍生品交易中最大的交易所之一置于吸引机构兴趣的加密领域角落，同时将所有执行细节留白。

值得关注的事项

接下来的具体步骤包括：2027年生效的修订版税条款、SEC 9月1日提出的过户代理提案的任何进展，以及Cboe或S&P道琼斯指数是否会用申报文件或产品描述来落实这种探索性语言。Cboe此前通过Cboe Predicts平台推出了与迷你标普500指数挂钩的二元期权，显示该公司愿意将指数挂钩合约推向市场；但目前关于代币化期权的讨论没有伴随类似的监管或产品公告。

常见问题解答

Cboe的独家标普500期权许可现在延长至何时？

延长至2051年，该延期于2026年9月29日宣布。根据crypto.news引用的Cboe 2025年年度报告，之前的安排有效期至2033年，独家标普500指数期权权利保留至2032年。

Cboe实际上正在推出代币化期权吗？

没有。Cboe和S&P道琼斯指数仅将代币化期权列为潜在的共同工作领域，并未宣布任何申报文件、交易场所、结算设计或时间表。

2025年有多少SPX期权合约进行交易？

创纪录的9.706亿份合约，较2024年增长25%，日均成交量为390万份合约——这是连续第四年创下年度纪录，据crypto.news数据。

SEC的代币化证券豁免是否涵盖代币化期权？

不涵盖。SEC授予符合条件的交易平台五年有条件豁免以交易代币化美国股票，这仅适用于符合条件的代币化股票，不适用于Cboe和S&P道琼斯指数表示可能探索的代币化期权。

修订后的版税条款何时生效？

2026年期间的版税条款保持不变，修订后的条款从2027年开始生效。Cboe表示，预计这次重置对其净收入增长只有最小的影响。