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FollowingCboe signed a 25-year exclusive license agreement with S&P Dow Jones Indices to explore tokenized options contracts
Cboe Global Markets and S&P Dow Jones Indices announced an extension of their exclusive license agreement on S&P 500 Index and other index options, which will be valid for 25 years, until 2051.
Both parties announced this news through a press release on September 29, 2026. The agreement consolidates the partnership between the two companies since 1983. In this renewal, Cboe retains the right to list on the exchange the S & P 500 (SPX) and index options linked to other S & P Dow Jones indexes.
Record cooperation and transactions
Cboe CEO Craig Donohue said in a statement: "This extension allows us to further promote long-term growth in the SPX and VIX businesses in the future." Catherine Clay, CEO of S & P Dow Jones Indices, added: "Investor demand for exposure to U.S. stocks continues to accelerate and we see significant opportunities to further expand the partnership."
This renewed agreement builds on a decades-long partnership between the two companies. In 1983, Cboe first listed options linked to the S & P 500 index. Today, this has become one of the most traded options businesses in the world. According to data cited in the press release, SPX options trading volume hit a record high of 970.6 million contracts in 2025, a 25% increase from 2024. This growth trend continues as institutional and individual investors increasingly use index options for hedging and yield strategies.
Jointly explore tokenized options contracts
In addition to the extension of the license agreement, Cboe and S & P Dow Jones Indices also announced that they will jointly explore tokenized options contracts. This is an early step in introducing index-linked derivatives into the blockchain-based settlement track. However, the two companies 'press releases did not disclose the product timeline, structure or blockchain networks that may be involved, and described the tokenization effort as an "exploratory" rather than a committed product release.
The move follows a pattern of growing interest among traditional exchanges and index providers in tokenized versions of traditional financial products, from tokenized stocks to tokenized money market funds, a trend that has become increasingly apparent as U.S. regulators increase acceptance of blockchain-based market infrastructure. Although any tokenized product itself may be years away from launch, the 25-year commitment between two of the most well-known brands in the U.S. derivatives market provides broad room for development.
Long-term strategic significance
The length of the extension itself is noteworthy. Locked in exclusive rights until 2051 has given Cboe years of certainty in its SPX and VIX-related businesses. At the same time, rival exchanges have regularly challenged certain aspects of this exclusivity in court. For the S & P Dow Jones Indices, this also provides it with a long-term partner to distribute its benchmark index into the listed derivatives market.
For industry observers closely watching how the tokenization market infrastructure quickly transitions from pilot to production, such a long-term formal commitment from the two established companies sends a signal that regardless of the final outcome of the tokenization exploration, the underlying index options business is expected to remain a core part of their strategy.
