Cboe extends exclusive S&P 500 options license with S&P DJI through 2051

Cboe Global Markets locked in a decades-long extension of the license behind its flagship index-options franchise. In a Tuesday 8-K, subsidiary Cboe Exchange said it entered a Master License Agreement and related orders with S&P Opco and affiliates on Sept. 28, extending, superseding, and replacing rights under a restated 1994 license with S&P Dow Jones Indices. The new agreement runs from the effective date through Dec. 31, 2051. Shares closed Tuesday at $261.75, up about 3.4% on the session and up roughly 5.5% year to date.

Under the deal, for updated license fees calculated on a per-contract basis that take effect Jan. 1, 2027, S&P grants Cboe and affiliates exclusive rights to use the S&P 500 index and certain S&P marks to create, issue, list, trade, clear, and settle standardized option contracts on Cboe’s U.S. markets, and to market those contracts. The parties also cross-license intellectual property used for certain volatility, buy-write, and variance indices tied to options and other products.

A joint press release said the extension continues exclusive rights for S&P 500 Index (SPX) options through 2051 and may support collaboration beyond traditional index derivatives, including products such as tokenized options. The release cited 2025 SPX options volume of 970.6 million contracts and average daily volume of 3.9 million, a 25% increase over the prior year and a fourth consecutive record year.

Separately, Cboe said 2026 royalty fee terms are unchanged; updated terms begin in 2027. It estimated the 2027 royalty reset will have a de minimis impact on 2027 net revenue growth when weighed against organic and ecosystem-driven volume growth, pricing optimization, and continued execution, and said future royalty adjustments should be smaller than the 2027 reset. More specific 2027 organic total net revenue guidance is due with fourth-quarter earnings in February.

By the numbers

• License term: through Dec. 31, 2051 (effective Sept. 28, 2026)
• Updated royalty fees: begin Jan. 1, 2027 (2026 terms unchanged)
• SPX 2025 volume (joint release): 970.6 million contracts; ADV 3.9 million (+25% YoY)
• CBOE Tuesday close: $261.75 (+3.4% day; +5.5% YTD)

Sources

1. Cboe Global Markets, Inc. Form 8-K (Items 1.01, 7.01, 9.01), accepted Sept. 29, 2026 5:25:31 p.m. ET, accession 0001104659-26-111989
2. Cboe Form 8-K Exhibit 99.1 (financial-impact release), Sept. 29, 2026
3. Cboe / S&P DJI Form 8-K Exhibit 99.2 (joint press release), Sept. 29, 2026

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Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.