Cboe Global Markets and S&P Dow Jones Indices (S&P DJI) said Tuesday that they are extending their exclusive licensing agreement by 25 years, allowing Cboe to retain exclusive rights to offer trading in S&P 500 Index (SPX) options through 2051.
The companies also said they may collaborate on products outside traditional index derivatives, naming tokenized options contracts as one example. The announcement did not identify a tokenized product, a launch date, a trading venue, or a regulatory filing.
Cboe keeps control of the SPX options franchise
Cboe CEO Craig Donohue said in the release that the agreement allows the exchange to continue expanding its SPX and VIX businesses while giving customers continuity.
He said: “It also gives us significant runway to pursue the next frontier of innovation and stay ahead of evolving investor needs and emerging technologies.”
A partnership that began in 1983
The relationship began in 1983, when Cboe launched SPX options. In 2013, the firms extended Cboe’s exclusive rights on options tied to certain S&P DJI indexes through 2032.
According to the companies, SPX options averaged 3.9 million contracts a day in 2025, up 25% from 2024, for a record annual total of 970.6 million contracts. It was the fourth straight record year.
Catherine Clay, who became CEO of S&P DJI on Nov. 1, 2025, previously served as Cboe’s executive vice president and global head of derivatives, where she oversaw its options and futures businesses.
New formats tied to the S&P 500
S&P DJI has already licensed the S&P 500 for blockchain products. Centrifuge launched SPXA, a tokenized S&P 500 index fund on Base, in September 2025.
In March, Trade[XYZ] won an S&P DJI license to list an S&P 500 perpetual on Hyperliquid for eligible investors outside the U.S.
Cboe also rolled out Cboe Predicts in June, a yes-or-no binary options product on the Mini-S&P 500 Index aimed at retail traders.
In the joint release, Clay said: “S&P DJI sees a future where every investor, everywhere, can access this benchmark in the format that best suits their needs.”