Cboe Locks In S&P 500 Options Rights Through 2051, Leaves Room for Tokenized Contracts

Cboe Global Markets and S&P Dow Jones Indices (S&P DJI) announced on Tuesday that they are extending their exclusive licensing deal by 25 years, keeping Cboe’s exclusive rights to offer trading in S&P 500 Index (SPX) options through 2051.

The two companies also said they may collaborate on products outside traditional index derivatives, and they named 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 CEO Craig Donohue said the deal lets the exchange keep building out its SPX and VIX businesses with customers assured of continuity. “It also gives us significant runway to pursue the next frontier of innovation and stay ahead of evolving investor needs and emerging technologies,” he said in the release.

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The partnership 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.

SPX options averaged 3.9 million contracts a day in 2025, up 25% from 2024, for a record annual total of 970.6 million, the companies said. 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 ran its options and futures businesses.

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, open to eligible investors outside the U.S.

Cboe rolled out Cboe Predicts in June, yes-or-no binary options on the Mini-S&P 500 Index aimed at retail traders.

S&P DJI sees “a future where every investor, everywhere, can access this benchmark in the format that best suits their needs,” Clay said in the joint release.

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