Cboe and S&P DJI sign 25-year extension for S&P 500 index licensing
The exchange operator and index provider extended their exclusive partnership through 2051, covering SPX options and volatility products.
Cboe Global Markets, Inc. (CBOE) said on Monday it signed a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, continuing their partnership through December 31, 2051.
The agreement covers exclusive rights for S&P 500 index options and related volatility, buywrite, and variance indices on Cboe markets.
Under the extended agreement, royalty fee terms for 2026 remain unchanged, with updated terms taking effect January 1, 2027. The company said in a filing that it estimates the 2027 royalty fee terms will have a de minimis impact on 2027 net revenue growth when measured against organic and ecosystem-driven volume growth, pricing optimization opportunities, and continued business execution. The company plans to provide specific 2027 organic total net revenue guidance in February with its fourth-quarter earnings.
SPX options set a record annual volume of 970.6 million contracts in 2025, with an average daily volume of 3.9 million contracts, representing a 25% increase over the prior year and the fourth consecutive year of record trading activity, according to the press release.
"Cboe and S&P DJI have created one of the industry's great success stories," said Craig Donohue, Chief Executive Officer and President of Cboe Global Markets. "By combining S&P DJI’s index expertise with Cboe's unmatched ability to build and operate highly liquid derivatives markets, we have built one of the world’s most liquid products and a relationship that has delivered lasting value across the global financial marketplace."
"This extension allows us to further grow our SPX and VIX franchises, while providing the certainty and continuity that our customers have come to expect in these products," Donohue said.
"The S&P 500 is the definitive barometer of U.S. equity market performance and the most widely tracked index in the world," said Catherine Clay, Chief Executive Officer of S&P DJI. "Investor demand for exposure to U.S. equities continues to accelerate, and we see a future where every investor, everywhere, can access this benchmark in the format that best suits their needs."
The agreement also provides a framework for potential future collaboration beyond traditional index derivatives, including tokenized options contracts.