Cboe extends exclusive S&P 500 options license with S&P DJI through 2051; 2027 royalty reset called de minimis

Cboe Global Markets, Inc.

Cboe Exchange signed a Master License Agreement with S&P Opco/S&P DJI on Sept 28, 2026, extending exclusive rights to list and trade S&P 500 (SPX) options through Dec 31, 2051.
Updated per-contract royalty fees take effect Jan 1, 2027, with no impact on 2026 royalty terms; Cboe estimates the 2027 reset is a de minimis impact on 2027 net revenue growth.
Future royalty fee adjustments will be smaller than the 2027 reset; specific 2027 organic total net revenue guidance comes in February with Q4 earnings.
SPX options set a record 970.6 million contracts in 2025, average daily volume of 3.9 million, up 25% YoY and a fourth consecutive record year.
Deal also covers cross-licenses for Volatility, BuyWrite and Variance Indices and allows collaboration on new products such as tokenized options contracts.

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