secwatch.observer — SEC 8-K summary
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Issuer:     Cboe Global Markets, Inc. (CBOE)
CIK:        0001374310
Form:       8-K
Filed at:   2026-09-29T21:25:31+00:00
Accession:  0001104659-26-111989
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1374310/000110465926111989/0001104659-26-111989-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1374310/000110465926111989/tm2626203d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-111989

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer