Cboe extends exclusive S&P 500 options licensing deal with S&P DJI through 2051

Cboe Exchange, Inc. entered into a Master License Agreement with S&P Opco, LLC and affiliates that extends, supersedes, continues, expands and replaces the prior 1994 Restated License Agreement. The new agreement runs through December 31, 2051, providing long-term certainty for Cboe's exclusive rights to use the S&P 500 index for standardized options.

The agreement includes updated license fees calculated on a per-contract basis, effective January 1, 2027. The filing does not disclose the specific fee rates or how they compare to prior terms.

Cboe retains exclusive rights to use the S&P 500 index and related marks to create, issue, list, trade, clear and settle standardized options contracts on its U.S. markets. This exclusivity is a key competitive advantage for Cboe's options franchise.

Cboe extended its exclusive licensing agreement with S&P DJI for 25 years, through 2051. This preserves Cboe's exclusive rights to list and trade certain index options and futures products, including S&P 500 index options, which are core to its derivatives business.

The current year's royalty fee terms are unaffected by the extension. Any changes to the royalty fee structure take effect starting in 2027, giving investors clarity that 2026 results will not be impacted by the new agreement.

Cboe expects the 2027 royalty fee reset to have only a minimal impact on net revenue growth, because organic volume growth, pricing optimization, and business execution are expected to offset the higher royalty costs. This suggests the financial burden of the extension is manageable.

Management expects the 2027 royalty fee reset to be the largest adjustment under the new agreement, with subsequent adjustments being smaller. This provides some visibility into the long-term cost structure of the licensing arrangement.

Cboe will give detailed 2027 organic net revenue guidance in February alongside Q4 earnings. Investors will need to wait until then for a more precise quantification of the royalty fee impact on next year's results.

Cboe and S&P Dow Jones Indices signed a 25-year extension of their exclusive licensing agreement, extending Cboe's exclusive rights to offer S&P 500 Index (SPX) options through 2051. This removes a key long-term uncertainty for Cboe's flagship derivatives franchise.

The agreement creates an opportunity for Cboe and S&P DJI to jointly develop new products such as tokenized options contracts, expanding beyond traditional index derivatives. This signals a potential new growth avenue in emerging digital-asset markets.

The press release highlights record SPX options volume of 970.6 million contracts in 2025, up 25% year over year, marking the fourth consecutive year of record trading activity. This underscores the commercial importance of the franchise being secured through 2051.