Key Highlights
- Cboe stock surged as much as 5% after announcing the 25-year S&P 500 options deal, with shares later trading around $261.
- Cboe will keep exclusive rights to offer S&P 500 options through 2051, extending its partnership with S&P DJI.
- The deal could allow Cboe and S&P DJI to explore new products, including tokenized options contracts.
Cboe Global Markets shares rose on Tuesday after the company announced a new 25-year agreement with S&P Dow Jones Indices.
The stock climbed as much as 5% after the announcement. The agreement extends Cboe’s exclusive rights to offer S&P 500 options through 2051 and allows the companies to explore new products, including tokenized options.
According to data from Yahoo Finance, Cboe shares were trading at $261 as of 2:29 p.m. UTC on September 29, after reaching nearly $270 earlier in the session. The stock was up 3.32% over the previous 24 hours.
Cboe keeps S&P 500 options rights
Under the agreement, Cboe will continue to hold exclusive rights to offer trading in S&P 500 Index, or SPX, options. In simple terms, this means traders will still be able to use Cboe’s market to trade options linked to the S&P 500 for decades to come.
The agreement also allows Cboe and S&P DJI to explore new products outside traditional index derivatives, including tokenized options contracts. The companies did not say that tokenized SPX options have been launched. Instead, the agreement leaves room for them to explore how newer technology could be used in the options market.
Partnership dates back to 1983
The partnership between Cboe and S&P DJI dates back more than 40 years, to the launch of SPX options in 1983. The product has since become one of the most actively traded index options globally.
SPX options recorded 970.6 million contracts in 2025, while average daily trading reached 3.9 million contracts. Daily volume was 25% higher than the previous year, marking the fourth consecutive year of record trading activity for the product.
Cboe CEO Craig Donohue said the new deal gives the company room to expand its SPX and VIX businesses while exploring new technology. “This extension allows us to further grow our SPX and VIX franchises,” Donohue said. He added that it gives Cboe “significant runway to pursue the next frontier of innovation.”
S&P DJI CEO Catherine Clay said demand for access to U.S. equities is growing and that investors may want to access the S&P 500 in different forms. She said Cboe’s experience in running derivatives markets works alongside S&P DJI’s index business.
Cboe expands into new markets
The agreement comes as Cboe expands into other areas of financial markets.
In August, its BZX Exchange asked the U.S. Securities and Exchange Commission (SEC) to approve leveraged ETFs tied to Bitcoin, Ether, gold, silver, crude oil and natural gas. The proposed Bitcoin and Ether funds would seek three times the daily performance of the assets, mainly through futures.
Earlier this year, Cboe also launched Cboe Predicts, a prediction-markets product built around binary contracts linked to the Mini-S&P 500 Index. Traders can take a “yes” or “no” position based on whether the index reaches a set level.
The new agreement preserves Cboe’s long-running S&P 500 options business while allowing the companies to explore tokenized options and other potential forms of market access.
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