Cboe and S&P Dow Jones Extend Deal, Open Door to Tokenized Options

TLDR

• Cboe Global Markets and S&P Dow Jones Indices extended their exclusive S&P 500 options licensing agreement through 2051.
• The new deal opens the door to possible tokenized options contracts, though no product or timeline has been announced.
• SPX options hit a record 970.6 million contracts traded in 2025, averaging 3.9 million per day.
• Cboe shares rose more than 6% after the announcement.
• The move follows a wave of tokenization efforts from NYSE, BlackRock, Nasdaq and DTCC.

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Cboe Global Markets and S&P Dow Jones Indices have extended their long-running licensing partnership through 2051. The deal keeps Cboe’s exclusive rights to offer options tied to the S&P 500 Index, known as SPX options.

Cboe Extends Exclusive S&P 500 Index Options License Through 2051, Explores Tokenized Options Contracts

Cboe Global Markets announced a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices through 2051. Under the agreement, Cboe will retain exclusive… pic.twitter.com/9syPaa3WpH

— Wu Blockchain (@WuBlockchain) September 29, 2026

The original partnership dates back to 1983. That is when Cboe launched the first S&P 500 index options product.

Along with the extension, the two companies said they may work together on new products beyond traditional index derivatives. That includes the possibility of tokenized options contracts.

What Tokenized Options Could Mean

Tokenization means turning traditional assets into blockchain-based tokens. Stocks, funds and now potentially options contracts can be issued this way.

For options, that could mean strike prices, expiration dates and collateral are all written into a smart contract. Settlement could then happen automatically based on market data.

Right now, this is only an idea. Cboe and S&P DJI have not launched a tokenized product and have not given a timeline for one.

Catherine Clay, CEO of S&P DJI, said in a statement that investor demand for U.S. equity exposure keeps growing. She said the goal is for every investor to access the S&P 500 benchmark in whatever format suits them.

Craig Donohue, CEO of Cboe Global Markets, said the extension gives the company room to pursue new technology while keeping stability for existing customers.

Market Size and Recent Momentum

SPX options are among the most heavily traded index derivatives in the world. In 2025, they reached a record 970.6 million contracts traded, an average of 3.9 million per day.

Cboe shares climbed more than 6% following the news of the extended agreement.

This announcement is part of a larger trend of major financial institutions exploring blockchain technology. Nasdaq is working with Kraken parent Payward on tokenized, voting-enabled equities.

The New York Stock Exchange is building a 24/7 trading venue for tokenized stocks and exchange-traded funds. NYSE also recently signed an agreement with Blockchain.com to bring tokenized U.S. stocks to that platform’s users.

The Depository Trust and Clearing Corporation, which custodies more than $100 trillion in assets, plans to launch its own tokenization service in October.

BlackRock has also moved into this space through a partnership with Ondo Finance. A separate group that includes BlackRock, Goldman Sachs, JPMorgan and DTCC has looked into tokenized stocks as well.

S&P Dow Jones Indices has already licensed the S&P 500 benchmark for blockchain use elsewhere. It licensed the index to Centrifuge for a fund called SPXA, described as the first blockchain-based index fund licensed by S&P DJI.

Earlier this year, S&P DJI also licensed the S&P 500 to Trade[XYZ] for a perpetual futures product that trades on Hyperliquid.

Regulation has also shifted to make this kind of move easier. The Securities and Exchange Commission recently created an “innovation exemption.” This gives tokenized U.S. stocks a compliant path to trade on-chain without registering as national securities exchanges.

That policy shift came after the Clarity Act stalled in Congress. Options contracts are more complex to tokenize than stocks since they involve expiration dates, strike prices and settlement rules.

For now, Cboe and S&P DJI have only signaled interest rather than announcing a working product. The extended licensing agreement, however, keeps their S&P 500 options partnership locked in through 2051 while leaving the door open for future blockchain-based versions.