Cboe Locks Up S&P 500 Options Franchise Until 2051
Cboe has secured its exclusive rights to S&P 500 Index options until 2051, extending a partnership that spans over 38 years. The agreement with S&P Dow Jones Indices includes the possibility of exploring tokenized options contracts, which are blockchain-based derivatives.
The current SPX options market is already one of the largest in the world, with an average daily volume of 3.9 million contracts in 2025 and a record 970.6 million contracts traded last year. The company's control over this franchise will be protected for another 25 years.
The inclusion of tokenized options is seen as significant because it allows Cboe to adapt its existing infrastructure if the market moves towards digital rails. However, any potential product would have to offer a measurable advantage without fragmenting the liquidity that makes the existing SPX contract valuable.