Cboe, S&P Extend Licensing Deal to 2051, Explore Tokenized Options on SPX

Cboe Global Markets (CBOE) and S&P Dow Jones Indices have extended their exclusive licensing agreement through 2051, preserving Cboe's rights to offer options on the S&P 500 Index (SPX). The firms said Sept. 29 they may also collaborate on products "beyond traditional index derivatives," specifically naming tokenized options contracts. Any tokenized contract would be a distinct product from today's SPX options. The tokenization element remains exploratory, pairing a benchmark index franchise with blockchain infrastructure. SPX options reached a record 970.6 million contracts in 2025, according to figures cited in the announcement. Cboe shares rose more than 6% on the news. The move follows the SEC's recent innovation exemption, which created a compliant pathway for tokenized U.S. stocks to trade on-chain. Tokenization has drawn increasing institutional interest, with the NYSE partnering with Blockchain.com and BlackRock tying up with Ondo Finance. Options present greater complexity to tokenize than stocks, requiring handling of expiration dates, strike prices and settlement mechanics.