# Cboe Extends S&P 500 Options Rights Through 2051, Leaves Room for Tokenized Options By John Kim Canonical URL: https://www.tokenpost.com/news/business/25939 Published: 2026-09-30T18:31:04.000Z Updated: 2026-09-30T18:31:04.000Z Section: Business > The agreement preserves Cboe’s exclusive SPX options rights while allowing exploration of tokenized options without committing to a product or launch date. Cboe and S&P Dow Jones Indices will extend their exclusive S&P 500 Index options agreement through 2051, preserving Cboe’s position in a major U.S. equity derivatives market while leaving room to explore tokenized options. The 25-year extension covers SPX options, which are listed derivatives tied to the S&P 500. The companies may collaborate on products beyond traditional index derivatives, including tokenized options contracts, but no product, launch date, blockchain, trading venue, collateral model, settlement method or regulatory framework has been announced. The relationship began in 1983 with the launch of SPX options. Trading reached a fourth consecutive annual record in 2025, when 970.6 million contracts changed hands. Annual volume rose 25% from the previous year, while average daily volume reached 3.9 million contracts. The agreement leaves Cboe’s 2026 royalty fee terms unchanged. Updated royalty terms will begin in 2027 and are expected to have a “de minimis” effect on net revenue growth that year. “It also gives us significant runway to pursue the next frontier of innovation,” Cboe Global Markets CEO Craig Donohue said. S&P Dow Jones Indices has also licensed the S&P 500 for digital-asset products outside the SPX options agreement. In 2025, it licensed the index for an onchain investment-fund initiative with Centrifuge, subject to regulatory approval. In March 2026, it licensed the index to Trade[XYZ] for a perpetual derivative on Hyperliquid available to eligible non-U.S. investors. Those initiatives are separate from SPX options and do not confirm that a tokenized options product is being developed. The development follows [earlier efforts involving tokenized S&P 500 equities](), which also differ from index options. “We see a future where every investor, everywhere, can access this benchmark in the format that best suits their needs,” S&P Dow Jones Indices CEO Catherine Clay said. ## Links in this article - [earlier efforts involving tokenized S&P 500 equities](https://www.tokenpost.com/news/business/25025)