Cboe Secures Exclusive S&P 500 Options Licensing Agreement Through 2051

Cboe Global Markets Secures Extended S&P 500 Index Licensing Through 2051

Strategic Overview

On September 28, 2026, Cboe Exchange, Inc., a principal operating subsidiary of Cboe Global Markets, Inc. (NYSE: CBOE), executed a new Master License Agreement (MLA) along with Order No. 1-1 and Order No. 2-1 with S&P Opco, LLC and affiliated entities.

The agreement extends, replaces, and expands upon the long-standing Restated License Agreement dated November 1, 1994, locking in Cboe's flagship index licensing rights through December 31, 2051.

Key Terms and Commercial Impact

• Exclusive U.S. Rights: Cboe retains exclusive rights to create, issue, list, trade, clear, and settle standardized option contracts based on the S&P 500 Index and related S&P marks across its U.S. exchange platforms.
• Intellectual Property Cross-Licensing: The deal covers mutual licensing for proprietary Volatility Indices (e.g., VIX), BuyWrite Indices, and Variance Indicators, enabling continued creation and settlement of related derivatives and structured products.
• Fee Modifications: Updated per-contract licensing fees will take effect on January 1, 2027.
• Long-Term Moat: The multi-decade duration through 2051 secures Cboe's primary proprietary trading franchise—SPX and VIX options—safeguarding its highest-margin derivative trading volume against competitive exchange encroachment for the next 25 years.