Cboe Global Markets has extended its exclusive licensing agreement with S&P Dow Jones Indices for another 25 years, through 2051, securing continued trading in S&P 500 Index (SPX) options. SPX options recorded a record 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, up 25% year over year. Cboe has expanded the SPX product suite with new expirations, structures and products, and the company and S&P DJI may explore products such as tokenized options contracts. Cboe also expects revised royalty terms to begin in 2027, which could increase costs. The stock trades at a forward price-to-earnings multiple of 18.72X, below the industry average of 19.35X, and carries a Zacks Rank #3 (Hold).
Cboe Global Markets IncCboe extended its exclusive SPX options license with S&P DJI through 2051, securing its core product franchise.
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