Cboe Global Markets signed a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, continuing their collaboration through 2051, and its shares rose 5% on the news. The extended agreement maintains Cboe's exclusive rights to offer trading in its flagship S&P 500 Index options, known as SPX options, and opens opportunities for innovation beyond traditional index derivatives, including potential new products such as tokenized options contracts. Under the extended agreement, 2026 royalty fee terms will remain unchanged, with updated terms beginning in 2027; Cboe estimates the 2027 royalty fee terms will have a de minimis impact on the company's 2027 net revenue growth when considered against organic and ecosystem-driven volume growth, pricing optimization opportunities, and continued business execution. The collaboration between Cboe and S&P DJI began in 1983 with the launch of SPX options, and SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, representing a 25% increase over the prior year and marking the fourth consecutive year of record trading activity. Cboe CEO Craig Donohue said the extension allows the company to further grow its SPX and VIX franchises while providing certainty and continuity for customers, and S&P DJI CEO Catherine Clay said investor demand for exposure to U.S. equities continues to accelerate; Cboe plans to provide more specific 2027 organic total net revenue guidance in February with its fourth quarter earnings.
Cboe Global Markets IncCboe signed a 25-year extension of its exclusive S&P 500 (SPX) options licensing agreement through 2051, securing its flagship franchise.
CTBC Financial Holding Co Ltd