Cboe Global Markets Announces Long-Term License with S&P for S&P 500 Options

What Happened

• On September 28, 2026, Cboe Exchange, Inc. (a subsidiary of Cboe Global Markets) entered a Master License Agreement (MLA) with S&P Opco, LLC, along with Order No. 1-1 and Order No. 2-1 (together, the Agreement). The Agreement is effective from the Effective Date until December 31, 2051.
• Under the Agreement, effective January 1, 2027, updated license fees calculated on a per-contract basis will apply. The Agreement extends and replaces prior licensing arrangements and grants Cboe exclusive rights to use the S&P 500 index and certain S&P marks (per Order 1) to create, issue, list, trade, clear, settle and market standardized option contracts in the U.S.
• Order 2 provides for cross-licenses and rights between the parties to derive, maintain, publish, calculate and disseminate certain Volatility Indices, BuyWrite Indices and Variance Indicators, including use in connection with Cboe’s listed options and other financial products. The company and S&P issued press releases on September 29, 2026 disclosing the Agreement.

Key Details

• Effective date: September 28, 2026; Term: through December 31, 2051.
• Updated license fees take effect January 1, 2027 and will be calculated on a per-contract basis.
• Grants Cboe exclusive rights to use the S&P 500 index and certain marks to offer and market standardized U.S. options.
• Cross-licenses cover volatility, buy-write and variance index products used in index publication and related financial products.

Why It Matters

• The Agreement provides long-term certainty for Cboe’s ability to list and market S&P 500-based option products in the U.S. through 2051, securing a core part of Cboe’s options product lineup.
• Updated per-contract license fees will affect Cboe’s cost structure for S&P 500-linked options; the financial impact will depend on future trading volumes and fee levels disclosed in the agreement.
• Cross-licenses for volatility and related indices support continued development, publication and potential commercialization of index-linked products that can influence trading activity and related revenue streams.