Cboe Global Markets, Inc. announced on September 28, 2026, that it has entered into a Master License Agreement with S&P Opco, LLC and its affiliates. The agreement extends and supersedes an existing arrangement between Cboe and S&P Dow Jones Indices LLC, which was originally established in 1994.
The new agreement is effective immediately and is set to run through December 31, 2051. Under the terms of the deal, Cboe has secured exclusive rights to use the S&P 500 index and specific S&P trademarks. This grant allows Cboe to create, issue, list, trade, clear, and settle standardized option contracts on its U.S. markets, as well as to market and promote those contracts.
In addition to the S&P 500 rights, the agreement includes cross-licensing provisions for intellectual property. This enables both parties to derive, maintain, publish, calculate, and disseminate Volatility Indices, BuyWrite Indices, and Variance Indicators. These indices are used in connection with the creation and trading of financial products on Cboe's platforms.
The filing indicates that updated license fees will be calculated on a per-contract basis and will take effect starting January 1, 2027. The company stated that these new fee terms will have a de minimis impact on its 2027 net revenue growth, considering organic and ecosystem-driven volume growth, pricing optimization, and continued business execution.
Cboe plans to provide more specific organic total net revenue guidance for 2027 in February 2027, following the release of its fourth-quarter earnings.
