Cboe Global Markets, Inc. 8-K

Summary

Cboe extended its exclusive license with S&P Dow Jones Indices (S&P DJI) for S&P 500 index options through 2051, securing continuity for its flagship options franchise and allowing the parties to explore products such as tokenized options. Cboe said it will provide more specific 2027 organic total net revenue guidance in February with its fourth-quarter earnings.

Key Figures

• The agreement took effect 9/28/2026 and runs through 12/31/2051. Cboe’s updated per-contract royalty fees begin 1/1/2027; Cboe estimates a de minimis impact on 2027 net revenue growth and says subsequent royalty adjustments will be smaller than the 2027 reset.
• The license continues Cboe’s exclusive rights to use the S&P 500 index and specified marks for U.S. standardized options, including their creation, listing, trading, clearing, settlement and promotion. The agreement also cross-licenses rights for volatility indices, BuyWrite indices and variance indicators.
• S&P 500 index options (SPX options) recorded 970.6M contracts in 2025, with average daily volume of 3.9M contracts, up 25% Y/Y and marking a fourth consecutive annual volume record.

Guidance

• 2027 net revenue growth: updated royalty fees expected to have a de minimis impact, considered against organic and ecosystem-driven volume growth, pricing optimization opportunities and continued business execution; future royalty adjustments expected to be smaller than the 2027 reset.