Cboe Global Markets and S&P Dow Jones Indices (S&P DJI) extended their exclusive licensing agreement for S&P 500 Index (SPX) options for another 25 years, through 2051, and said they may explore tokenized options contracts as part of the deal.
The firms announced the extension on Monday, giving Cboe continued exclusive rights to offer SPX options. The announcement noted that Cboe and S&P DJI "may collaborate on innovation beyond traditional index derivatives, including products such as tokenized options contracts."
"Investor demand for exposure to U.S. equities continues to accelerate, and we see a future where every investor, everywhere, can access this benchmark in the format that best suits their needs," Catherine Clay, CEO of S&P DJI, said in a statement.
The companies did not announce a specific tokenized product, timeline, or details on how such contracts might function. Tokenized options remain only one possible area of collaboration under the extended agreement.
SPX options are among the world's most actively traded index derivatives, with a record 970.6 million contracts changing hands in 2025, an average of 3.9 million per day, according to Cboe. S&P DJI operates some of the world's most widely followed financial benchmarks, led by the S&P 500, which underpin trillions of dollars in investment products.
Tokenization involves putting traditional assets such as stocks, funds and credit on blockchain rails, where they can potentially trade around the clock, settle faster, and move more easily between trading, lending and collateral systems. For derivatives, tokenized contracts can use smart contracts to automate functions such as collateral management, margin requirements and settlement. For options specifically, collateral can be locked onchain, and contract terms such as strike price and expiration can be encoded into the smart contract, allowing settlement to occur automatically based on market data.
Broader tokenization efforts
- Nasdaq is working with Kraken parent Payward on tokenized, voting-enabled equities.
- The New York Stock Exchange is developing a 24/7 venue for tokenized stocks and ETFs.
- The Depository Trust & Clearing Corporation (DTCC) is preparing to launch DTC's tokenization service in October, supporting tokenized versions of assets held at DTC, which custodies more than $100 trillion of assets.
- S&P DJI has licensed the S&P 500 to Centrifuge for SPXA, its first blockchain-based index fund, and to Trade[XYZ] for a 24/7 perpetual futures product trading on Hyperliquid.
The extended agreement signals that Cboe and S&P DJI are considering expanding their tokenization experimentation into derivatives markets. Read more at CoinDesk.
