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Illustration for Cboe stock surging on S&P 500 licensing deal extension
Photo: Investing.com

Cboe Stock Jumps 5% After 25-Year SPX License Extension

SEC / Cboe Global Markets2 min read4 sources

Why did Cboe stock jump 5%?

Cboe (CBOE) stock rose about 5% to roughly $266 on Tuesday after a 25-year SPX license extension, because the exchange keeps exclusive rights to S&P 500 options through 2051.

Key numbers

License extension25 yearsthrough 2051
Cboe shares~$266+5% (peak +10%)
SPX options volume, 2025970.6M contracts+25% YoY
Forward P/E (price vs expected profit)~18xvs 21x for CME
52-week high~$371shares still well below

What happened

Cboe (CBOE) stock rose about 5% to roughly $266 on Tuesday after a 25-year SPX license extension, because the exchange keeps exclusive rights to S&P 500 options through 2051. Cboe and S&P Dow Jones Indices, the company behind the S&P 500 index, agreed to the new deal before the market opened. Shares jumped as much as 10% early before settling near a 5% gain. Cboe said the fees it pays for the license will change in 2027 but should barely affect its 2027 revenue growth, and 2026 fees stay the same.

Why it matters

Cboe is the only exchange where investors can trade options on the S&P 500, a widely followed stock index, so the deal protects its biggest business for 25 years. Options are contracts used to bet on or protect against market moves, and trading in them hit a record 970.6 million contracts in 2025, up 25%. Even after the jump, Cboe shares sit well below their 52-week high of about $371.

Who this affects

Marketneutral
Low impact
Options traders keep one familiar venue for S&P 500 contracts.
Companybullish
High impact
Cboe shareholders gain 25 years of secured core revenue.
Competitorsbearish
Low impact
CME, ICE and Nasdaq stay locked out of S&P 500 options.
Industrymixed
Low impact
Tokenized options are possible later, but no product is planned yet.

Cboe vs CME Group, Intercontinental Exchange, Nasdaq

CboeCBOE$28.7B18.1x
CME GroupCME$94.4B21.2x
Intercontinental ExchangeICE$85.6B18.5x
NasdaqNDAQ$51.7B21.0x

As of 2026-09-30

How we got here

  1. SPX options begin trading at Cboe, starting a partnership with S&P Dow Jones Indices.

  2. SPX options set a record 970.6 million contracts for the year.

  3. Cboe and S&P Dow Jones Indices extend exclusive license through 2051; shares jump.

  4. New royalty fee terms take effect; Cboe expects a "de minimis" revenue impact.

What to watch

  • Cboe's third-quarter earnings call, where more deal financial details are expected.2026-10-30
  • Cboe's 2027 guidance, which will show the real cost of the new royalty terms.2027-02
  • Any tokenized S&P 500 options product; none has been announced yet.TBD

Educational content only. Not investment advice.

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