Cboe Global Markets entered into a Master License Agreement with S&P Opco extending exclusive rights to list and trade standardized options on the S&P 500 index through December 31, 2051. The agreement updates license fees calculated on a per-contract basis, effective January 1, 2027, while maintaining 2026 royalty terms. Cboe estimates the updated fees will have a de minimis impact on 2027 net revenue growth relative to volume and pricing optimization. This strategic extension secures the company's flagship product franchise amidst record trading volumes of 970.6 million contracts in 2025. The company operates as a leading global markets operator providing trading, clearing, and investment solutions for derivatives, equities, and FX.
