Cboe's New S&P Deal Opens the Door to Tokenized Options
Cboe Global Markets and S&P Dow Jones Indices renewed their exclusive licensing partnership through 2051, preserving Cboe’s right to list SPX options on the S&P 500 Index. Alongside the extension, they said they may explore new products beyond traditional index derivatives, including tokenized options contracts. The tokenization effort is only exploratory for now and would be a separate product from today’s SPX options. The move reflects growing institutional interest in tokenized finance, where traditional assets are issued as blockchain-based tokens. It also comes as regulators have become more open to on-chain markets, including a recent SEC “innovation exemption” for tokenized U.S. stocks. SPX options remain a major market, with trading volume reaching a record 970.6 million contracts in 2025.
