We advised Cboe on the transaction

Davis Polk advised Cboe Global Markets, Inc. on the 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices that will continue their longstanding collaboration through 2051. Under the extended agreement, Cboe will continue to have the exclusive rights to offer trading in its flagship S&P 500 Index (SPX) options. Cboe and S&P DJI may also collaborate to pursue innovation beyond traditional index derivatives, including new products like tokenized options contracts.

Cboe is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world’s first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500 index options and the creation of the VIX Index, the world’s leading gauge of market volatility, reshaping how investors manage risk and access opportunity.

S&P DJI is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 and the Dow Jones Industrial Average. More assets are invested in products based on its indices than products based on indices from any other provider in the world.

The Davis Polk intellectual property and commercial transactions team included partner Frank Azzopardi and associates Lachlan J. Forrester and Bari Britvan. Partner Zachary J. Zweihorn provided financial institutions advice. Partner Howard Shelanski and counsel Nathan Kiratzis provided antitrust advice. Partner Leonard Kreynin provided corporate advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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