Financial Exchanges & Data

Robinhood has rolled out new AI trading agents that let users connect a chatbot such as Anthropic's Claude or OpenAI and direct it to place trades, Fortune Finance & Crypto Editor Jeff John Roberts said on Fortune Daily with Ellie Austin. Roberts said users can log into Robinhood, name the agent, and instruct it to buy shares such as Tesla. He framed the launch as the first arrival of a feature he expects every other company to add within the next couple of years, rather than an immediate overhaul of investing. Roberts warned of unintended consequences from letting agents trade while users sleep, including herd behavior if many agents converge on the same stock, and said that while guard rails exist, not everyone will use them.

Robinhood has housed its autonomous trading technology in a distinct entity, Robinhood Labs LLC, while keeping brokerage operations in Robinhood Financial LLC, creating a legal firewall that could become a blueprint for other broker-dealers deploying agentic commerce. Robinhood Labs LLC is explicitly not a broker-dealer, investment adviser, futures commission merchant, or money transmitter, and company disclosures state it does not provide investment advice, hold customer funds, or execute transactions, with the user agreement requiring customers to assume all risk for trades executed by AI agents and for any use of their data by third-party LLM providers. Robinhood reports that over 150,000 customers have opened agentic trading accounts since their May 2026 launch, with agents using tools nearly 30 million times per day, though these figures remain self-reported and have not been independently verified. The strategy operates in a regulatory vacuum: the 2026 Annual Regulatory Oversight Report acknowledged the rise of AI agents but maintained that existing rules remain technologically neutral, FINRA Rule 3110 requires reasonably designed supervisory systems without specific guidance on corporate separation, and the SEC has remained silent on using a non-broker subsidiary to shield a parent from autonomous agents. Registered Investment Advisers are currently prohibited from using AI agents to manage client money under existing fiduciary standards, yet retail users on platforms like Robinhood can grant autonomous trading authority to agents, and while Fidelity, Charles Schwab, Interactive Brokers, eToro, and Webull face competitive pressure to respond, none have publicly announced a similar corporate separation. The primary regulatory lever that could dismantle the template is SEC Rule 15c3-5, the Market Access Rule, which requires risk management controls to remain under the direct and exclusive control of the broker-dealer with market access, and the alter-ego doctrine could also pierce the liability shield if courts find the Labs entity is merely an alter-ego of the brokerage.

CME Group said its average daily volume rose 22% year over year to 31.8M contracts in September, a record for the month. Third-quarter ADV of 29.4M contracts grew 16% year over year, with both September and Q3 volumes topping prior records set in 2024. For the year to date, ADV of 31.8M contracts increased 12% from a year ago. Within the overall totals, interest rate ADV increased 22% year over year to 16.2M contracts, equity index ADV gained 16% to 8.1M contracts, and energy ADV grew 37% to 3.1M contracts. CME Group stock edged up 0.1% in premarket trading.

Cboe Global Markets is expanding its derivatives portfolio with a new category of binary contracts tied to company-specific key performance indicators, expected to launch in October 2026 subject to regulatory approval, with Robinhood set to become the first retail broker to offer them. Cboe plans to initially list contracts linked to 23 U.S.-listed companies, giving investors a way to trade specific corporate metrics and events through SEC-regulated products, and will waive fees on the contracts through the end of 2026 while Robinhood plans to offer them without fees during that period. The exchange also plans to leverage its listing, trading and clearing capabilities, with Cboe Clear U.S. seeking SEC registration to clear the new contracts, which could create additional revenue opportunities as Cboe supports a wider range of traditional and non-traditional financial products. Peers have moved into event-based offerings as well: CME Group has expanded its event-contract offerings with short-duration, outcome-based products across equities, rates and commodities, while Nasdaq has entered the event-based options market with cash-settled, European-style binary options tied to the Nasdaq-100 and Nasdaq-100 Micro Index with a fixed $100 settlement amount and premiums ranging from $0.01 to $1.00. Cboe stock has gained 10% year-to-date against the industry's decrease of 12.5%, and trades at a forward price-to-earnings multiple of 19.04 versus the industry average of 19.63, while the Zacks Consensus Estimate points to a 15.9% year-over-year increase in 2026 revenues and a 29.2% year-over-year decline in earnings, followed by a 2.7% revenue increase and 5.7% earnings increase in 2027.

Robinhood Markets used its HOOD Summit 2026 to unveil a slate of new products aimed at turning the retail brokerage into a broader financial ecosystem, including Robinhood Agents, Agent Apps, weekend equity trading, crypto perpetual futures and earnings contracts. Robinhood Agents, the company's AI tool, will let customers research markets, build strategies and execute trades within preset limits, while paid Agent Apps add third-party data and analytics across options, investor positioning and crypto and could introduce a recurring subscription component to revenue. The planned rollout of crypto perpetual futures would let eligible customers take leveraged long or short positions in major cryptocurrencies including Bitcoin, Ethereum, Solana and XRP without contract expirations, and the push toward weekend equity trading moves Robinhood closer to 24/7 market access as it competes with Interactive Brokers Group and Charles Schwab. Robinhood is also expanding into prediction markets with earnings and KPI-linked contracts and enhancing tools for active traders through longer options-trading hours, additional order types, higher intraday buying power and continued investment in Legend. Several major initiatives, including weekend equity trading and the new prediction market contracts, remain subject to regulatory review, and the revenue benefits will depend on whether customers adopt the new products rather than shifting activity from existing offerings. Over the past six months, Robinhood's shares have jumped 63.3% compared with the industry's growth of 10.3%, and HOOD currently sports a Zacks Rank #1 (Strong Buy).

Moody's Corporation and Allvue Systems announced the launch of the Moody's Analytics EDF-X Private Credit Model, a forward-looking credit risk model purpose-built for the private credit market. The model, powered by de-identified private credit borrower performance data contributed by Allvue, identifies early signals of borrower stress such as covenant waivers and payment-in-kind arrangements before they appear as missed payments or defaults. It is the first Moody's model calibrated directly on observed private credit performance, complementing the existing Moody's Analytics credit risk models, and it separately estimates the likelihood of hard credit events and the soft credit events that often precede them. Moody's projects private credit to approach $4 trillion in assets by 2030, and the model is now available to customers of both firms through the Moody's Analytics EDF-X API. More than 1,000 private capital firms use Allvue solutions, directly or through their fund administrators, and the contributed data is de-identified and contractually governed so that no individual firm is identifiable.

FactSet Research Systems posted fourth-quarter fiscal 2026 adjusted earnings of $4.52 per share, beating the Zacks Consensus Estimate of $4.32 per share, and its shares advanced 3.8%. Concentrix Corp. reported third-quarter fiscal 2026 adjusted earnings of $2.92 per share, outpacing the Zacks Consensus Estimate of $2.71 per share, with its shares rising 0.3%. Hewlett Packard Enterprise Co. entered into a $1.2 billion deal with Vultr, sending its shares up 3.9%. Mattel, Inc. appointed Roger Lynch as its new CEO and chairman, and its shares tumbled 4.2%.

Cboe Global Markets has secured a 25-year extension of its exclusive agreement with S&P Dow Jones Indices, keeping S&P 500 Index options rights in place through 2051. Shares of Cboe Global Markets rose 5.17% on the day of the announcement, bringing the one-year total shareholder return to 15.16%, even as the 30-day share price return sits down 10.51%. Longer-term total shareholder returns stand at 77.77% over three years and 135.16% over five years. The stock trades at 21.3 times earnings, below the US Capital Markets average of 39.6 times and the peer group at 24.2 times, but above its own fair ratio estimate of 13.7 times. The most followed analyst narrative puts fair value at $241.95 against a latest close of $275.29, while a two-stage DCF model using WACC estimates intrinsic value at $657.85 per share.

FactSet told investors on its Q4 FY 2026 earnings call that it expects organic ASV growth of 5% to 6.5% in the fiscal year ahead, alongside FY 2027 revenue growth of 5% to 6% on a reported basis and margin improvement of 25 to 75 basis points. For the just-completed fiscal year, organic ASV grew 7%, or $168 million, to $2.56 billion, exceeding the high end of guidance, while full-year revenue reached $2.476 billion, up 6.7% and also above the high end of the range. Fourth-quarter revenue grew more than 6% to over $634 million, adjusted operating income was $209 million at a 33% margin, and adjusted EPS rose 11.6% to $4.52. CFO Joshua Warren said AI-related solutions made up a double-digit share of new ASV in the quarter, exceeding fiscal 2025's total AI contribution, and that the company expects EPS growth to improve to the high single digits in FY 2027 despite an estimated 2% headwind from a higher assumed tax rate and incremental interest expense on $500 million of notes maturing in March 2027. FactSet also announced, after the close of Q4, the acquisition of the BCC Group, a Frankfurt-based data infrastructure company that augments its real-time data offering, and said it implemented additional headcount reductions earlier this month.

Morningstar has signed the largest downtown Chicago office lease of the year, taking 275,000 square feet at Google's revamped James R. Thompson Center at 100 West Randolph Street. The investment research firm will occupy that space out of the 400,000 square feet Google has available on the building's upper floors, and is set to move in in 2028 when its lease at 22 West Washington Street expires. Morningstar currently has 1,500 employees working out of 260,000 square feet at the 22 West Washington location. The sweeping renovation of the 1.2 million-square-foot Thompson Center is being watched as a potential catalyst for the struggling Loop office market, where downtown vacancy rates fell only slightly last quarter, partly because adaptive reuse projects erased space rather than filled it. Morningstar founder Joe Mansueto, who is also building a new stadium for his Chicago Fire MLS franchise in Related Midwest's the 78 megadevelopment, has said the firm was looking for a new Loop home as part of efforts to revive the area and called the Thompson Center redevelopment a huge boost.

Robinhood CEO Vlad Tenev says the trading platform's new agentic AI trading accounts will create a new market in which traders compete over who can build the best strategy, expressed in English rather than in Python, R or C++. Speaking with Yahoo Finance, Tenev said the feature, unveiled at the company's HOOD Summit 2026, lowers the barrier to algorithmic trading so that anyone can now be a quant trader, much as AI democratized software engineering. Robinhood is also expanding access to weekend trading, building on its earlier launch of 24-hour markets that made it the first broker to offer individual-stock trading around the clock. The platform currently offers continuous equity trading from Sunday at 8:00 p.m. Eastern to Friday at 8:00 p.m. Eastern for about 2,000 US equities. Tenev said Robinhood will be the first to launch a 24/7 equities product for individual stocks in the US, arguing that the lack of weekend hedging puts active traders at a disadvantage elsewhere.

Nasdaq, Inc. is expanding its financial technology capabilities by launching an agentic AI environment within its Nasdaq Calypso platform to help financial institutions automate capital markets and treasury workflows. The new environment allows clients to connect AI agents to trading, risk management, and collateral workflows while maintaining control of their data, with its first capability being a natural-language assistant that lets users query platform data, documentation and other information. Nasdaq and Acuiti found that nearly half of respondents cited manual intervention as a challenge in post-trade operations, while 56% said that failing to adopt AI or machine learning in clearing could leave them behind competitors. Nasdaq's Financial Technology business generated $539 million of revenue in the second quarter of 2026, up 16% year over year, and the company expects medium-term Financial Technology revenue growth of 10-14%. Peers including Intercontinental Exchange Inc. and London Stock Exchange Group plc are also expanding AI capabilities, with ICE launching its AI-powered ICE Compass platform in June 2026 and LSEG reporting that more than 150 customers had connected or were onboarding to its MCP server as of April 2026.

Nasdaq's Financial Technology business grew second-quarter 2026 revenues 16% year over year to $539 million, including 15% organic growth, with FinTech annualized recurring revenue also up 16% organically. All three FinTech subdivisions posted double-digit growth for a second consecutive quarter, led by Capital Markets Technology, the largest subdivision, which generated $321 million in quarterly revenues, up 15% year over year on subscription growth and data-center expansion. Financial Crime Management Technology added 47 new SMB clients and six enterprise deals through Nasdaq Verafin, while Nasdaq continues integrating AI into fraud and anti-money-laundering workflows. Under its One Nasdaq strategy, the company added 58 new FinTech clients, seven cross-sells and 107 upsells in the quarter, with cross-sells representing more than 15% of the sales pipeline. The Zacks Consensus Estimate for Nasdaq's fourth-quarter 2026 earnings per share has moved up 0.9% over the past 60 days, while full-year 2026 and 2027 EPS estimates each rose 0.5% and 0.6%, respectively.

FactSet Research Systems reported fourth-quarter fiscal 2026 adjusted earnings of $4.52 per share, beating the Zacks Consensus Estimate of $4.32 by 4.6% and rising 11.6% from a year earlier, while revenues of $634.7 million topped the consensus mark of $628.2 million by 1% and grew 6.3% year over year. Organic revenue growth of 7.1% and a 7% increase in organic Annual Subscription Value underscored commercial momentum, with organic revenues of $635.5 million for the quarter and total ASV reaching $2.57 billion as of Aug. 31, 2026, up from $2.41 billion a year earlier. Annual ASV retention stayed above 95%, average renewal contract length rose about 30%, and AI solutions ASV added in fiscal 2026 more than doubled year over year. Adjusted operating income rose 3.8% to $209.4 million, though the adjusted operating margin contracted to 33% from 33.8% on higher compensation and technology costs, and GAAP earnings fell 15.4% to $3.41 per share. For fiscal 2027, FactSet guides organic ASV growth of 5-6.5%, revenues of $2.6 billion to $2.63 billion, adjusted operating income of $903-$925 million, and adjusted EPS of $19.25-$19.65.

Robinhood Markets unveiled its most ambitious lineup of active trading products at the HOOD Summit 2026, sending shares up 2.62% to $119.27. The financial services platform introduced Robinhood Agents, a fully embedded AI experience that can analyze the market, build strategies, and trade on the user's behalf around the clock, along with Agent Apps, which adds institutional-grade data and specialized tools from third-party providers; Robinhood Agents can now be accessed in the Robinhood app. The company also announced Loops, which lets users turn a strategy into a standing, ongoing instruction for an agent to execute on repeat around the clock, and said it plans to launch 24/7 weekend trading for equities, perpetual futures for eligible U.S. customers, and earnings contracts for key company metrics in its prediction market business, with weekend equities trading set to launch in early 2027. Robinhood Social, launched in beta earlier this year, is now live to all eligible customers. "We're making Robinhood the best place in the world for active traders by delivering tools once reserved for hedge funds, big banks, and quant firms," said CEO Vlad Tenev.

Morningstar, Inc. announced it will relocate its global headquarters to Chicago's Thompson Center, occupying more than 275,000 square feet in the city's largest downtown office transaction in 2026 to date, with a planned move in late 2028. The company, which has been headquartered in Chicago for more than 40 years and employs over 1,500 people there, will co-anchor the building with Google at 171 N. LaSalle Street. Alongside the move, Morningstar plans to donate $5 million over five years to Chicago nonprofits starting in 2027, comprising $1 million, or $200,000 each year, to the Commercial Club Foundation and $4 million, or $800,000 each year, in targeted grantmaking administered by the United Way of Metro Chicago through the newly established Morningstar Commitment to Chicago Fund. The community investment focuses on securing financial futures and career skills advancement for Chicagoland residents. Morningstar was represented by Stacy Osmond of DLA Piper and the CBRE team of Jon Milonas, Peter Livaditis, and Haley Maxwell.

FactSet Research reported quarterly earnings of $4.52 per share, beating the Zacks Consensus Estimate of $4.32 per share and up from $4.05 a year ago. The result marked a positive earnings surprise of 4.63 percent, and the financial data firm has now surpassed consensus EPS estimates in each of the last four quarters. Revenue for the quarter ended August 2026 came in at $634.7 million, topping the Zacks Consensus Estimate by 1.03 percent and up from $596.9 million a year earlier, with the company also beating consensus revenue estimates four times over the last four quarters. Ahead of the release, the estimate revisions trend for FactSet was mixed, translating into a Zacks Rank #3 (Hold). The current consensus EPS estimate is $5.00 on $642.86 million in revenues for the coming quarter and $19.84 on $2.62 billion in revenues for the current fiscal year. FactSet shares have lost about 10.4 percent since the beginning of the year versus the S&P 500's gain of 12.1 percent.

Robinhood announced on September 29 that it will offer crypto perpetual futures to eligible customers in the United States, with trading to become available through its own app within the coming months. The offering covers eight assets: Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano, Chainlink, and Hyperliquid. Bitcoin and Ethereum will support leverage of up to 10x, while the remaining six assets will support up to 3x. The service will be provided by Robinhood Derivatives, which is registered with the US Commodity Futures Trading Commission, through the crypto exchange Bitstamp, and Robinhood will leverage the trading infrastructure from its acquisition of Bitstamp, which closed in June 2025. Trading fees are set at 1 basis point per trade, or 0.01%, through the end of 2026. In the US, the CFTC approved the listing of Bitcoin perpetual futures for the first time on May 29, and the move to offer such products under US regulation is spreading.

FactSet reported fourth-quarter GAAP revenues of $634.7 million, up 6.3% year over year, with organic revenues up 7.1%, and said organic annual subscription value rose 7.0% to $2,568.2 million. For fiscal 2026, GAAP revenues grew 6.7% to $2.48 billion, marking 47 consecutive years of increased revenues, while adjusted diluted EPS rose 6.1% to $18.01, the 30th consecutive year of adjusted EPS growth. Fourth-quarter GAAP diluted EPS fell 15.4% to $3.41, but adjusted diluted EPS rose 11.6% to $4.52, and FactSet returned more than $179 million to shareholders in the quarter, including $138 million in share repurchases and more than $41 million in dividends. AI solutions ASV added in fiscal 2026 more than doubled year over year, and annual ASV retention remained above 95%. For fiscal 2027, FactSet guided organic ASV growth of 5.0% to 6.5%, revenues of $2,600 to $2,625 million, and adjusted diluted EPS of $19.25 to $19.65.

Online brokerage Robinhood said on the 29th that it plans to make round-the-clock trading in some US stocks available on weekends as well. The company has offered 24-hour trading on weekdays since 2023, and about 10 months after introducing the feature it announced that as much as 25 percent of total trading volume on active days was generated outside traditional trading hours. This marks the first time Robinhood will enable weekend trading. It will first publish a curated list of stocks and exchange-traded funds eligible for weekend trading, and the feature, to be launched in partnership with overnight trading infrastructure firm Blue Ocean ATS, is currently awaiting review by regulators. There are concerns that thin liquidity outside traditional hours could prevent traders from getting the best prices, but global exchanges such as Nasdaq and the London Stock Exchange are also pushing ahead with plans to extend trading hours. Abhishek Fatehpuria, vice president of product management, said in an interview with Reuters that this year's focus is on giving active traders the tools that were previously available only to hedge funds, quant firms and many large active trading firms, and on making Robinhood the best place for active traders.

Robinhood Markets Inc. unveiled a new wave of AI trading tools on Tuesday, including autonomous trading agents built directly into the app, as it pushes further into agentic finance. The bots, called Robinhood Agents, analyze markets, build strategies, and execute trades on their own, and CEO Vlad Tenev framed the push as democratizing tools once reserved for hedge funds, big banks, and quant firms. More than 150,000 customers have already opened agentic accounts since May, with those agents pulling Robinhood's data roughly 30 million times a day. The company is also rolling out Agent Apps, a subscription marketplace where outside firms like Unusual Whales and Nasdaq sell premium market data directly inside the trading experience, and a forthcoming feature called Loops would let those same AI agents run continuously, executing standing instructions around the clock. Robinhood has offered its own 24 Hour Market since 2023, while Nasdaq Inc. is pursuing a nearly continuous schedule, running 23 hours a day, five days a week, pending SEC approval and targeting a December 6 transition.

Robinhood, the US online securities trading platform, is preparing to let users buy and sell certain stocks and ETFs around the clock on Saturdays and Sundays, marking the first time the company has offered weekend trading. In the initial phase it will select a limited set of stocks and ETFs and provide the service in partnership with Bruce ATS, an infrastructure provider for off-hours trading. The service is still under review by regulators. Previously, Robinhood began offering 24-hour trading of securities on weekdays starting in 2023, and after about 10 months of operation the company said that on busy trading days, off-hours trading volume accounted for as much as 25% of total daily trading volume. Abhishek Fatehpuria, Robinhood's vice president of product management, told Reuters that the company's key goal this year is to make Robinhood the platform that best serves investors who trade consistently, by offering tools that in the past were often limited to hedge funds, quantitative investors and large securities trading firms. However, extending trading hours beyond regular sessions also raises concerns about potentially low liquidity, which could lead investors to buy or sell securities at unfavorable prices. Major exchanges worldwide, including Nasdaq and the London Stock Exchange, are also pushing ahead with plans to extend trading hours. Paul Atkins, chairman of the US Securities and Exchange Commission, said at a conference in early September that in a world where markets react to major news in real time, having to wait until the market opens at 9:30 a.m. on Monday morning to adjust investment positions or rebalance hedges could cause investors to miss opportunities or face additional risk. In addition, Robinhood is preparing to add products that let investors speculate on corporate earnings, through a partnership with derivatives exchange Cboe, where users can trade contracts through Robinhood's Prediction Markets Hub to forecast whether a company will report profit above estimates or reach a set revenue target. The move comes as prediction market platforms Polymarket and Kalshi are developing products that let investors bet on corporate earnings outcomes, beyond simply forecasting stock price direction. At the same time, Robinhood also announced that eligible US customers will be able to trade Perpetual Futures, futures contracts with no expiry date, through the app, as well as create an AI Agent within the app to trade on their behalf, and it plans to open its social platform to all eligible US customers after testing it in beta earlier this year. The platform resembles the WallStreetBets community on Reddit, a popular space for exchanging investment views.

Robinhood Markets is expanding the use of artificial intelligence in retail investing, allowing customers to build agents that can analyze markets, develop strategies, and execute trades on their behalf. The brokerage unveiled its "Robinhood Agents" at its HOOD Summit on Tuesday, saying users will be able to create an agent without technical setup and establish "Loops" that allow it to monitor markets and run strategies continuously. The agents will operate through dedicated Robinhood accounts, with users able to set trading limits and require approval before transactions are executed, and Robinhood said its agents can currently place long equity, options, and cryptocurrency orders. The move follows Robinhood's May launch of tools allowing third-party AI agents to connect to its platform through the Model Context Protocol, or MCP, with the company now moving toward making agentic trading accessible directly within its app. The launch comes as Robinhood also expands into weekend stock trading, perpetual futures, and other products aimed at active traders.

Robinhood announced it will allow AI agents to trade on behalf of users, marking an official push to bring automated trading systems within reach of retail investors. The move is directly tied to the trend of agentic trading, or trading through AI agents, which is drawing close attention in the financial industry. Robinhood said the feature falls under the name Robinhood Agents and includes a Loops system to support automated operation for users. This news report comes from Crypto Editorial.

Cboe Global Markets, the major U.S. derivatives exchange, and S&P Dow Jones Indices announced on September 29 that they will extend their exclusive licensing agreement for index derivatives by 25 years, continuing it through 2051. Under the agreement, Cboe will retain the exclusive right to offer trading in S&P 500 index options, its flagship product, through 2051. The two companies said they may also collaborate on innovations beyond traditional index derivatives, citing tokenized options contracts as a candidate for future cooperation, though no specific product launch has been decided at this point, and the start date, the blockchain to be used, and the product's structure have not been disclosed. According to Cboe, annual trading volume in SPX options reached a record 970.6 million contracts in 2025, with a daily average of 3.9 million contracts, up 25 percent from the previous year. Cboe CEO Craig Donohue said the extension will allow the company to grow its SPX and VIX-related businesses while expanding room to pursue innovations that respond to changing investor needs and new technologies.

S&P Global's Board of Directors has approved a fourth quarter 2026 cash dividend of $0.97 per share on the company's common stock. The dividend is payable on December 10, 2026, to shareholders of record on November 25, 2026, putting the annualized dividend rate at $3.88 per share. The company has paid a dividend every year since 1937 and is one of fewer than 30 companies in the S&P 500 that has raised its dividend annually for more than 50 years.

Wells Fargo has renewed its agreement to use Intercontinental Exchange's mortgage loan servicing system, and the Wall Street bank is set to bring its full home loan servicing portfolio onto ICE's MSP. The loan servicing system helps servicers manage the full servicing lifecycle, from loan boarding to payoff or default resolution. Bob Hart, president of mortgage technology at ICE, said the ability to automate complex workflows, reduce manual intervention, and adapt quickly to regulatory change is what separates servicers who are managing their portfolios from those who are truly in control of them.

Cboe Global Markets signed a 25-year extension of its exclusive licensing agreement with S&P Dow Jones Indices, continuing their collaboration through 2051, and its shares rose 5% on the news. The extended agreement maintains Cboe's exclusive rights to offer trading in its flagship S&P 500 Index options, known as SPX options, and opens opportunities for innovation beyond traditional index derivatives, including potential new products such as tokenized options contracts. Under the extended agreement, 2026 royalty fee terms will remain unchanged, with updated terms beginning in 2027; Cboe estimates the 2027 royalty fee terms will have a de minimis impact on the company's 2027 net revenue growth when considered against organic and ecosystem-driven volume growth, pricing optimization opportunities, and continued business execution. The collaboration between Cboe and S&P DJI began in 1983 with the launch of SPX options, and SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts, representing a 25% increase over the prior year and marking the fourth consecutive year of record trading activity. Cboe CEO Craig Donohue said the extension allows the company to further grow its SPX and VIX franchises while providing certainty and continuity for customers, and S&P DJI CEO Catherine Clay said investor demand for exposure to U.S. equities continues to accelerate; Cboe plans to provide more specific 2027 organic total net revenue guidance in February with its fourth quarter earnings.