The Chicago-based exchange operator confirmed that the current royalty terms remain unchanged for the remainder of 2026. Beginning in 2027, the company will implement updated fee terms, though leadership expects the impact on net revenue growth to be minimal. Management maintains that this financial shift will be offset by organic volume growth and ongoing pricing optimization strategies.

Looking toward the future, Cboe anticipates that any subsequent royalty adjustments will be smaller than the initial 2027 reset. The firm plans to disclose specific guidance regarding its 2027 organic total net revenue during its fourth-quarter earnings call in February. Further technical details of the agreement are expected to be filed with the Securities and Exchange Commission via a Form 8-K report.