Options exchange CBOE to buy rival for US$3.2b
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New York
CBOE Holdings' US$3.2 billion deal to acquire Bats Global Markets is some of the strongest evidence yet of exchange-traded funds' growing importance on Wall Street.
The acquisition, announced on Monday by the owner of the Chicago Board Options Exchange, gives CBOE a major player in US and European stock trading. Though regulatory and technological changes have largely diminished profits for stock exchanges, ETFs are breathing new life into the business. Bats handles about a quarter of ETF trading volume in the US, giving CBOE a significant beachhead.
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