Shareholders of the Chicago Board of Options Exchange (CBOE Holdings) and Bats Global Markets have approved the proposed merger of the two companies.
Both companies’ shareholders agreed to the merger at a special meeting, in which CBOE is expected to close the $3.2 billion deal by the end of the first quarter.
“We thank our shareholders for their continued support, moving us one step closer to completing this transformational combination. The Bats team looks forward to completing the transaction so we can integrate with CBOE,” said Chis Concannon, CEO and President, Bats Global Markets.
CBOE operates the largest US options exchange, predominantly in equity options and equity index options. The tie-up with Bats would bring it together with the largest pan-European equities market by market share, and the second largest US stock market by shares traded.
Speaking to The TRADE Derivatives in Chicago last year, CBOE’s chief strategy officer John Deters highlighted how the exchange group will look to offer new services in the exchange traded fund (ETF) space, as well as expanding into market data.
The full interview with CBOE’s Deters can be viewed here.