From expanding into more asset classes, to offering new ETFs, currencies and cash stocks trading, there is no question the US$3.2bn acquisition of BATs provides CBOE with a truly global multi asset one-stop shop.
CBOE will benefit from new revenue streams from the fastest growing markets. Recent estimates also suggest that by using BATS technology, CBOE will make annual cost savings in the region of US$65m. Everything is certainly rosy in the CBOE garden.
But given the fact that many initial post-crisis regulations aimed to increase exchange competition as opposed to reducing it, what knock-on effect will a deal of this magnitude have on European market structure?
Sylvia Smit, Head of Equity Markets Delivery at Delta Capita, explains that to answer this question, it is worth looking back before fully assessing what could lie ahead.
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