CREATING

EXPONENTIAL

OPPORTUNITIES

WE ARE STRONGER TOGETHER.

Our combination with Bats unlocks exponential opportunities for CBOE to provide the marketplace with cutting edge investment solutions through a wider array of innovative products and trading resources ultimately delivered through Bats' leading proprietary trading technology.

GLOBAL MARKETS

OPTIONS

#1 U.S. Options Market
We’re bringing together CBOE, the creator of the options industry, with Bats’ market leading technology to provide the best in options trading and education, along with an unrivaled breadth and depth of innovative products – including our flagship index options, equity options and options on exchange traded funds and notes. The combined company will continue to offer trading on our leading CBOE market and C2, and the two Bats Options Exchanges – BZX and EDGX – to provide choices for our diverse trading members.

FUTURES

Trading Home to VIX Futures
CBOE Futures Exchange (CFE) is the home of futures on the CBOE Volatility Index® (VIX®) and other volatility-related products. VIX futures are available for trading nearly 24 hours a day, 5 days a week. CFE is an all-electronic market with Trading Privilege Holders that have direct access to trade on CFE. Learn more about the CFE integration plan here.

EUROPEAN EQUITIES

#1 Pan-European Equities Market
Bats Europe is a Recognised Investment Exchange and the largest pan-European exchange by market share and value traded. Bats Europe offers equities trading across 25 indices and 15 major European markets while also running the continent’s leading trade-reporting facility — BXTR.

U.S. EQUITIES

#2 U.S. Equities Market
Built and optimized using proprietary Bats technology, the Bats Exchanges (BYX, BZX, EDGA and EDGX) combine to form the second-largest U.S. equities market, the #1 market for equities trading intraday and a leading market for the trading of ETFs.

FX

1st ECN for Institutional Spot Trading
CBOE serves the world's largest asset class through Hotspot — the first ECN for institutional spot foreign exchange market. Acquired by Bats in 2015, Hotspot offers deep liquidity, diverse clients and innovative technology. Hotspot acquired a swap execution facility in 2016 and plans to launch forwards trading in 2017.

QUOTES & DATA

CBOE is your source for comprehensive trading tools and resources, ranging from free quotes on stocks and options, to advanced charting and market statistics, to the highly customizable trading analytics, volatility modeling and market data services available through CBOE Livevol.  Whatever your needs, CBOE  has the right market data tools and analytics to serve you.

OptionsU.S. EquitiesEuropean EquitiesFuturesGlobal FXCBOE Livevol

CBOE OPTIONS INSTITUTE

The Gold Standard in Options Education

The Options Institute sets the bar for investor education worldwide. With deep expertise, tools and interactive resources, our world-renowned center can help novice and advanced investors alike more effectively use options and volatility strategies to manage risk and achieve their goals. Ultimately, we empower investors with precise and flexible means to achieve their targeted outcomes.

CBOE RMC

The Premier Educational Forum for Users of Equity Derivatives and Volatility Products

CBOE's Risk Management Conference (RMC) is an educational forum dedicated to exploring the latest products, trading strategies and tactics used to manage risk exposure and enhance yields. RMC brings together top traders, strategists and researchers, enabling participants to learn the state-of-the-art in investment risk management from true experts in the field.

ETF.COM

The Definitive Resource for ETF News

ETF.com is an independent subsidiary of CBOE Holdings and is the world’s leading provider of ETF news, analysis and education about exchange-traded funds (ETFs). ETF.com serves the ETF community through its website and ETF Report, a monthly print publication.

INDEXES

CBOE is the leader in index options trading and home to the CBOE Volatility Index® (VIX® Index) the world’s barometer for equity market volatility, and S&P 500® (SPX) options, the most active U.S. index option. The company also owns exclusive index partnerships with key global index providers, including S&P Dow Jones Indices, FTSE Russell and MSCI, Inc. Through Bats Indices, CBOE provides real-time European market benchmarks. CBOE’s diverse suite of index products offers investors exposure to the broad U.S. market, global volatility and international and emerging markets. CBOE will continue as the worldwide leader regarding benchmarks for options-based performance, as it continues to calculate and disseminate more than 30 options-based strategy benchmark indexes, including the CBOE S&P 500 BuyWrite Index (BXMSM), CBOE S&P 500 PutWrite Index (PUTSM), CBOE S&P 500 Iron Butterfly Index (BFLYSM), CBOE VIX Tail Hedge Index (VXTHSM) and CBOE S&P 500 Buffer Protect Index Balanced Series (SPROSM).

CBOE BenchmarksVIXSPXRUTMSCI

ETF LISTINGS SERVICES

CBOE offers ETF listings services on the Bats ETF Marketplace in the U.S. and on Bats Europe for pan-European issuers. Trusted by many of the world’s largest ETF issuers, Bats Listings provides a leading global venue for ETF trading, dedicated resources for issuers and innovative trading programs.

INNOVATIVE PRODUCTS

CBOE now offers an expanded product line across multiple asset classes including equity, exchange traded product (ETP) and index options, U.S. and European equities, futures, multi-asset volatility products, ETF trading and a global foreign exchange (FX) platform. CBOE is also a leader in creating benchmark indexes designed to help investors track the performance of investment strategies that use options or volatility products to help manage risk and enhance yield.

KEY FACTS

Important information you need to know about CBOE and Bats coming together.

Integration Benefits

The combined company will continue to focus on exceptional customer service, product information, market-leading technology and education. This will provide a world class market – with tremendous liquidity, transparency, ease of connectivity and technology consolidation for our customers – that will keep building better solutions for investors and traders around the globe.

No Markets Will Close

The combined CBOE/Bats company is comprised of four U.S. options exchanges, four U.S. equities exchanges, a European equities exchange and trade reporting facility, a U.S. futures exchange and a global FX market. The four options exchanges (CBOE, C2, BZX Options and EDGX Options) will continue to operate, providing our diverse customer base with choices for their unique trading strategies. 

Technology Migration

CBOE’s three exchanges, CBOE, C2 and CFE, will migrate to Bats’ proprietary technology platform. Options and futures trading members will be notified with significant time to plan for the platform migrations. Learn more about the CFE integration plan here and the C2 integration plan here.

Our Commitment

CBOE Holdings is committed to offering global customers a wider array of cutting-edge products and services, greater access to more markets across more geographies and an expanded range of education, market data and trading resources – powered by unparalleled technology.

Office Locations

CBOE Holdings will continue to operate its headquarters from Chicago. Technology operations for the combined firm will be based out of Kansas City. Other major offices include New York and London.

Shareholder Information

Shareholders can find information regarding the transaction here. Historic Bats filings can be found here
The combined CBOE/Bats company is comprised of four U.S. options exchanges, four U.S. equities exchanges, a European equities exchange, a U.S. futures exchange and a global FX market. The four options exchanges (CBOE, C2, BZX Options and EDGX Options) will continue to operate, providing our diverse customer base with choice for their unique trading strategies.
CBOE’s three exchanges:  CBOE, C2 and CFE will migrate to Bats’ proprietary technology platform. Options and Futures trading members will be notified with significant time to plan for the platform migrations, with plans being announced as soon as possible.
As integration of the two companies begins, we will be able to provide better scale, especially for our options customers.
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 This website will be your go-to resource, providing up-to-date information throughout the integration.
As integration of the two companies begins, we will be able to provide better scale, especially for our options customers.
CBOE Holdings will continue to operate its headquarters from Chicago. Technology operations for the combined firm will be based out of Kansas City. Other major offices include New York and London.
Shareholders can find information regarding the transaction here. Historic Bats filings can be found here. Each share of Bats common stock was converted to $10.00 in cash and 0.03201 of a share of CBOE Holdings common stock, with an opportunity to elect either all cash or all stock, subject to proration. The combined company expects to see approximately $65 million in annualized expense synergies within 5 years.
We will be seeking your feedback throughout this integration process. If you have any thoughts or suggestions about how we can make markets better as a combined firm. Please send those to: feedback@cboe.com

CUSTOMER COMMUNICATIONS

We are committed to keeping you updated on our integration progress to align the collective products and resources of CBOE and Bats to better serve our valued customers.

Read the customer letter from Chairman and CEO Edward Tilly and President and COO Chris Concannon:
Read Letter
Read the official press release for the CBOE + Bats Integration:
Read Press Release
Read the CBOE, C2 and CFE Integration Plan for migrating to the Bats technology platform:
Read Integration Plan
Our second customer integration call took place on June 6, 2017.

CUSTOMER CALL #2

DATE: 6.6.17
TIME: 11:30 am – 12:30 pm CT
DIAL IN (TOLL FREE):
1-877-883-0383
INTERNATIONAL DIAL IN:
1-412-902-6506
PARTICIPANT CODE:
4834486

JOIN THE WEBCAST

CUSTOMER CALL #1

OPTIONS MARKET MODEL

CBOE and Bats are in the business of improving markets. With unparalleled technology and innovation, we will continue to deliver superior products, ideas and educational resources to our investors.

4 Markets, 4 Ecosystems – Choice for Customers

As a combined firm, we will continue to operate all options markets, providing choices for our diverse trading members.
CBOE
Hybrid, Classic
CBOE C2
Pro-Rata, Maker-Taker
Bats BZX
Price-Time, Maker-Taker
Bats EDGX
Classic Pro-Rata /
Customer Priority / DMM

Ease of Connectivity

A significant benefit for our customers will be the consolidation of technology and connectivity from the migration of the CBOE options platforms to the Bats proprietary technology.
DATA CENTER

All CBOE markets will migrate to the NY5 data center alongside the Bats markets. The CBOE markets will be available through latency-equalized infrastructure from both NY4 and NY5, as are the Bats markets.

ONE  PLATFORM

A single set of order entry (BOE/FIX) and market data protocols will be available for all CBOE and Bats markets.

MARKET DATA

The same Bats feeds you’re using today will be built across all markets: Depth, Auction, DROP and Historical.

ACCESS

The CBOE markets will be available through latency-equalized infrastructure from both NY4 and NY5 over 1G and 10G physical ports.

Technical Integration

The migration of all CBOE markets to Bats’ proven, market-leading technology is a priority for the combined firm. We are currently developing the integration plans, which will be announced as soon as possible. With a history of performing seamless technology integrations, we will release a detailed migration plan that requires minimal disruption for customers and vendors. We will continually keep you apprised of our integration plans with reasonable time to allow for your own planning so you are ready to migrate with us.

Learn more about the CFE integration plan

Learn more about the C2 integration plan

FREQUENTLY ASKED QUESTIONS

Have a question that has not been addressed below? Contact us at batsintegration@cboe.com.

  • The transaction was completed on February 28, 2017.
  • CBOE Holdings is the corporate brand upon closing of the acquisition.
  • Bats will be individually referenced as “a CBOE company.”
  • Hotspot, while individually referenced as “a CBOE company,” will have “A Bats Global Markets Company” removed from its logo.
  • ETF.com will remain as it is today but with CBOE Holdings as its indirect owner.
  • As with any large transaction, we plan to continually evaluate our brand, speaking with customers, shareholders, vendors and other key stakeholders. We will share further information in due course as we determine our long-term branding strategy.
  • Current email addresses for CBOE associates will remain unchanged. Bats associates will be provided @cboe.com addresses, but their legacy @bats.com addresses will continue to be supported for the foreseeable future.
  • Email addresses used for support and customer service for existing business units remain unchanged until further notice.
    • The new CBOE Leadership Team is as follows:
    • Edward Tilly, Chairman and CEO.
    • Chris Concannon, President and COO.
    • Alexandra Albright, Chief Compliance Officer.
    • Pamela Culpepper, Chief Human Resources Officer.
    • Alan Dean, Chief Financial Officer and Treasurer.
    • John Deters, Chief Strategy Officer and Head of Multi-Asset Solutions.
    • Chris Isaacson, Chief Information Officer.
    • Bryan Harkins, Head of U.S. Equities and Global FX.
    • Mark Hemsley, President, Europe.
    • Greg Hoogasian, Chief Regulatory Officer.
    • Carol Kennedy, Chief Communications Officer.
    • Stephanie Klein, Chief Marketing Officer.
    • Andy Lowenthal, Head of Global Derivatives.
    • Joanne Moffic-Silver, General Counsel and Corporate Secretary.
    • Edward Tilly, CEO of CBOE Holdings, takes on the additional role of Chairman.
    • Three Bats Global Markets board members join the CBOE Holdings board – Joe Ratterman, Chris Mitchell and Michael Richter.
    • Three CBOE Holdings board members – William Brodsky, Susan Phillips and R. Eden Martin – stepped down from the board upon closing of the transaction.
    • The CBOE Holdings board remains comprised of 14 directors.
    • Accelerates growth by enabling CBOE Holdings to “scale up” through the expansion of its product line. It also broadens the company’s reach through Bats’ leadership positions in Europe and U.S. equities and global FX, diversifies revenue streams and streamlines technology with the Bats proven, proprietary platform.
    • Expands CBOE’s product line, combining the Bats businesses and proven, proprietary technology with CBOE’s wide array of equity, ETP and index options, futures and multi-asset volatility products.
    • Enhances innovation, combining leading innovative product development ecosystem with Bats’ global ETF listing and trading venues and proven proprietary technology. CBOE will be in position to shape and capture every aspect of the business cycle – from product design, listing and trading to the generation and packaging of market data from which to create still more products.
    • Grows the customer base by bringing CBOE even closer to clients, enabling the company to better anticipate and respond to customer needs throughout the trading cycle. Along with CBOE’s extensive offering of trading and educational resources and the extended reach via Bats’ global presence, the combined company has tremendous potential to develop ongoing value-added relationships with a growing global customer base.
    • Diversifies CBOE’s options business and gives customers greater choice with four distinct exchanges with unique market models, trading ecosystems and pricing structures. CBOE operates the single largest options exchange, CBOE, plus the all-electronic C2 Exchange, while Bats is the third-largest exchange operator with two exchanges, BZX and EDGX.
    • CBOE plans to leverage the Bats technology for all its exchanges. All of the existing CBOE exchanges – the CBOE and C2 Options exchanges and the CBOE Futures Exchange (CFE) – are planned to migrate to the Bats technology.
    • We will share an integration timeline plan – and additional critical details –on our first customer call, to be held March 29.
    • There is no technology or operations impact at this time for any of the CBOE exchanges or customers.
    • We will share an integration timeline plan – and additional critical details – on our first customer call, to be held March 29.
    • Integration information and updates are available – and planned to be updated – on the integration website.
    • Note that the Bats technology team has successfully executed major migrations in the past, including with the acquisitions of Chi-X Europe (2011) and Direct Edge (2014), with no negative impact to customers or loss of market share. In both cases, Bats continued to operate its two existing order books plus the two acquired order books, and customers remained active users of all four exchanges.
    • The CBOE exchanges will join Bats at the Equinix NY5 data center in Secaucus, N.J., upon migration to the Bats technology. The primary CBOE and Bats data centers are currently located at NY4 and NY5, respectively.
    • CBOE customers in NY4 will not be required to relocate as they will have the same latency equalized access to matching engines in NY5 as customers located in NY5.
    • CBOE maintains a Disaster Recovery data center at its 400 South LaSalle headquarters, and Bats maintains a Disaster Recovery data center for existing trading platforms with CenturyLink at 350 Cermak in Chicago.
    • Yes. There will be no immediate connectivity changes to the exchanges that CBOE and Bats operate at this time.
    • Yes. The CBOE trading floor, featuring pits for the S&P 500 Index (SPX), the most active U.S. index option, CBOE Volatility Index (VIX) and other indexes, ETF and equity options products, will remain open to serve our CBOE options market.
    • The headquarters of CBOE will remain in Chicago with existing Bats offices in the Kansas City, Mo., area, New York and London remaining fully operational, along with additional existing Bats locations in San Francisco, Quito and Singapore. Legacy employees in New York and London will join their new colleagues in the legacy Bats offices in those cities.
    • Currently, there are no plans to list CBOE’s proprietary products, including S&P 500 Index (SPX) and CBOE Volatility Index (VIX) options, on the Bats options exchanges.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and create new products.
    • We also plan to leverage CBOE’s unique derivatives expertise and Bats’ extensive European and global FX footprint to create unique European and global FX derivatives products.
    • The diversity – and success – of Bats enables CBOE to move into two new asset classes, equities and FX, and further expand its reach in Europe and Asia.
    • The Bats businesses will continue to operate as usual and we expect to build on their success as part of CBOE Holdings. For example, we plan to leverage CBOE’s unique derivatives expertise and Bats’ extensive European and global FX footprint to create unique European and global FX derivatives products.
    • We also envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and create new products.
    • There are no changes to the billing or payment processes at this time. If any modifications are made in the future, we will provide ample notice to Trading Permit Holders (TPHs) and members.
    • If you are a member of Bats, but not a CBOE TPH, you must execute an agreement to become a CBOE TPH. And vice versa.
    • At this point, the existing agreements that TPHs/members have in place with either CBOE or Bats will not change. So, if you are a member of Bats, for example, you do not have to act at this time to remain a member of Bats.
    • As we move through the integration process, customers will be given ample notification should a new agreement be required to be executed.
    • Further information on the CFE TPH program can be found here.
    • Trading hours for all CBOE and Bats markets remain unchanged at this time. We will provide ample notice to CBOE TPHs and Bats members regarding any potential changes.
    • The existing CBOE/C2 Help Desk, CFE Help Desk and Bats Trade Desk will continue to operate as they have in the past. If you have a question related to the CBOE exchanges, contact the CBOE/C2 or CFE Help Desk and if you have a question related to the Bats markets, contact the Bats Trade Desk.
    • CBOE/C2 Help Deskhelpdesk@cboe.com or +1.866.728.2263
    • CFE Help Desk:  cfehelpdesk@cboe.com or +1.866.226.3773
    • Bats US Trade Desk:  tradedesk@bats.com or +1.913.815.7001
    • Bats Listings Teamlistings@bats.com
    • Bats EU Trade Desktradedeskeurope@bats.com or +44.20.7012.8901
    • Hotspot Contact Info:
    • Americas: +1.212.209.1420 or HotspotFXSales@bats.com
    • Europe: +44.207.131.3450 or HotspotFXSales@bats.com
    • Asia: +65.6818.9071 or HotspotFXSales@bats.com
    • Technical Support: +1.212.378.8558
    • Unless a representative from CBOE or Bats has informed you otherwise, your additional contacts, e.g. business development or sales, are unchanged at this time.
    • We will share an integration timeline plan – and additional critical details – on our first customer call, to be held March 29.
    • Customers of both companies can expect the same client-focused business, delivering innovative products and solutions and driving positive market structure change to help make markets better for all participants.
    • All four options order books will remain in operation – CBOE, C2, BZX Options and EDGX Options.
    • The CBOE markets will eventually migrate to the proven, proprietary Bats technology.
    • Andy Lowenthal, previously Head of Business Development at CBOE, is now head of global derivatives.
    • Customers of both companies can expect the same client-focused business, delivering innovative products and solutions and driving positive market structure change to help make markets better for all participants.
    • Customers will benefit from the consolidation of technology and connectivity as the CBOE options platforms migrate to the proven, proprietary Bats technology.
    • Data Center – All CBOE markets will migrate to the NY5 data center alongside the Bats markets. The CBOE markets will be available through latency-equalized infrastructure from both NY4 and NY5, as will the existing Bats exchanges.
    • One Technology Platform – A single set of order entry (BOE/FIX) and market data protocols will be available for all CBOE and Bats exchanges.
    • Market Data – The same Bats feeds that customers rely upon today will be built across all markets: Depth, Auction, DROP and Historical.
    • Access – The CBOE markets will be available through latency-equalized infrastructure from both NY4 and NY5 over 1G and 10G physical ports.
    • Routing – As the CBOE markets migrate to Bats’ technology, the Bats Trading Routing broker/dealer will be used by the CBOE and C2 exchanges to access other options exchanges in multi-listed options products.
    • As a combined firm, we will continue to operate both of the legacy CBOE exchanges and both of the legacy Bats exchanges, providing choice for our diverse customer base.
    • CBOE: Hybrid, Pro-Rata, Customer Priority, DPM
    • C2: Pro-Rata, Maker-Taker
    • BZX Options: Price-Time, Maker-Taker
    • EDGX Options: Classic Pro-Rata, Customer Priority, DMM
    • The company is not implementing any substantive market structure or fee changes at any of the four exchanges at this time.
    • To give customers greater choice in meeting their trading needs by providing four distinct exchanges with unique market models, trading ecosystems and pricing structures.
    • In both the Chi-X Europe (2011) and Direct Edge (2014) transactions, Bats continued to operate its two existing order books plus the two acquired order books and customers remained active users of all four markets.
    • Yes. There will be no substantive fee changes at any of the four exchanges at this time.
    • We expect that most CBOE and C2 order types will continue to be supported on the Bats technology, based on customer demand. Complete details regarding functionality will be announced within updated Bats technical specifications.
    • There may be certain minor changes related to the migration to the Bats technology; however, the functionality and differentiation that are core to each market’s purpose are expected to remain. As in the past, the function of our exchanges remains dependent upon many factors, including customer demand.
    • For further integration information, listen to the first street-wide customer call, to be held the week of March 29.
    • While there are no near-term changes, market data offerings and protocols are planned to be updated upon migration to the proven, proprietary Bats technology.
    • More information will be made available on the customer integration call March 29 as well as in future integration updates.
    • We expect no immediate changes for CBOE Futures Exchange (CFE) customers. It is business as usual. CFE will eventually operate using the proven, proprietary Bats technology. We will share an integration timeline plan – and additional critical details – on our first customer call, to be held March 29.
    • CFE is an all-electronic market with Trading Privilege Holders that have direct access to trade on CFE.
    • CFE is the home of volatility futures, featuring futures on the CBOE Volatility Index (VIX). Trades on CFE are cleared by The OCC.
    • CFE is not making any substantive market structure or fee changes at this time.
    • Most CFE functionality is expected to continue to be supported on the Bats technology, based on customer demand. Complete details regarding functionality will be announced within updated Bats technical specifications.
    • There may be certain minor changes related to the migration to the Bats technology; however, the functionality and differentiation that are core to each market’s purpose will remain. As in the past, the function of our markets remains dependent upon many factors, including customer demand.
    • We will share an integration timeline and critical details on our first customer call, to be held March 29.
    • While there are no near-term changes, market data offerings and protocols are expected to be updated upon migration to the proven, proprietary Bats technology.
    • More information will be made available on the customer integration call March 29 as well as in future integration updates.
    • There are no immediate changes for Bats equities customers or listings issuers. It is business as usual under Bryan Harkins, Head of U.S. Equities and Global FX.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and better position the company in the flow of trading and investing ideas.
    • There are no immediate changes for Bats listings issuers and market makers. It is business as usual under Laura Morrison, Global Head of Exchange-Traded Products.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and better position the company to bring innovation to the ETF Marketplace.
    • We will remain issuer-focused, delivering choice along with innovative products and solutions to help make markets better for all participants.
    • We believe it is positive for the U.S. equities market, as it combines two organizations that have been instrumental in creating a more competitive and innovative marketplace.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and position the company for ongoing innovation in the U.S. equities trading marketplace.
    • Bats offers four U.S. equities exchanges – BZX, BYX, EDGX and EDGA – with four unique market models, trading ecosystems and pricing structures, providing customers greater choice when executing their trading strategies.
    • The Bats U.S. equities exchanges employ the following models:
    • BZX – traditional price-time priority, maker-taker
    • BYX – taker-maker with low fee and rebates
    • EDGX – traditional price-time priority, maker-taker
    • EDGA – taker-maker with low fee and rebates
    • The company is not making any substantive market structure or fee changes at any of the four exchanges at this time.
    • There are no immediate plans to changefunctionality at Bats U.S. equities exchanges.
    • There are no anticipated market data changes for U.S. Equities customers.
    • There are no immediate changes for Bats Europe customers. It is business as usual under Mark Hemsley, President, Europe.
    • We envision bringing together CBOE’s and Bats’ indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serving product issuers while positioning ourselves in the flow of trading and investing ideas.
    • We believe it is positive for the European equities market, as it combines two organizations that have been instrumental in creating a more competitive and innovative marketplace.
    • We envision bringing together CBOE’s and Bats’ indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serving product issuers while positioning ourselves in the flow of trading and investing ideas.
    • As the largest European stock market operator, Bats Europe offers five equities order books – CXE Lit, BXE Lit, CXE Dark, BXE Dark and the Periodic Auctions Book. Each order book has a unique market model, trading ecosystem and pricing structure, providing access to 15 major European markets via a single connection.
    • Bats Europe also offers:
    • Large in Scale – an Indication of Interest (IOI) platform in partnership with BIDS.
    • Trade Reporting – via its BXTR service, the largest in Europe.
    • The company is not making any market structure or fee changes at this time.
    • There are no immediate plans to change exchange functionality at the Bats Europe.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serving product issuers while positioning ourselves in the flow of trading and investing ideas.
    • There are no anticipated market data changes for European equities customers.
    • Bats Europe will maintain its primary data center operations with Equinix at the LD4 facility in Slough, U.K, and its secondary data center with Equinix at the LD3 facility in Park Royal, U.K.
    • Bats Europe remains headquartered in London, operating as a CBOE company.
    • There is no change to our name at this time. As with any large transaction, we will continually evaluate our brand, speaking with customers, shareholders, vendors and other key stakeholders.
    • Bats Europe will be individually referenced as “a CBOE company.”
    • There are no immediate changes for Hotspot customers. It is business as usual under Bryan Harkins, Head of U.S. Equities and Global FX.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and position the company to bring innovation to global FX trading.
    • We believe it is positive for the global FX market, as it combines two organizations that have been instrumental in creating a more competitive and innovative marketplace across asset classes and geographies worldwide.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serve product issuers and position the company to bring innovation to global FX trading.
    • There are no immediate plans to change functionality at Hotspot.
    • We envision bringing together CBOE’s indexing capabilities and Bats’ product issuer relationships to generate new index services opportunities, better serving product issuers while positioning ourselves in the flow of trading and investing ideas.
    • Hotspot is an institutional FX market with a diverse client base of banks, institutions, hedge funds, proprietary traders, corporates and commodity trading advisors.
    • The firm offers a broad array of order types, including FX algorithms, as well as tailored liquidity solutions to meet client needs.
    • Bats acquired Hotspot in March 2015 from KCG Holdings.
    • The company is not making any market structure or fee changes at this time.
    • There are no anticipated market data changes for global FX customers.
    • Hotspot maintains its data center operations with Equinix in two locations – the LD4 facility in Slough, U.K., and the NY5 facility in Secaucus, N.J.
    • The Hotspot offices will remain operational in New York, London and Singapore.
    • Yes. There are no anticipated changes.
    • There is no change to our name at this time. As with any large transaction, we will evaluate our brand, speaking with customers, shareholders, vendors and other key stakeholders.
    • Hotspot will be individually referenced as “a CBOE company.”
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We wouldn’t be the industry leader we are today without our
talent. Ours is a unique culture in which every team member comes to work each day knowing he or she may be part of the next great CBOE innovation—a dynamic environment that allows us to attract and retain the industry’s best and brightest across all aspects of our business.
CBOE’s culture is rooted in our overarching goal to efficiently use innovation to better serve customers and the broader marketplace. At CBOE, we know the best ideas come from a diversity of viewpoints. We capitalize on our mix of seasoned and new talent to solve problems and bring solutions. We value transparency and provide access to information and upper management. We embrace a collaborative, team spirit. Everyone has something to contribute, and we believe in celebrating our success with one another.

Rewards

The rewards of working at CBOE go far beyond a paycheck. You’re the whole package, and our comprehensive benefits program reflects that. At CBOE, we reward you for the unique person you are in the office, at home and in the community with benefits that help you reach your professional, financial and personal goals.
Our total rewards approach means a competitive salary, opportunity for bonus and a suite of benefits, including paid time off, dental and health care, life insurance, a transportation program and various wellness opportunities. Plan for your future with our 401(k) retirement plan with a generous company match.  Work out at our on-site gym in Kansas City or get reimbursed for working out through our gym membership program. Stop by the CBOE café for a cup of coffee or tea from our in-house barista or enjoy daily catered lunches at our Kansas City office. CBOE also hosts a number of seminars on personal wellness, retirement planning and other topics.

Professional Development

At CBOE, we believe the professional growth and continuing education of our employees is an important investment in our future. Join the CBOE team and you will find yourself among leading experts in our field, interns just starting out and everyone in between. Each employee on the CBOE team is passionate about our business.
You can learn our business hands-on from experienced team members or by taking online and classroom-based options courses led by CBOE Options Institute instructors. We invest in you by providing resources for professional learning and development and by offering tuition reimbursement for those pursuing additional higher education. We also host knowledge sharing sessions that give all team members a chance to hear the latest CBOE developments from our internal subject matter experts. Join our business book club to discuss the latest business trends, ideas and innovations.

Community Service

At CBOE, we are proud of our role as the leader in investor education and industry advocacy. We are equally proud of our commitment to promoting good corporate citizenship to our employees, our customers and our communities. CBOE actively supports the volunteer efforts of our employees and those organizations that strive to make our communities better places to live.
When a group of professionals works with the same goal in mind, it makes it easier to get along. We bring the CBOE community together by turning employee gatherings, like our Halloween pumpkin carving competition or our pre-Thanksgiving hot lunch, into opportunities for charitable giving. Throughout the year, CBOE hosts on-site and off-site community service events that encourage our employees to become involved in their communities. We’ve fed the homeless, volunteered at an animal shelter, built houses for the needy, sponsored corporate races and tutored local schoolchildren. CBOE’s corporate charitable giving supports numerous organizations that are making a meaningful impact in the lives of our employees, customers and the communities in which we work and live.
View Open Positions

QUESTIONS? CONTACT US

If you are a customer of CBOE or Bats, your operation contacts will remain the same at the respective exchanges. Additional contact information is below. If you have a suggestion or comment regarding the integration, please send it to batsintegration@cboe.com.

MEDIA

Gary Compton
(312) 786-7612
comptong@cboe.com

Suzanne Cosgrove
(312) 786-7123
cosgrove@cboe.com

Hannah Randall
(646) 856-8809
hrandall@cboe.com

Stacie Fleming
+44-20-7012-8950
sfleming@cboe.com
INVESTOR RELATIONS

Debbie Koopman
(312) 786-7136
koopman@cboe.com
BUSINESS DEVELOPMENT/SALES

David Gray
(312) 786-8236
grayd@cboe.com

Bryan Christian
(212) 378-8525
bchristian@bats.com

Alex Dalley
+44 20 7012 8920
adalley@bats.com

Jerry Avenell
+44 20 7012 8986
javenell@bats.com

Edward Tilly
Chairman and Chief Executive Officer, CBOE Holdings

Edward Tilly is the chairman of the board and chief executive officer (CEO) of CBOE Holdings, Inc., Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2). He also serves as the chairman of the board of the CBOE Futures Exchange (CFE). Tilly has been an integral part of the CBOE community, as both a trader and exchange executive, for more than 25 years.

Prior to being named CEO, Tilly was CBOE president and chief operating officer (COO) from November 2011 through May 2013. He served as CBOE's executive vice chairman from 2006 to 2011 and held the highest member-elected position at the exchange as CBOE’s member vice chairman from 2004 to 2006.

Tilly came to CBOE as a trading floor clerk in 1987 and became a floor trader and CBOE member in 1989. He traded as both a market maker and a designated primary market maker (DPM) until joining CBOE’s executive management team in 2006.  

As a CBOE member, Tilly served on the CBOE Board of Directors from 1998 to 2000 and again from 2003 to 2006 and chaired the CBOE Floor Directors Committee from 2004 to 2006. He was also a member of the Executive, Compensation and Governance Committees, key committees of the CBOE Board of Directors.

Tilly currently serves on the board of directors for CBOE Holdings, Inc., CBOE, C2, CFE, Northwestern Medical Group, the OCC and Working in the Schools. Tilly is a member of the Economic Club of Chicago and the Chicago Club.

He received a BA in Economics from Northwestern University.

Chris Concannon
President & Chief Operating Officer

Chris Concannon is president and chief operating officer at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. He is responsible for CBOE’s trading businesses – U.S. and European Equities, U.S. Options, Global Foreign Exchange and Futures – as well as Technology/Operations, Risk and Marketing.  

As CEO of Bats, Concannon led that company’s successful April 2016 initial public offering as well as the acquisition by CBOE in February 2017, creating one of the largest global market operators.

Under his guidance, Bats, a 300-person company, operated the number-one market for the trading of European equities, U.S. equities (excluding auctions) and exchange-traded funds, as well as a growing U.S. options business. Earlier, as president of Bats, he played a major role in acquiring Hotspot FX, leading the firm into the global foreign exchange industry.

A noted global market structure expert, Concannon has more than 20 years of experience as an exchange executive, trading participant and regulator. This includes six years at Nasdaq as executive vice president, transaction services, where, during his tenure from 2003 to 2009, he helped to transform the company. He was responsible for Nasdaq's U.S. equity and options markets and also led numerous acquisitions and integrations, including Brut, Inet and the Philadelphia and Boston Stock Exchanges. A chief liaison with customers and regulators, he also directed the launch of the Nasdaq Options Market.

Immediately prior to joining Bats, Concannon was president and chief operating officer of Virtu Financial, a global electronic market maker, from 2009 to 2014. He was instrumental in growing Virtu into one of the world's most influential market makers, providing liquidity on over 200 different exchanges and market centers in more than 30 countries in equities, fixed income, currencies and commodities.

Concannon was previously a staff attorney at the Securities and Exchange Commission in the Division of Market Regulation from 1994 to 1997 before joining the law firm of Morgan, Lewis and Bockius LLP. In 1999, he moved to Island ECN, one of the innovative firms that dramatically changed the U.S. market landscape, as special counsel and vice president of business development. From Island, he became president of Instinet Clearing Services before joining Nasdaq in 2003.

Concannon holds a bachelor's degree from Catholic University, an MBA from St. John's University and a JD from Catholic University's Columbus School of Law. He also holds Series 7 and 24 licenses.

John Deters
Chief Strategy Officer and Head of Multi-Asset Solutions

In this role, Deters leads corporate strategy and strategic partnerships, investments and acquisitions, product research and proprietary product development. Deters oversees the multi-asset solutions group, which encompasses index services, execution platforms and advanced information solutions offerings across the range of CBOE trading venues globally.

Prior to joining CBOE in 2013, Deters served as an investment banker in the Financial Institutions Group for Barclays since 2008, and in a similar capacity for Lehman Brothers from 2006 to 2008. At both firms, he worked closely with financial services and exchange clients in developing comprehensive strategic analyses, led execution teams in domestic and international M&A transactions and structured and executed a wide variety of corporate financing transactions.

Deters served in the Financial Institutions M&A and Corporate Law practice groups for the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, in New York, London and Frankfurt, between 2001 to 2004. He also worked in the Banking Regulation Division for the Institute of International Finance and for the Office of International Affairs for the Securities and Exchange Commission (SEC).

Deters holds an MBA from the University of Chicago, a JD/Master of Science in Foreign Service from Georgetown University Law Center and a bachelor’s degree from Wheaton College, Wheaton, IL. Deters serves on the board for CBOE Vest. He is a member of the New York State Bar Association and the Federal Reserve Bank of Chicago’s Working Group on Financial Markets.

Alan Dean
Chief Financial Officer and Treasurer

Alan Dean is chief financial officer and treasurer of CBOE Holdings, Inc. and chief financial officer of CBOE. He has served in that capacity since 1988 and has been employed at CBOE in the financial area since 1979.

Dean serves on the board of directors of The Institute for Transfusion Medicine. He is a CPA, and he holds a BS in accounting from Western Illinois University and an MBA from Northwestern University's Kellogg Graduate School of Management.

Bryan Harkins
Head of U.S. Equities and Global FX

Bryan Harkins is head of U.S. Equities and Global FX at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. Based in New York, Harkins oversees sales, product development, listings and competitive strategy for the company’s U.S. equities exchanges, its suite of market data and access services products, as well as the firm’s global foreign exchange business.

At Bats, the businesses under Harkins grew rapidly with 137 U.S. ETF listings from 24 issuers at year-end 2016, up from just 19 – from two issuers – when he joined the firm nearly three years earlier. Also, U.S. options market share more than tripled under his leadership, increasing to over 11 percent in December 2016, and the company added more than 3 million U.S. equities market data users.

Harkins joined Bats in January 2014 when Direct Edge Holdings was acquired by Bats, creating the largest U.S. equities stock exchange operator (excluding auctions). As chief operating officer at Direct Edge, his leadership was instrumental in the firm’s growth into one of the largest players in the U.S. equities market. As part of his responsibilities, he was in charge of operations, product development, sales and the day-to-day activities of the EDGX and EDGA stock exchanges.

During his nearly 20 years in the electronic trading space, Harkins has also held numerous technical, operational, product and senior sales positions at Instinet, Brut and Nasdaq. He has also received numerous accolades including selection to the 2014 Crain's New York “Business 40 under Forty,” the 2013 NJBiz magazine “Forty Under 40,” the 2013 Silver Best in Biz award for Best Executive and the 2013 Business Intelligence Group award for Executive of the Year.

Harkins is also active in the community. He operates and hosts the annual Wall Street Rides FAR cycling event that supports autism research and sits on the Board of Directors of Project Hospitality, which provides food, shelter and services for the needy in Staten Island, NY.  He holds a BA from the University of Notre Dame and an MBA from New York University's Stern School of Business.

Harkins is Series 7, 24, 55, and 63 licensed.

Andrew Lowenthal
Head of Global Derivatives

Andrew Lowenthal is head of global derivatives for CBOE.

In this role, Lowenthal runs all business development for CBOE’s four options exchanges. He leads the Global Client Services group, which serves CBOE’s growing international client base and is focused on account management across all channels. He also directs CBOE’s Business Analysis and Institutional and International Business Development groups.  

In addition, Lowenthal oversees the business development functions of the CBOE Futures Exchange (CFE), home of futures on the CBOE Volatility Index (VIX), and an array of related products. He also oversees business development for Livevol, a leading provider of equity and index options technology and market data services that CBOE Holdings acquired in 2015.

He began his career with CBOE in 1983, serving in Trading Operation, Regulatory Services, Strategic Planning and Business Development Division roles.

Lowenthal attended the University of Michigan and holds a BS in business and an MBA in operations planning from DePaul University. He also attended the Securities Industry Institute at The Wharton School at the University of Pennsylvania.

Mark Hemsley
President, Europe

Mark Hemsley is president, Europe, at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition.  Based in London, he leads a team of approximately 70 people, operating the largest pan-European stock market and trade reporting facility.  

A founding employee of Bats Europe in 2008, Hemsley is a well-respected industry expert and leader whose team has played a major role in transforming Europe’s equity markets over the past decade. In 2011, Hemsley led the transformative acquisition and integration of Chi-X Europe, creating the leading stock exchange group in Europe and surpassing legacy markets that had been in operation for hundreds of years.  

Under Hemsley’s leadership, Bats became a Recognized Investment Exchange (RIE) in 2013, and in August 2016, Bats Europe announced plans to launch Bats LIS, powered by BIDS Trading, a new block equity trading platform for Europe’s equities market. It has also launched new benchmark real-time indices for numerous major European markets.  

Bats Europe and Hemsley have received numerous awards, including the Financial News Trading & Technology Awards Honor for Best Exchange Group. Hemsley has also been named to the "FN 100 Most Influential" list, which recognizes key financial executives impacting European financial markets, every year since 2009 and in 2015 received the “FN Decade of Excellence” award for outstanding contribution to Capital Markets. In addition, he contributes his market structure expertise as a member of the European Securities and Markets Authority (ESMA) Secondary Markets Standing Committee and also the ESMA Stakeholders Group, providing consultation on the impact of market structure changes and ESMA policy development.

Before joining Bats, Hemsley was managing director and chief information officer at LIFFE, running its Market Solutions group. At LIFFE, from 2001 to 2004, he won major contracts with top exchanges and transformed the technology organization to capture greater revenue from its exchange businesses. A LIFFE board member, he was also heavily involved in the sale of the company to Euronext.

He also served as chief operating officer and chief information officer during his tenure at Deutsche Bank GCI, the investment bank where he managed teams of professionals in Frankfurt, London, New York, Singapore, Sydney and Tokyo while working closely with the firm's trading operations.

His previous positions include vice president at Credit Suisse First Boston, where he was global head of foreign exchange technology, and a stint as CIO at Natwest Capital Markets.

Joanne Moffic-Silver
General Counsel & Corporate Secretary

Joanne Moffic-Silver is Executive Vice President, General Counsel and Corporate Secretary of CBOE.  In this role, Moffic-Silver is responsible for overseeing CBOE’s Legal Division, including litigation, rule filings, industry-related advocacy through comment letters, responses and white papers, contracts, public company requirements, transactional work, intellectual property, board elections and legal work for CBOE subsidiaries. She also manages outside law firms’ work for CBOE, and advises CBOE’s Chairman and Chief Executive Officer, President and Chief Operating Officer, and Board of Directors on matters including governance and jurisdictional issues related to new products. She has served in this capacity since 1997 and has been employed by CBOE since 1980. 

Prior to joining CBOE, she was counsel for Chicago Mercantile Exchange (CME) and an attorney with a private law firm, with a concentration in employment law and commodity futures law.

Moffic-Silver is currently a member of the executive committee of the board of advisors of Northwestern University Pritzker School of Law (Northwestern Law). Additionally, she has been a panelist at various professional and industry forums, including SIFMA Compliance & Legal Division’s Annual Seminar-Derivatives, the SEC’s Historical Annual Meeting, Brooklyn Law School’s Conference on the Future of Financial Regulation, the annual American & Chicago Bar Association industry meetings, Women in Listed Derivatives (keynote speaker), and YWCA Metropolitan Chicago & DyMynd, Money Smart Week.  Moffic-Silver has also been a faculty member at the National Institute for Trial Advocacy’s Midwest Deposition Program, held at Northwestern Law, and a guest lecturer at Northwestern Law, Practical Issues in Business Law.

Moffic-Silver received the Anti-Defamation League’s Women of Achievement Award in 2015, First Chair’s top general counsel award in 2013 through 2016, and in 2016, under her leadership, CBOE received The National Law Journal’s “Legal Department of the Year” in Corporate Compliance.

Moffic-Silver is an elected member of The Chicago Network, Women in Listed Derivatives, and the ADL’s Midwest regional board. She also serves on the board of MISSD, a not-for-profit organization that serves to educate others about the side effects of medication, and she volunteers at the Council for the Elderly.

One of Joanne’s passions is mentoring others. Throughout her career, she has hosted numerous college and law students at CBOE. Most recently, Joanne participated as an executive mentor to undergraduate women at the 2016 Women in Business conference sponsored by Business Today.

Moffic-Silver received a B.A. degree with high honors and was elected a member of Phi Beta Kappa from the University of Wisconsin-Madison and a J.D. degree with honors from the Northwestern University Pritzker School of Law.

Chris Isaacson
Chief Information Officer

Chris Isaacson is chief information officer at CBOE Holdings, joining the firm in 2017 as part of the Bats Global Markets acquisition. Based in Kansas City, Isaacson is responsible for ensuring CBOE is an innovative, world-class leader in technology, overseeing all technology and electronic trading operations, including technology strategy, software engineering and quality, IT infrastructure and the trade desk.  

A founding Bats employee in 2005, Isaacson played a major role in developing the firm into an innovative, world-class technology and markets powerhouse, leading expansion into multiple asset classes and geographies. In 2015 alone, Bats moved or launched eight of its 10 markets while simultaneously introducing new trading, listing and product innovations in the U.S. and Europe. This was followed by the successful Bats initial public offering on the Bats BZX Exchange in April 2016.  

Isaacson began his career as a software engineer at publicly traded Cerner Corp., a healthcare information systems supplier. He was later instrumental in the architecture and implementation of the original Bats trading platform while starting and overseeing operations, including the trade desk, working closely with customers trading on Bats.  Previously, he was a software developer at Tradebot Systems, a broker-dealer, from 2003 to 2005.

A frequent speaker on panels at key industry events, he has consistently been ranked as one of the top technology professionals in financial services by Institutional Investor, which placed him at number 3 in its “Tech 40” in 2016.

Isaacson holds a bachelor's degree in information systems with a minor in math from Nebraska Wesleyan University, Lincoln, Neb., and was a two-time Academic All-American as a decathlete. He holds an MBA from the University of Nebraska, Lincoln, where he currently serves on the Advisory Board at the Raikes School of Computer Science and Management. Isaacson also is on the board of the Kansas City Tech Council and is involved in leadership at his church.  

Isaacson holds Series 4, 7, 24, 27, 55, 63 and 65 licenses.

Alexandra Albright
Chief Compliance Officer

In this role, Albright is responsible for establishing, implementing and maintaining policies and procedures that apply to the affiliated exchanges’ self-regulatory organization
obligations and ensuring that exchange operations comply with both the exchanges’ rules and policies and with SEC and CFTC regulations and laws. Her other responsibilities include educating exchange employees about compliance-related issues.

Prior to joining CBOE in 2012, Albright served as an attorney for Kirkland & Ellis LLP in Chicago since 2007, where she focused on compliance, litigation and corporate finance matters. From 2001 to 2006, she served in senior legal positions with the Securities and
Exchange Commission (SEC) in Washington, D.C., including senior counsel for
the Division of Enforcement, Office of Market Surveillance, from 2005 to 2006; special
counsel for the Division of Trading & Markets, Office of Trading Practices,
from 2003 to 2005; and attorney advisor for the Division of Trading &
Markets, Office of Municipal Securities, from 2001 to 2003.

Albright holds a BA in philosophy from Tulane University, a JD from
University of Denver College of Law and an LLM, with honors, in Financial
Services Law, from Chicago-Kent College of Law.

Pamela Culpepper
Chief Human Resources Officer

Pamela Culpepper is chief human resources officer at Chicago Board Options Exchange (CBOE) – the largest U.S. options exchange and creator of listed options. At CBOE, Culpepper leads the human resources organization and oversees the HR strategy, executive compensation, human capital management and engagement.

A veteran HR executive, Culpepper joined CBOE from Golin, where she was most recently the company’s chief people officer. For more than 13 years prior, Culpepper held various leadership roles with PepsiCo, Inc., including chief global diversity and inclusion officer, vice president, human resources for Quaker Foods and Snacks; vice president, human resources for PepsiCo’s Beverages Supply Chain; and vice president, talent management and diversity for Quaker, Tropicana and Gatorade. Before PepsiCo, Culpepper held progressive roles with McKessonHBOC, Inc., Clorox and Wells Fargo.

Culpepper is a member and conference presenter with the National Black MBA Association and a former board trustee of VSO International, based in the United Kingdom. She has a BA in psychology from the University of Arkansas at Little Rock and a master's of public administration in organizational change, from California State University, Eastbay. Culpepper is based in Chicago.

Carol Kennedy
Chief Communications Officer

Carol Kennedy is chief communications officer at CBOE Holdings, where she develops and directs global strategic communications. In that capacity, she oversees corporate messaging across key internal and external stakeholders, including broadcast and print media, stockholders, employees and market participants.

Kennedy began her career in corporate communications at CBOE in 1993 as manager of editorial services and subsequently served as CBOE’s media director, then managing director of corporate communications, before being named vice president and chief communications officer.

Kennedy represents CBOE at the World Federation of Exchanges (WFE), the global trade association for the world’s major stock, futures and options exchanges. She chaired WFE’s Communications Task Force from 2010 until 2014 and now represents CBOE on WFE’s Working Committee and the WFE Policy Committee.

She is a recipient of the “Silver Quill Award for Excellence” from the International Association of Business Communicators (IABC) and received her BA in creative writing from Northwestern University.

Stephanie Klein
Chief Marketing Officer

Stephanie Klein is the chief marketing officer (CMO) for CBOE since January 2015. As CMO, Klein leads a Marketing and Education team whose purpose is to help drive an engaging customer experience with CBOE’s broadening array of products and expertise that empower traders and investors to achieve their desired outcomes.  

Her team utilizes the full spectrum of traditional and innovative marketing channels, including print, digital, mobile and social media across multiple platforms, leveraging timely, relevant educational content delivered through the world-renowned Options Institute, which expanded globally in 2015.

Prior to joining CBOE in January of 2015, Klein had a proven track record of being an agile, transformative marketer with over 25 years of global marketing experience across multiple industries. From 2005 to 2014, Klein held marketing leadership positions at Northern Trust in wealth management, asset servicing and asset management, with her last position being chief marketing officer, asset management. She also served on the Executive team of Women in Leadership.

Before Northern Trust, Klein ran her own brand strategy consulting firm, Klein Consulting, from 2000 to 2005.  From 1995 to 2000, she built a winning record of growing global leadership brands at Leo Burnett advertising for Hallmark, Kraft and United Airlines, building on her strong foundation in brand management and new product development from 1990 to 1995 at Alberto-Culver and Coca-Cola.  

Klein currently serves on CBOE’s charity board and is an active member of the University of Chicago Booth Alumni Association and Steppenwolf Theatre’s Director’s Circle and volunteers at Feed My Starving Children.

Klein holds an MBA in marketing from the University of Chicago Booth School of Business and a BA in psychology from Duke University.

Greg Hoogasian
Chief Regulatory Officer

Greg D. Hoogasian is chief regulatory officer in the Regulatory Division of the Chicago Board Options Exchange (CBOE). He also serves as the chief regulatory officer for the C2 Options Exchange and the CBOE Futures Exchange, LLC. Hoogasian took over as the Chief Regulatory Officer in January 2015 and was previously the Deputy Chief Regulatory Officer, beginning in July 2012. He first joined CBOE in 2004 as an attorney in its Legal Division. In that role, Hoogasian also represented CBOE in enforcement-related matters.

Preceding his return to CBOE, Hoogasian was a senior vice president and chief regulatory officer of the Chicago Stock Exchange (CHX). Prior to becoming CRO, he was a vice president at CHX and its chief enforcement counsel. Hoogasian also previously worked in the Illinois Attorney General’s Office as an assistant attorney general in its Criminal Division, with a concentration in prosecuting financial and white collar crimes. Hoogasian began his career working for Morgan Stanley (Dean Witter) on the trading floor at the Chicago Mercantile Exchange.

Hoogasian received his JD from the John Marshall Law School and his BS from the University of Wisconsin-Stevens Point.

CREATING
EXPONENTIAL OPPORTUNITIES

March 1, 2017

Dear Valued Customer,

We are pleased to inform you that CBOE Holdings, Inc.'s (CBOE) acquisition of Bats Global Markets, Inc. (Bats) officially closed yesterday and we are now one, combined company (see press release). We believe this combination of two leading market innovators will enable us to cement CBOE’s position as your go-to partner for cutting-edge trading and investment resources.

By coming together as one, we offer you a broader array of products, including equity, ETP and index options, U.S. and European equities, futures, multi-asset volatility products, and ETF and global FX trading, which are planned to ultimately trade on Bats’ proven, state-of-the-art platform, as well as an expanded range of educational, market data and trading tools and resources.

While there are no changes operationally to our markets on Day One -- today, it is business as usual -- a thoughtful integration is underway. Key to that process is how we can best integrate and align the collective products and resources of CBOE and Bats to better serve you. We are committed to keeping you updated on our progress and to seeking your feedback along the way.

Today, and in the days to follow, members from the respective CBOE and Bats teams will be reaching out to you to reinforce our commitment to delivering superior service and answer your questions. On March 29, we plan to hold the first in a series of conference calls for all of our customers. At that time, we plan to share an integration timeline, highlight other critical operational details and answer your questions. We will follow up with call-in details for those conference calls soon.

In the meantime, you may also refer to our new integration website, CBOE.com/Batsintegration, which is home to a host of resources, including an FAQ for our options, U.S. and European equities, futures, ETF and FX customers. We plan to update this website on an ongoing basis, so check the site regularly. At the end of March, we plan to publish an additional FAQ devoted exclusively to the technology and systems integration.

We could not be more excited about the exponential opportunities for our combined company and what it means to our markets and customers around the globe. Your relationship is deeply valued and appreciated. You have our commitment that we will continue to work hard every day to exceed your expectations and keep earning your business.

Sincerely,

Ed Tilly
Chairman and Chief Executive Officer

Chris Concannon
President and Chief Operating Officer