Filed by CBOE Holdings, Inc.

pursuant to Rule 425

under the Securities Act of 1933

and deemed filed pursuant to

Rule 14a-6 under the Securities

Exchange Act of 1934

 

Subject Company:  Bats Global Markets, Inc.

 

SEC File No. for Registration Statement

on Form S-4 filed by CBOE

Holdings, Inc.:  333-214488

 

CBOE Holdings Monthly Volume & RPC Report - 2016

Updated on January 4, 2017

 

Period 

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

1Q16

2Q16

3Q16

4Q16 TD²

Year TD²

Trading Days 

19

20

22

21

21

22

20

23

21

21

21

21

61

64

64

63

252

Total Volume by Exchange

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOE

90,837,310

82,336,539

85,398,016

77,144,538

78,389,446

99,969,339

83,332,413

82,766,523

92,129,702

77,764,674

100,696,034

82,585,286

258,571,865

255,503,323

258,228,638

261,045,994

1,033,349,820

C2

6,988,795

6,493,068

5,993,537

6,060,190

6,216,417

6,920,135

6,597,202

6,905,869

8,924,416

9,420,982

11,245,441

9,259,736

19,475,400

19,196,742

22,427,487

29,926,159

91,025,788

CBOE Futures Exchange (CFE)

5,168,403

4,092,473

3,940,812

4,605,471

4,816,144

7,101,395

4,475,738

4,766,703

6,346,872

4,910,260

5,680,905

4,272,634

13,201,688

16,523,010

15,589,313

14,863,799

60,177,810

CBOE HoldingsTotal Volume

102,994,508

92,922,080

95,332,365

87,810,199

89,422,007

113,990,869

94,405,353

94,439,095

107,400,990

92,095,916

117,622,380

96,117,656

291,248,953

291,223,075

296,245,438

305,835,952

1,184,553,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADV by Exchange

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOE

4,780,911

4,116,827

3,881,728

3,673,549

3,732,831

4,544,061

4,166,621

3,598,544

4,387,129

3,703,080

4,795,049

3,932,633

4,238,883

3,992,239

4,034,822

4,143,587

4,100,595

C2

367,831

324,653

272,434

288,580

296,020

314,552

329,860

300,255

424,972

448,618

535,497

440,940

319,269

299,949

350,429

475,018

361,213

CBOE Futures Exchange (CFE)

272,021

204,624

179,128

219,308

229,340

322,791

223,787

207,248

302,232

233,822

270,519

203,459

216,421

258,172

243,583

235,933

238,801

CBOE Holdings Total ADV

5,420,764

4,646,104

4,333,289

4,181,438

4,258,191

5,181,403

4,720,268

4,106,048

5,114,333

4,385,520

5,601,066

4,577,031

4,774,573

4,550,361

4,628,835

4,854,539

4,700,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Volume by Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

59,907,927

53,983,070

53,653,492

52,251,562

52,314,127

61,920,628

56,008,627

56,406,727

63,358,908

56,960,611

68,969,981

55,323,207

167,544,489

166,486,317

175,774,262

181,253,799

691,058,867

Index options

37,918,178

34,846,537

37,738,061

30,953,166

32,291,736

44,968,846

33,920,988

33,265,665

37,695,210

30,225,045

42,971,494

36,521,815

110,502,776

108,213,748

104,881,863

109,718,354

433,316,741

Futures

5,168,403

4,092,473

3,940,812

4,605,471

4,816,144

7,101,395

4,475,738

4,766,703

6,346,872

4,910,260

5,680,905

4,272,634

13,201,688

16,523,010

15,589,313

14,863,799

60,177,810

CBOE Holdings Total Volume

102,994,508

92,922,080

95,332,365

87,810,199

89,422,007

113,990,869

94,405,353

94,439,095

107,400,990

92,095,916

117,622,380

96,117,656

291,248,953

291,223,075

296,245,438

305,835,952

1,184,553,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADV by Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

3,153,049

2,699,154

2,438,795

2,488,170

2,491,149

2,814,574

2,800,431

2,452,466

3,017,091

2,712,410

3,284,285

2,634,438

2,746,631

2,601,349

2,746,473

2,877,044

2,742,297

Index options

1,995,694

1,742,327

1,715,366

1,473,960

1,537,702

2,044,038

1,696,049

1,446,333

1,795,010

1,439,288

2,046,262

1,739,134

1,811,521

1,690,840

1,638,779

1,741,561

1,719,511

Futures

272,021

204,624

179,128

219,308

229,340

322,791

223,787

207,248

302,232

233,822

270,519

203,459

216,421

258,172

243,583

235,933

238,801

CBOE Holdings Total ADV

5,420,764

4,646,104

4,333,289

4,181,438

4,258,191

5,181,403

4,720,268

4,106,048

5,114,333

4,385,520

5,601,066

4,577,031

4,774,573

4,550,361

4,628,835

4,854,539

4,700,609

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Volume by Options Exchange and Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

53,210,900

47,737,352

47,895,068

46,390,699

46,325,915

55,261,167

49,568,932

49,659,742

54,627,727

47,738,835

57,950,683

46,253,813

148,843,320

147,977,781

153,856,401

151,943,331

602,620,833

Index options

37,626,410

34,599,187

37,502,948

30,753,839

32,063,531

44,708,172

33,763,481

33,106,781

37,501,975

30,025,839

42,745,351

36,331,473

109,728,545

107,525,542

104,372,237

109,102,663

430,728,987

CBOE Total Options Volume

90,837,310

82,336,539

85,398,016

77,144,538

78,389,446

99,969,339

83,332,413

82,766,523

92,129,702

77,764,674

100,696,034

82,585,286

258,571,865

255,503,323

258,228,638

261,045,994

1,033,349,820

C2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

6,697,027

6,245,718

5,758,424

5,860,863

5,988,212

6,659,461

6,439,695

6,746,985

8,731,181

9,221,776

11,019,298

9,069,394

18,701,169

18,508,536

21,917,861

29,310,468

88,438,034

Index options

291,768

247,350

235,113

199,327

228,205

260,674

157,507

158,884

193,235

199,206

226,143

190,342

774,231

688,206

509,626

615,691

2,587,754

C2 Total Options Volume

6,988,795

6,493,068

5,993,537

6,060,190

6,216,417

6,920,135

6,597,202

6,905,869

8,924,416

9,420,982

11,245,441

9,259,736

19,475,400

19,196,742

22,427,487

29,926,159

91,025,788

CBOE Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

59,907,927

53,983,070

53,653,492

52,251,562

52,314,127

61,920,628

56,008,627

56,406,727

63,358,908

56,960,611

68,969,981

55,323,207

167,544,489

166,486,317

175,774,262

181,253,799

691,058,867

Index options

37,918,178

34,846,537

37,738,061

30,953,166

32,291,736

44,968,846

33,920,988

33,265,665

37,695,210

30,225,045

42,971,494

36,521,815

110,502,776

108,213,748

104,881,863

109,718,354

433,316,741

   CBOE Holdings Total Options Volume

97,826,105

88,829,607

91,391,553

83,204,728

84,605,863

106,889,474

89,929,615

89,672,392

101,054,118

87,185,656

111,941,475

91,845,022

278,047,265

274,700,065

280,656,125

290,972,153

1,124,375,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADV by Options Exchange and Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

2,800,574

2,386,868

2,177,049

2,209,081

2,205,996

2,511,871

2,478,447

2,159,119

2,601,320

2,273,278

2,759,556

2,202,563

2,440,054

2,312,153

2,404,006

2,411,799

2,391,353

Index options

1,980,337

1,729,959

1,704,679

1,464,469

1,526,835

2,032,190

1,688,174

1,439,425

1,785,808

1,429,802

2,035,493

1,730,070

1,798,829

1,680,087

1,630,816

1,731,788

1,709,242

CBOE Total Options ADV

4,780,911

4,116,827

3,881,728

3,673,549

3,732,831

4,544,061

4,166,621

3,598,544

4,387,129

3,703,080

4,795,049

3,932,633

4,238,883

3,992,239

4,034,822

4,143,587

4,100,595

C2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

352,475

312,286

261,747

279,089

285,153

302,703

321,985

293,347

415,771

439,132

524,728

431,876

306,577

289,196

342,467

465,246

350,945

Index options

15,356

12,368

10,687

9,492

10,867

11,849

7,875

6,908

9,202

9,486

10,769

9,064

12,692

10,753

7,963

9,773

10,269

C2 Total Options ADV

367,831

324,653

272,434

288,580

296,020

314,552

329,860

300,255

424,972

448,618

535,497

440,940

319,269

299,949

350,429

475,018

361,213

CBOE Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

3,153,049

2,699,154

2,438,795

2,488,170

2,491,149

2,814,574

2,800,431

2,452,466

3,017,091

2,712,410

3,284,285

2,634,438

2,746,631

2,601,349

2,746,473

2,877,044

2,742,297

Index options

1,995,694

1,742,327

1,715,366

1,473,960

1,537,702

2,044,038

1,696,049

1,446,333

1,795,010

1,439,288

2,046,262

1,739,134

1,811,521

1,690,840

1,638,779

1,741,561

1,719,511

CBOE Holdings Total Options ADV

5,148,742

4,441,480

4,154,162

3,962,130

4,028,851

4,858,612

4,496,481

3,898,800

4,812,101

4,151,698

5,330,546

4,373,572

4,558,152

4,292,189

4,385,252

4,618,606

4,461,808

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Share by Options Exchange and Product Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBOE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

16.3%

16.1%

15.5%

15.4%

16.6%

17.1%

18.0%

17.2%

17.1%

17.1%

17.0%

15.9%

16.0%

16.4%

17.4%

16.7%

16.6%

Index options

98.2%

98.2%

98.5%

98.5%

98.7%

98.8%

98.9%

98.6%

98.7%

98.5%

98.9%

98.8%

98.3%

98.6%

98.7%

98.8%

98.6%

CBOE Total Options Market Share

24.9%

24.8%

24.6%

23.2%

25.2%

27.2%

27.0%

25.6%

25.8%

25.1%

26.3%

25.2%

24.8%

25.3%

26.1%

25.6%

25.4%

C2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

2.1%

2.1%

1.9%

1.9%

2.1%

2.1%

2.3%

2.3%

2.7%

3.3%

3.2%

3.1%

2.0%

2.1%

2.5%

3.2%

2.4%

Index options

0.8%

0.7%

0.6%

0.6%

0.7%

0.6%

0.5%

0.5%

0.5%

0.7%

0.5%

0.5%

0.7%

0.6%

0.5%

0.6%

0.6%

C2 Total Options Market Share

1.9%

2.0%

1.7%

1.8%

2.0%

1.9%

2.1%

2.1%

2.5%

3.0%

2.9%

2.8%

1.9%

1.9%

2.3%

2.9%

2.2%

CBOE Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multiply-listed options (Equities & ETPs)

18.4%

18.2%

17.4%

17.4%

18.8%

19.2%

20.4%

19.5%

19.9%

20.4%

20.3%

19.0%

18.0%

18.5%

19.9%

19.9%

19.1%

Index options

99.0%

98.9%

99.1%

99.1%

99.4%

99.3%

99.4%

99.1%

99.2%

99.2%

99.4%

99.3%

99.0%

99.3%

99.2%

99.3%

99.2%

CBOE Holdings Total Options Market Share

26.8%

26.8%

26.3%

25.1%

27.2%

29.1%

29.1%

27.8%

28.3%

28.2%

29.2%

28.0%

26.6%

27.2%

28.4%

28.5%

27.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rolling Three-Month Average Revenue Per Contract (RPC)¹

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity options*

$0.095

$0.092

$0.085

$0.081

$0.075

$0.070

$0.063

$0.057

$0.050

$0.048

$0.051

 

$0.085

$0.070

$0.050

$0.054

$0.065

Exchange-traded products (ETPs) options*

$0.138

$0.131

$0.117

$0.111

$0.104

$0.103

$0.096

$0.089

$0.079

$0.075

$0.082

 

$0.117

$0.103

$0.079

$0.083

$0.096

Index options

$0.738

$0.733

$0.720

$0.706

$0.698

$0.701

$0.704

$0.706

$0.707

$0.709

$0.711

 

$0.720

$0.701

$0.707

$0.711

$0.710

Total Options

$0.351

$0.351

$0.346

$0.335

$0.326

$0.328

$0.326

$0.320

$0.304

$0.297

$0.304

 

$0.346

$0.328

$0.304

$0.304

$0.322

Futures

$1.636

$1.623

$1.643

$1.697

$1.721

$1.682

$1.677

$1.702

$1.709

$1.718

$1.679

 

$1.643

$1.682

$1.709

$1.701

$1.684

Total CBOE Holdings RPC

$0.412

$0.413

$0.405

$0.397

$0.394

$0.405

$0.401

$0.395

$0.378

$0.374

$0.378

 

$0.405

$0.405

$0.378

$0.375

$0.392

*Multiply-listed options (Equities and ETPs)

$0.115

$0.110

$0.100

$0.095

$0.088

$0.086

$0.079

$0.072

$0.064

$0.061

$0.066

 

$0.100

$0.086

$0.064

$0.068

$0.080

Total Volume for Select Index Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SPX options (including Weeklys, Quarterlys, EOM & FLEX)

22,100,538

19,599,850

20,896,723

17,183,112

18,879,122

26,305,465

21,238,960

19,912,547

22,828,181

18,889,983

26,026,611

24,091,909

62,597,111

62,367,699

63,979,688

69,008,503

257,953,001

SPXPM options

289,218

272,223

207,385

137,986

164,530

162,884

147,647

133,109

178,957

98,511

149,773

208,082

768,826

465,400

459,713

456,366

2,150,305

VIX options

12,863,096

12,826,704

14,365,215

11,791,318

11,086,911

15,951,153

10,670,980

11,558,186

12,918,491

9,513,754

14,476,592

10,224,012

40,055,015

38,829,382

35,147,657

34,214,358

148,246,412

VIX futures

5,167,889

4,092,187

3,940,544

4,604,918

4,814,598

7,100,566

4,475,340

4,766,281

6,346,307

4,909,818

5,680,250

4,272,027

13,200,620

16,520,082

15,587,928

14,862,095

60,170,725

RUT options

2,018,034

1,569,833

1,624,918

1,277,627

1,531,300

1,754,291

1,216,840

1,214,878

1,313,399

1,290,881

1,709,259

1,462,671

5,212,785

4,563,218

3,745,117

4,462,811

17,983,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADV for Select Index Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SPX options (including Weeklys, Quarterlys, EOM & FLEX)

1,163,186

979,993

949,851

818,243

899,006

1,195,703

1,061,948

865,763

1,087,056

899,523

1,239,362

1,147,234

1,026,182

974,495

999,683

1,095,373

1,023,623

SPXPM options

15,222

13,611

9,427

6,571

7,835

7,404

7,382

5,787

8,522

4,691

7,132

9,909

12,604

7,272

7,183

7,244

8,533

VIX options

677,005

641,335

652,964

561,491

527,948

725,052

533,549

502,530

615,166

453,036

689,362

486,858

656,640

606,709

549,182

543,085

588,279

VIX futures

271,994

204,609

179,116

219,282

229,267

322,753

223,767

207,230

302,205

233,801

270,488

203,430

216,404

258,126

243,561

235,906

238,773

RUT options

106,212

78,492

73,860

60,839

72,919

79,741

60,842

52,821

62,543

61,471

81,393

69,651

85,455

71,300

58,517

70,838

71,365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

National Multiply-listed options (Equities & ETPs)

326,368,342

296,684,500

309,006,435

300,607,716

278,683,579

322,284,967

274,773,798

289,167,039

319,042,145

279,141,547

339,977,219

290,719,392

932,059,277

901,576,262

882,982,982

909,838,158

3,626,456,679

National Index options

38,303,491

35,233,760

38,061,792

31,235,154

32,494,376

45,273,226

34,123,754

33,575,103

37,998,882

30,473,168

43,224,698

36,770,113

111,599,043

109,002,756

105,697,739

110,467,979

436,767,517

National Options Volume

364,671,833

331,918,260

347,068,227

331,842,870

311,177,955

367,558,193

308,897,552

322,742,142

357,041,027

309,614,715

383,201,917

327,489,505

1,043,658,320

1,010,579,018

988,680,721

1,020,306,137

4,063,224,196

 

Note:  Numbers may not foot due to rounding and are subject to change and revisions.

¹Average revenue per contract (RPC) is based on a three-month rolling average, reported on a one-month lag. The average RPC represents total transaction fees for CBOE, C2 and CFE recognized for the period divided by total contracts traded during the period. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts and transaction mix by contract type and product type.

²RPC for 4Q16 and Year is through November 30, 2016.

 

Additional Information Regarding the Transaction and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.  This communication is being made in respect of the proposed merger transaction involving CBOE Holdings, Inc. (“CBOE”), Bats Global Markets, Inc. (“Bats”), CBOE Corporation and CBOE V, LLC. The issuance of shares of CBOE common stock in connection with the proposed merger will be submitted to the stockholders of CBOE for their consideration, and the proposed merger will be submitted to the stockholders of Bats for their consideration. In connection therewith, CBOE filed with the SEC on December 12, 2016 a definitive joint proxy statement/prospectus dated December 9, 2016, and each of the companies may be filing with the SEC other documents regarding the proposed transaction. CBOE and Bats commenced mailing of the definitive joint proxy statement/prospectus to CBOE stockholders and Bats stockholders on December 12, 2016.  BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF CBOE AND/OR BATS ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the definitive joint proxy statement/prospectus, any amendments or supplements thereto and other documents containing important information about each of CBOE and Bats, as such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov.  Copies of the documents filed with the SEC by CBOE will be available free of charge on CBOE’s website at http://ir.cboe.com/financial-information/sec-filings.aspx under the heading “SEC Filings” or by contacting CBOE’s Investor Relations Department at (312) 786-7136. Copies of the documents filed with the SEC by Bats will be available free of charge on Bats’ website at http://www.bats.com/investor_relations/financials/ under the heading “SEC Filings” or by contacting Bats’ Investor Relations Department at (913) 815-7132.

 

Participants in the Solicitation

CBOE, Bats, their respective directors and executive officers, certain other members of CBOE’s and Bats’ respective management and certain of CBOE’s and Bats’ respective employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of CBOE is set forth in its proxy statement for its 2016 annual meeting of stockholders, which was filed with the SEC on April 6, 2016, and its annual report on Form 10-K for the fiscal year ended December 31, 2015, which was filed with the SEC on February 19, 2016, and information about the directors and executive officers of Bats is set forth in its final prospectus in connection with its initial public offering, which was filed with the SEC on April 15, 2016.  Each of these documents can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive joint proxy statement/prospectus and may be available in other relevant materials to be filed with the SEC when they become available.