Filed by CBOE Holdings, Inc.
pursuant to Rule 425
under the Securities Act of 1933
and deemed filed pursuant to
Rule 14a-12 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 December 2, 2016

 

Period 

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

1Q16

2Q16

3Q16

4Q16

Year

Trading Days 

19

20

22

21

21

22

20

23

21

21

21

61

64

64

42

231

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

258,571,865

255,503,323

258,228,638

178,460,708

950,764,534

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

19,475,400

19,196,742

22,427,487

20,666,423

81,766,052

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

13,201,688

16,523,010

15,589,313

10,591,165

55,905,176

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

291,248,953

291,223,075

296,245,438

209,718,296

1,088,435,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

4,238,883

3,992,239

4,034,822

4,249,064

4,115,864

C2

367,831

324,653

272,434

288,580

296,020

314,552

329,860

300,255

424,972

448,618

535,497

319,269

299,949

350,429

492,058

353,966

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

216,421

258,172

243,583

252,171

242,014

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

4,774,573

4,550,361

4,628,835

4,993,293

4,711,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

167,544,489

166,486,317

175,774,262

125,930,592

635,735,660

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

110,502,776

108,213,748

104,881,863

73,196,539

396,794,926

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

13,201,688

16,523,010

15,589,313

10,591,165

55,905,176

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

291,248,953

291,223,075

296,245,438

209,718,296

1,088,435,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2,746,631

2,601,349

2,746,473

2,998,347

2,752,102

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

1,811,521

1,690,840

1,638,779

1,742,775

1,717,727

Futures

272,021

204,624

179,128

219,308

229,340

322,791

223,787

207,248

302,232

233,822

270,519

216,421

258,172

243,583

252,171

242,014

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

4,774,573

4,550,361

4,628,835

4,993,293

4,711,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

148,843,320

147,977,781

153,856,401

105,689,518

556,367,020

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

109,728,545

107,525,542

104,372,237

72,771,190

394,397,514

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

258,571,865

255,503,323

258,228,638

178,460,708

950,764,534

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

18,701,169

18,508,536

21,917,861

20,241,074

79,368,640

Index options

291,768

247,350

235,113

199,327

228,205

260,674

157,507

158,884

193,235

199,206

226,143

774,231

688,206

509,626

425,349

2,397,412

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

19,475,400

19,196,742

22,427,487

20,666,423

81,766,052

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

167,544,489

166,486,317

175,774,262

125,930,592

635,735,660

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

110,502,776

108,213,748

104,881,863

73,196,539

396,794,926

   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

278,047,265

274,700,065

280,656,125

199,127,131

1,032,530,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

2,440,054

2,312,153

2,404,006

2,516,417

2,408,515

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

1,798,829

1,680,087

1,630,816

1,732,647

1,707,349

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

4,238,883

3,992,239

4,034,822

4,249,064

4,115,864

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

306,577

289,196

342,467

481,930

343,587

Index options

15,356

12,368

10,687

9,492

10,867

11,849

7,875

6,908

9,202

9,486

10,769

12,692

10,753

7,963

10,127

10,378

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

319,269

299,949

350,429

492,058

353,966

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

2,746,631

2,601,349

2,746,473

2,998,347

2,752,102

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

1,811,521

1,690,840

1,638,779

1,742,775

1,717,727

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

4,558,152

4,292,189

4,385,252

4,741,122

4,469,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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%

16.0%

16.4%

17.4%

17.1%

16.7%

Index options

98.2%

98.2%

98.5%

98.5%

98.7%

98.8%

98.9%

98.6%

98.7%

98.5%

98.9%

98.3%

98.6%

98.7%

98.7%

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%

24.8%

25.3%

26.1%

25.8%

25.5%

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%

2.0%

2.1%

2.5%

3.3%

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%

0.7%

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%

1.9%

1.9%

2.3%

3.0%

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%

18.0%

18.5%

19.9%

20.3%

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%

99.0%

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%

26.6%

27.2%

28.4%

28.7%

27.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$0.085

$0.070

$0.050

 

$0.066

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

 

$0.117

$0.103

$0.079

 

$0.097

Index options

$0.738

$0.733

$0.720

$0.706

$0.698

$0.701

$0.704

$0.706

$0.707

$0.709

 

$0.720

$0.701

$0.707

 

$0.710

Total Options

$0.351

$0.351

$0.346

$0.335

$0.326

$0.328

$0.326

$0.320

$0.304

$0.297

 

$0.346

$0.328

$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

 

$1.643

$1.682

$1.709

 

$1.685

Total CBOE Holdings RPC

$0.412

$0.413

$0.405

$0.397

$0.394

$0.405

$0.401

$0.395

$0.378

$0.374

 

$0.405

$0.405

$0.378

 

$0.393

*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

 

 

 

 

 

$0.081

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

62,597,111

62,367,699

63,979,688

44,916,594

233,861,092

SPXPM options

289,218

272,223

207,385

137,986

164,530

162,884

147,647

133,109

178,957

98,511

149,773

768,826

465,400

459,713

248,284

1,942,223

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

40,055,015

38,829,382

35,147,657

23,990,346

138,022,400

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

13,200,620

16,520,082

15,587,928

10,590,068

55,898,698

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

5,212,785

4,563,218

3,745,117

3,000,140

16,521,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

1,026,182

974,495

999,683

1,069,443

1,012,386

SPXPM options

15,222

13,611

9,427

6,571

7,835

7,404

7,382

5,787

8,522

4,691

7,132

12,604

7,272

7,183

5,912

8,408

VIX options

677,005

641,335

652,964

561,491

527,948

725,052

533,549

502,530

615,166

453,036

689,362

656,640

606,709

549,182

571,199

597,500

VIX futures

271,994

204,609

179,116

219,282

229,267

322,753

223,767

207,230

302,205

233,801

270,488

216,404

258,126

243,561

252,144

241,986

RUT options

106,212

78,492

73,860

60,839

72,919

79,741

60,842

52,821

62,543

61,471

81,393

85,455

71,300

58,517

71,432

71,521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

932,059,277

901,576,262

882,982,982

619,118,766

3,335,737,287

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

111,599,043

109,002,756

105,697,739

73,697,866

399,997,404

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

1,043,658,320

1,010,579,018

988,680,721

692,816,632

3,735,734,691

 

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

(1) Average 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.

 

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 November 18, 2016 a Registration Statement on Form S-4 that included a preliminary joint proxy statement/prospectus, and each of the companies may be filing with the SEC other documents regarding the proposed transaction. CBOE and Bats will mail the definitive joint proxy statement/prospectus, to CBOE stockholders and Bats stockholders, when it is available. 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, 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, will be contained in the definitive joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.