Leading position among options exchanges in the U.S., second-largest equities market operator in the U.S., and largest European equities market operator Home of two of the most widely recognized options products traded and used globally: VIX and SPX Scalable technology platform Some revenue concentration in two flagship products Sensitivity to operational risk Capacity to generate strong cash flow from operations Increased leverage following the acquisition of Bats Global Markets The stable outlook reflects our expectation that CBOE Holdings Inc. will reduce leverage, with a funds from operations (FFO)-to-debt ratio approaching 35% over the next two years while successfully integrating the Bats acquisition. We could downgrade CBOE if its leverage metrics were to significantly weaken beyond our expectations-—for example, if the
