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 products traded and used globally: VIX and SPX Scalable technology platform Some revenue concentration in two flagship products Capacity to generate strong cash flow from operations Increased leverage following the acquisition of Bats Global Markets The positive outlook on Cboe Global Markets(CBOE) reflects its solid performance since the Bats Global Markets acquisition, illustrating the robustness of the business franchise, as indicated by rising volumes and revenues on flagship products, and the narrowing gap with some higher-rated peers. It also reflects CBOE's deleveraging that, if sustained, will bring its credit metrics (in
