CBOE Holdings had solid performance in the first half of the year as transaction volumes in its flagships products (S&P500 options, and VIX futures and options) surged despite low market volatility. At the same time, Bats integration into CBOE goes smoothly, in our view, with limited key departures, faster cost synergies than expected, and solid results for Bats' stand-alone businesses. We are revising our outlook on CBOE to positive from stable and affirming our 'BBB+' ratings. The positive outlook reflects our expectation that the robustness of the business franchise and the improvement in credit risk metrics, if sustained, would put CBOE on par with some higher-rated peers. On Sept. 15, 2017, S&P Global Ratings revised its outlook on CBOE Holdings
