Cboe has demonstrated robust performance--thanks to the successful integration of Bats and record trading volumes in the first two quarters of the year--and its leverage remains low, around 1.2x. Following its acquisition by Cboe on July 1, EuroCCP has strengthened its liquidity framework by implementing a €1.5 billion committed line of credit and two new liquidity tools. We are revising our outlook on the company to stable from negative and affirming our 'A-' long-term issuer credit rating. The stable outlook reflects our expectation that leverage will remain below 1.75x on a sustained basis and that the new liquidity tools at EuroCCP will provide the clearinghouse with enough liquidity resources in a stress scenario whereby the largest two clearing members default
