Bats Global Markets (Bats) has announced plans to acquire Javelin, a Swap Execution Facility (SEF) that is registered with the US Commodity Futures Trading Commission (CFTC).According to Bats, the deal is intended to accelerate it plans to offer trading ...
CBOE Holdings has confirmed its plan to buy Bats Global Markets for a total of approximately $3.2 billion, with trading across all asset classes expected to migrate onto a single platform utilising Bats’ proprietary trading technology. The transaction is expected to close in the first half of 2017, subject to regulatory approvals.
While the Bats-owned Hotspot FX business is not expected to be materially impacted, the combination of CBOE’s futures platform and Hotspot’s spot FX products creates a unique opportunity, Chris Concannon, Bats' CEO, told Profit & Loss on a media call.
Bats Global Markets completed its acquisition of Javelin SEF, a swap execution facility (SEF).
The deal was announced on August 11, 2016 and received approval from the Commodity Futures Trading Commission (CFTC) on October 23, 2016.
Javelin has been integrated with Bats Hotspot, the institutional FX trading platform, in order to enable trading in non-deliverable forwards (NDFs). Hotspot already offers trading in outright deliverable forward contracts. Dodd Frank Act provisions mandate that certain market participants have to trade NDFs on SEFs.