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Tbf, I always assumed it couldn't work for them from a reg perspective (too much concentr in US equities), but they could always get creative

$CME could do it (and need it)

As NoonSixCap says, CME doesn't want to get into the cash equities space. The NEX deal locked them into rates & futures. There would also be antitrust issues with CME owning SPX futures & options under 1 roof

It's kind of in no-man's land without a big brother. $DB1 or $ICE could make it work

$NDAQ

I honestly think CBOE won't be bought by anyone. At $10B mkt cap w/a premium its quite a bit to fork up. They have BATS which is super regulated and cuts ICE out on antitrust, DB1 as well w/Xetra CBOE has said theyre on the hunt for more deals, making them that much larger

No question it'd be a big/transformative deal that requires a real will to do it. But, it's not abnormally large (plenty of precedents in ballpark if you mkt-adjust deal sizes) and valuation today is right smack where you'd want it before a deal. >>

>> And yes, agree ICE prob wouldn't do it (barring something creative); but, not sure why DB1 couldn't do it. Again, to be clear, I don't think anything is imminent - just view as a backstop of sorts.