CBOE's market cap (~$9.8 billion) plus a 12% premium equals what ICE paid for Ellie Mae (~$11 billion)
The VIX complex is pretty saturated, avenues for growth would center around either international growth (more non-US traders getting in) or more vol ETFs (meaning more need to hedge w/futures).
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The other avenue is miniturizing the product (what we're seeing with mini-VIX launch recently). You increase price discrimination w/ institutions paying the same but more retail traders using mini VIX futures at a higher RPC.
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