On the last point: seems to be missing the obvious that there could be a "better owner" of the assets (which is often the point of M&A to begin with?) (from JPM's CBOE downgrade)pic.twitter.com/AhDME3NmzS
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Who are likely buyers of CBOE? Don’t think CME needs/wants it...
If $CME showed any interest it would be for the VIX/index options businesses only, they'd likely divest the equities piece.
We could see PE/an activist get involved as well if they underperform for long enough.