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In an environment with all time high options volumes & stock market volatility, I’m not sure what else helps the narrative behind this one. It trades at a sizeable discount to NA exchange comps. I would say the equity has less liquidity than the others & is also less recognized

It’s the $VIRT problem. You’d think it’d be a no brainer investment in these markets. Sad truth is that the retail volumes powering these widespread games originate from accounts controlled by folks who don’t know who these companies are & why they should be excelling

I am incredibly frustrated by everything and anything CBOE. My only pushback would be that I found the expense guide for the year pretty unsurprising -- I 'get it' that they're spending to build something that's not a sure thing.

Am I misremembering from call that the other $25m opex growth sounds like new marketing directed towards retail? I'd like that if it's done well.

I agree those are the key questions, and I'm having trouble with #1 the most. There are already big exchanges native to Europe (LSE, Euronext, Deutsche Borse, ICE) - why haven't they done what CBOE's doing already? Why will CBOE beat them to the punch?

Move on! When I start looking for reasons to hold on, 9/10 times I should have sold at that exact moment.

Eh. That's kind of not so scientific. How can you quantify "looking for reasons to hold on"