US options exchange operator CBOE Holdings is buying cash equities specialist Bats Global Markets. Senior executives from the exchanges gave a short media call following the announcement. Here's what you need to know....

Chicago-based CBOE said in a September 26 joint statement with Bats that it had agreed a stock and cash transaction to acquire the firm, valuing it at $3.2 billion. The deal is expected to close in the first half of 2017, subject to regulatory approval, and will result in a new company that will be 72%-owned by CBOE's existing shareholders and 28%-owned by investors in Bats.