CBOE Holdings Inc. reported financial results for the first quarter of 2017 on May 9, and provided updated 2017 guidance to reflect its acquisition of Bats Global Markets Inc. (Bats).

CBOE Holdings completed its acquisition of Bats on Feb. 28, 2017. Consolidated results for the first quarter of 2017 include Bats for the period March 1 through March 31, 2017. As a result of the acquisition and related organizational changes, the company now reports five business segments: Options, Futures, U.S. Equities, European Equities and Global FX. Prior to the acquisition of Bats, the company reported its results in one reporting segment. Results for fiscal periods prior to first quarter 2017 are presented to conform to the new segments.

"We were pleased to complete our acquisition of Bats this quarter and hit the ground running with a comprehensive integration plan to realize the opportunities we see to enhance our financial strength, accelerate our strategic growth initiatives and provide new areas of growth to deliver greater value to CBOE shareholders,” said Edward T. Tilly, CBOE Holdings' Chairman and Chief Executive Officer.

Despite record low realized volatility in the first quarter, trading on VIX futures rose 18% while trading in the company's index options increased 7% compared with first-quarter 2016, led by record trading in SPX options and significantly outpacing the options industry, which posted a 4% decline in average daily volume.

"Our strong cash flow generation allowed us to reduce our debt position of $1.65 billion to $1.50 billion at quarter end," said Alan Dean, CBOE Holdings' Chief Financial Officer. "In addition, we are very pleased with our progress on synergy realization, reinforcing our confidence in meeting or exceeding our stated goals of $50 million in annualized synergies in year three and $65 million in year five post the close."