Cboe Global Markets acquisition of BIDS Trading

Davis Polk is advising Cboe Global Markets on its acquisition of BIDS Trading, a registered broker-dealer and the operator of the BIDS Alternative Trading System. The transaction is expected to close in early 2021, subject to regulatory review and other customary closing conditions. Financial terms of the transaction were not disclosed.

Cboe provides cutting-edge trading and investment solutions to market participants around the world. The company is committed to defining markets through product innovation, leading edge technology and seamless trading solutions. BIDS Trading is a registered broker-dealer and the operator of the BIDS Alternative Trading System (ATS), which was designed to bring counterparties together to anonymously trade large blocks of shares. Developed by a consortium of leading financial services firms, the BIDS ATS resolves the classic paradox of the block trader – the need to find legitimate trading counterparties without prematurely revealing trading intentions.

The Davis Polk corporate team includes partners Leonard Kreynin and Cheryl Chan and associates Doug Howell and Jonathan Saltz. Partners Annette L. Nazareth and Zachary J. Zweihorn and associate Ryan Johansen are providing financial institutions advice. The executive compensation team includes partner Jeffrey P. Crandall and associate Justin Alexander Kasprisin. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.