WilmerHale Advises Cboe Global Markets in its acquisition of BIDS Trading

• 1.8.2021

WilmerHale provided securities regulatory advice to Cboe Global Markets in connection with its December 31, 2020 groundbreaking acquisition of BIDS Trading, including the BIDS ATS. Cboe also owns and operates several national securities exchanges, and the company’s acquisition of the BIDS ATS represents the first time that an operator of a national securities exchange will own and operate an alternative trading system trading NMS stocks without the ATS being deemed a “facility” – or part of – affiliated exchanges. The BIDS ATS will be operated separately from the Cboe exchanges and will have an independent governance structure.

The WilmerHale team that helped advise Cboe in developing this unique regulatory approach to facilitate the acquisition of BIDS Trading included Andre Owens, Tiffany Smith, Cherie Weldon and Alexandra Levine.