CBOE Holdings (NASDAQ: CBOE) reported Q1 EPS of $0.78, $0.09 better than the analyst estimate of $0.69. Revenue for the quarter came in at $193.4 million versus the consensus estimate of $200.89 million.

"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.

Mr. Tilly continued, "While the Bats integration is a top priority, we also remain laser focused on growing our proprietary products. Despite record low realized volatility in the first quarter, trading on VIX futures rose 18 percent while trading in our index options increased 7 percent compared with first-quarter 2016, led by record trading in SPX options and significantly outpacing the options industry, which posted a 4 percent 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."

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