After Bloomberg reported that CBOE (CBOE) is in talks about buying Bats (BATS), RBC Capital analyst Andrew Bond says that the deal would significantly increase CBOE's exposure to asset classes, such as European and U.S. equities, "that are in secular decline." The analyst says that a deal could come in the form of a merger or CBOE could keep Bats' multi-listed options business and divest some of its other businesses. He thinks that a deal could boost multilist options pricing, since Bats has caused prices in the segment to drop since 2011. The analyst keeps an Outperform rating on CBOE and an Underperform rating on Bats.