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Cboe Blog

Cboe Global Markets, the largest U.S. options exchange and creator of listed options, continues to set the bar for options trading through product innovation, trading technology and investor education.

  • Mar 15, 2019, 2:40 PM

    Women’s History Month at Cboe

    Women’s History Month at Cboe

    We’re celebrating Women’s History Month throughout March. Check back regularly as we add new profiles, quotes and more, or follow along on your favorite social media channel with #CboeWomen. Her Story: In Focus Click the box to read about some of the women (and men!) that make Cboe great.  Bea Ringold                                      Roma Colwell-Steinke What[...]

  • Mar 12, 2019, 7:45 AM

    Her Story: Roma Colwell-Steinke

    Her Story: Roma Colwell-Steinke

    As an educator in Cboe’s Options Institute, Roma is passionate about helping young professionals find their place in the finance industry Roma Colwell-Steinke spent the earlier part of her career as a market maker for Group One on the Pacific Stock Exchange in San Francisco before an earthquake rendered it temporarily unusable in 1989. She and other PSE market makers then came to Chicago to trade on the Cboe floor until the PSE floor reopened.  “I looked down at the floor and there[...]

  • Mar 5, 2019, 1:50 PM

    Inside Volatility Trading: March 5, 2019

    Inside Volatility Trading: March 5, 2019

    Flattening of VIX Futures Term Structure The Cboe Volatility Index® (“VIX”) futures term structure flattened at the end of February due to some sizeable spread trades. These trades appear to be positioned to benefit from a shift in the term structure curve from contango (upward sloping) to backwardation (downward sloping), which tends to happen when there is a volatility spike. VOLATILITY NEWS Schaeffer's Investment Research: Rare VIX Signal Points to Spring Volatility Spike [...]

  • Mar 5, 2019, 9:00 AM

    Her Story: Bea Ringold

    Her Story: Bea Ringold

    From the trading floor to corporate, Bea’s seen it all in her 38 years at Cboe Bea Ringold got her start at Cboe as a price reporter in 1981, much to the surprise of friends and family. “People would see traders and trading floors on the news and say, ‘You work there?! You actually do that?!’ It was a big thing back in the day. The floor was so crowded we hardly had elbow room,” Bea says. Packed in with the floor’s many characters, Bea soon rose through the ranks,[...]

  • Feb 8, 2019, 12:03 PM

    Key Highlights for 11 Select Sectors

    Key Highlights for 11 Select Sectors

    Over the next week, Cboe will roll out options on 11 Select Sector indices. Cboe’s Select Sector Index options are designed to provide investors with an easy way to add specific U.S. industry sector exposure to their portfolios and are expected to have particular utility for investors seeking an alternative to options on ETFs.  The Select Sectors use the GICS® (Global Industry Classification Standard) to categorize each company within the S&P 500 Index into one of 11 sectors.[...]

  • Sep 18, 2018, 4:42 PM

    Study Examines European Demand for U.S. Exchange-Listed Equity Options

    Study Examines European Demand for U.S. Exchange-Listed Equity Options

    Gary Delany, Director of European Marketing and Education for The Options Industry Council (OIC), Friday presented the findings of a study from late 2017/early 2018 at the Cboe Risk Management Conference (RMC) Europe that looked at European use of U.S. options products, both multi-listed options, as well as proprietary options.  Key findings from the study include: European order flow accounts for an estimated 9% of trading, similar to 2013. Investments in U.S. equities are at record[...]

  • Sep 13, 2018, 4:16 PM

    Cboe Global Markets President and COO Chris Concannon Welcomes Cboe RMC Europe 2018 Attendees

    Cboe Global Markets President and COO Chris Concannon Welcomes Cboe RMC Europe 2018 Attendees

    Cboe Global Markets President and COO Chris Concannon opened the second day of the Cboe Risk Management Conference Europe reflecting on the market events of the last year, including volatility’s return to the market earlier in 2018, and looked at the opportunities and challenges that lie ahead. Following the conference theme “Reading the Signals in the New Volatility Regime,” Concannon talked about market signals as we look at the current state of the U.S. market and economy. Concannon[...]

  • Sep 7, 2018, 2:46 PM

    The Collar Strategy – Stay Long & Hedge

    The Collar Strategy – Stay Long & Hedge

    Investors increasingly question how to manage their equity risk exposure as the equity market continues to extend the 9.5 year rally.  Following the “Random Walk” theory, we know markets are subject to making unpredictable price movements and unlikely to go straight up.  Retreating from the recent all-time highs, investors are faced with potentially increasing exposure to equity risk.  There are several alternatives to be considered, such as accept current risk levels,[...]

  • Trader Talk | CBOE Memories | Jul 2, 2018, 10:50 AM

    35 Years of S&P 500 Index Options Trading at Cboe

    35 Years of S&P 500 Index Options Trading at Cboe

    Ten years after creating the listed options market in 1973, Cboe revolutionized the financial world once again with the introduction of options on broad-based stock indexes.  On July 1, 1983, Cboe launched trading on S&P 500 Index options (SPX).  In 35 years, Cboe’s SPX options have grown from a modest beginning to the most-actively traded index option in the U.S.         Despite less-than-impressive early volumes – a mere 350 contracts traded[...]

  • VIX | Apr 26, 2018, 12:13 PM

    25 Years of the VIX Index: By the Numbers

    25 Years of the VIX Index: By the Numbers

    The growth of VIX and volatility trading has been an amazing story. As our month-long celebration of the VIX Index wraps up, we hope you have enjoyed learning about the past, present and future of VIX by following along on Twitter at #VIX25. Check out this recap of milestones in VIX history.    

  • VIX | Apr 25, 2018, 3:01 PM

    25 Years of the VIX Index: A Panel Wrap-up

    25 Years of the VIX Index: A Panel Wrap-up

    Cboe began publishing the Cboe Volatility Index (VIX Index) in April 1993. To celebrate the past, present and future of VIX, we’ve spent the month of April sharing its rich history with special content about the people who played a role in connection with the VIX Index and helped grow the VIX options and futures marketplace. On Tuesday, April 24, we gathered a number of those “VIX Index experts” in Cboe’s New York office for a panel discussion, “25 Years of the VIX[...]

  • VIX | Apr 6, 2018, 2:08 PM

    Cboe Declares April VIX Month

    Cboe Declares April VIX Month

    Cboe began publishing the Cboe Volatility Index (VIX Index) in April 1993. As part of our month-long celebration, we’re putting together special content highlighting the index. On Monday, we shared the 1993 press release announcing the real-time dissemination of the VIX Index. The April 1993 release ends by noting the 20th anniversary of Cboe, meaning this month, we’ll celebrate the company’s 45th anniversary! On Tuesday, we shared “Cboe VIX: By the Numbers,” which[...]

  • VIX | Cboe RMC | Mar 8, 2018, 8:23 AM

    Cboe Chairman and CEO Ed Tilly Kicks Off Day Two of Cboe RMC, Provides Thoughts on VIX, Volatility and Risk Management

    Cboe Chairman and CEO Ed Tilly Kicks Off Day Two of Cboe RMC, Provides Thoughts on VIX, Volatility and Risk Management

    Day two of Cboe RMC U.S. 2018 kicked off with Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, welcoming approximately 300 attendees to this year’s event, the 34th annual Cboe Risk Management Conference. Given the recent return of volatility to the marketplace, Tilly focused his remarks on volatility, Cboe’s VIX Index and risk management.  February 5 was an extreme day in the market.  The Dow and VIX Index experienced record single-day moves.  Exchange[...]

  • Jul 10, 2017, 4:00 PM

    What's Trading Now? Spirit Airlines (SAVE)

    What's Trading Now? Spirit Airlines (SAVE)

    Other trades of note: With Financial Select Sector SPDR ETF (XLF) at 25.01, a trader bought the Jul 21st 25 Calls for 26 cents and sold the Sep 15th 23 Puts for 19 cents. This traded 11,000 times for a net cost of 7 cents. This may be a bullish play on financials into second quarter earnings as a good portion of the XLF weighting reports over the next couple of weeks.    With iShares MSCI Brazil Capped ETF (EWZ) at 34.52, one trader bought the Jul 21st 35 Calls for 46 cents and sold[...]

  • Jul 6, 2017, 2:03 PM

    What's Trading Now?

    What's Trading Now?

    Other trades of note: VanEck Vectors Semiconductor ETF (SMH) at 82.50, a Calendar Spread traded 7,500 times. The trader sold the Jul 21st 80 strike puts and bought the Aug 18th 80 strike puts paying 1.15. PowerShares QQQ ETF (QQQ) at 136.22, a Short Strangle traded 5,000 times. The trader sold the Jul 21st 140 strike calls and the Jul 21st 132.50 strike puts for 1.21.   SPDR Gold Trust ETF (GLD) at 116.36, a Bull Call Spread traded 10,000 times. The trader bought the Sept 15th 120/125 Call spread[...]