Moran-Matt

Matt Moran

Matt Moran is vice president of business development for Chicago Board Options Exchange (CBOE), where he communicates with pension funds, mutual funds, and financial advisors. He has delivered more than 200 presentations worldwide on the topics of managing volatility and adding income with option-writing strategies. Previously, he served trust counsel at Harris Bank and vice president at Chicago Mercantile Exchange. He is an associate editor of two Institutional Investor publications — The Journal of Trading and The Journal of Index Investing. Mr. Moran holds JD and MBA degrees from the University of Illinois.

  • Jun 5, 2019, 1:38 PM

    New Volume and Open Interest Records for Mini-SPX Index (XSP) Options at Cboe and EDGX

    New Volume and Open Interest Records for Mini-SPX Index (XSP) Options at Cboe and EDGX

    As May came to close, some trends in Cboe’s Mini-SPX Index (XSP) options emerged, including higher volumes and record open interest. For background, Mini-SPX options are just as their name implies, a smaller contract, 1/10th the value of S&P 500 Index (SPX) options. This smaller size provides added flexibility, which may help an investor hedge a specific desired exposure or facilitate accurate allocations of index trades among many customer accounts –among other uses. I’ve recently[...]

  • May 29, 2019, 2:58 PM

    White Paper Shows Volatility Risk Premium Facilitated Higher Risk-Adjusted Returns for PUT Index

    White Paper Shows Volatility Risk Premium Facilitated Higher Risk-Adjusted Returns for PUT Index

    Using more than 32 years of analysis, University of Illinois at Chicago Professor Oleg Bondarenko explored if certain strategies could exploit the richness in pricing of index options. He shared his findings in the recent white paper, “Historical Performance of Put-Writing Strategies” and discussed his research at the 35th annual Cboe Risk Management Conference.  See what he has to say below. Volatility Risk Premium (VRP) for S&P 500 Options In his research, Bondarenko found[...]

  • May 13, 2019, 2:29 PM

    New Research Shows Options-Based Strategies Can Generate Higher Gross Premiums with Less Volatility Over Traditional Asset Classes

    New Research Shows Options-Based Strategies Can Generate Higher Gross Premiums with Less Volatility Over Traditional Asset Classes

    A new white paper finds SPXW Index that sells SPXW puts generated average annual gross premiums of 37%, with less volatility compared to stocks and bonds. Do you still wonder if all put-selling strategies have tremendous left-tail drawdown risk? University of Illinois at Chicago Professor Oleg Bondarenko has an answer for you in his new white paper, “Historical Performance of Put-Writing Strategies,” which he presented at the 35th annual Cboe Risk Management Conference. See what he has[...]

  • Feb 7, 2019, 11:19 AM

    What You Need to Know About Cboe’s New Options on Select Sectors

    What You Need to Know About Cboe’s New Options on Select Sectors

    Today, Cboe Global Markets announced the rollout schedule of new large-sized, cash-settled options on 11 Select Sector Indexes from February 7 through 14. The first options on the Materials Select Sector Index launched today. There are several key features of the options that users may find appealing, including: Efficient Exposure to U.S. Industry Sectors: With special appeal for investors seeking an alternative to ETF options, including European customers constrained by certain European regulations [...]

  • Jan 17, 2019, 4:32 PM

    Key Cboe Benchmark Indexes Using SPX Options Offer Strong Risk-Adjusted Returns

    Key Cboe Benchmark Indexes Using SPX Options Offer Strong Risk-Adjusted Returns

    Following a decline in the S&P 500® Index of 6.9% in October and a drop of 9.2% in December, more investors appear to be exploring income-producing strategies that have the potential for relatively strong risk-adjusted returns amid increased market volatility. To help investors with that process, Cboe offers 10 benchmark indexes designed to measure the hypothetical returns of strategies that use S&P 500 (SPX(SM)) options, with daily data histories beginning in mid-1986. HIGHER OPTIONS[...]

  • Jan 9, 2019, 5:04 PM

    Record-breaking Month and Year for Cboe’s Stock Index Options

    Record-breaking Month and Year for Cboe’s Stock Index Options

    Since 1983, Cboe has offered stock index options. In 2018, several new all-time records for volume and open interest were reported as investors faced heightened volatility. Index options have the potential to generate more income for options sellers who receive options premiums, help manage exposure and protect a portfolio from damaging huge drawdowns. RECORD VOLUME AND OPEN INTEREST FOR CBOE’S S&P 500 OPTIONS In 2018, the average daily volume (ADV) for S&P 500® options (SPXTM and[...]

  • Dec 26, 2018, 2:25 PM

    Cboe’s All-Options Put/Call Ratio Hits 1.82, Its Highest Level in More Than 23 Years

    Cboe’s All-Options Put/Call Ratio Hits 1.82, Its Highest Level in More Than 23 Years

    On December 20, Cboe’s daily Put-Call Ratio for its entire options volume rose to 1.82, reaching its highest level in more than 23 years. Analysts and investors often follow and cite put/call ratios in conjunction with attempts to gain insights on possible changes in investors’ bullish or bearish sentiments. Recent news stories in Barron’s and in Bloomberg have highlighted comments on the possible impact of high put/call ratios. DATES WITH HIGH AND LOW PUT/CALL RATIOS The table[...]

  • Dec 19, 2018, 7:15 PM

    New Record Open Interest for Cboe S&P 500 Options Surpasses 20 Million Contracts

    New Record Open Interest for Cboe S&P 500 Options Surpasses 20 Million Contracts

    While many investors are concerned that benchmark indexes for major investment classes are down year-to date, it appears more investors are using S&P 500 options to manage risk and enhance income On December 18, open interest for Cboe’s S&P 500 (SPX and SPXW) options surpassed 20 million for the first time in its history of more than 35 years and hit a new all-time record high of 20,101,598 contracts. The Cboe S&P 500 95-10 Collar Index (CLLSM), an index that tracks the[...]

  • Dec 7, 2018, 1:31 PM

    Fourth Annual Cboe Risk Management Conference - RMC Asia - Features Expert Presentations and Great Networking

    Fourth Annual Cboe Risk Management Conference - RMC Asia -  Features Expert Presentations and Great Networking

    More than 140 financial professionals, including top traders, strategists and researchers attended the fourth Annual Cboe Risk Management Conference (RMC) Asia on December 3 and 4 in Hong Kong.  Topics related to the management of risk and return in investment portfolios were discussed by 12 speakers at RMC Asia, including Tim Edwards, Tim Weithers and Cboe Chairman and CEO Ed Tilly. Day One: Options/Volatility Fundamentals: Synthetic Option Strategies, Volatility Trading, and Futures and[...]

  • Nov 9, 2018, 2:41 PM

    Inaugural Cboe Risk Management Conference (RMC) Tel Aviv Features Packed Program, Strong Attendance

    Inaugural Cboe Risk Management Conference (RMC) Tel Aviv Features Packed Program, Strong Attendance

    More than 150 financial professionals, including top traders, strategists and researchers attended the inaugural Cboe Risk Management Conference (RMC) in Tel Aviv, Israel on November 6. A variety of topics related to the management of risk and return in investment portfolios were discussed by 17 speakers at RMC Israel, including the three speakers pictured below: Sheldon Natenberg (left), Andy Lowenthal (center), and David Blitzer (right). A sampling of comments and topics covered by the 17 speakers[...]

  • Nov 2, 2018, 2:08 PM

    Record Volume Month for S&P 500 Options - BXMD Index Continues to Set Pace

    Record Volume Month for S&P 500 Options - BXMD Index Continues to Set Pace

    Both volatility and trading activity increased in the S&P 500® index options market over the past month as investors evaluated proposed tariffs, trade negotiations, deficits, valuations, rising interest rates and the November 6 U.S. elections.   NEW MONTHLY VOLUME RECORD FOR S&P 500 OPTIONS In October 2018, S&P 500 options set a new all-time record with 41.4 million contracts traded, the highest trading volume in a single month for S&P 500 options.   VOLATILITY[...]

  • Oct 5, 2018, 3:55 PM

    New Records for Volume and Open Interest for Cboe’s Large-Sized Options on MSCI Emerging Markets Index (MXEF)

    New Records for Volume and Open Interest for Cboe’s Large-Sized Options on MSCI Emerging Markets Index (MXEF)

    New records recently were set for volume and open interest for Cboe’s large-sized options on MSCI Emerging Markets Index (MXEF) - One-day volume on September 28 - 9,007 (including 3,203 puts and 5,804 calls) Average daily volume per month in September – 848 Open interest on September 28 – 18,774 MXEF OPTIONS AND MANAGING GLOBAL EQUITY EXPOSURE Cboe’s options on the MSCI Emerging Markets Index (MXEF) are for investors who wish to manage global equity exposure.[...]

  • Sep 19, 2018, 11:42 AM

    Cboe SKEW Index Tops 150 for Record Four Straight Trading Days; Some Cite Surge in Black-Swan Hedging

    Cboe SKEW Index Tops 150 for Record Four Straight Trading Days; Some Cite Surge in Black-Swan Hedging

    For the first time ever, on Tuesday, September 18, the Cboe SKEW Index (SKEW) closed above 150 for four straight trading days. A recent headline in Bloomberg stated a “Surge in Black-Swan Hedging Casts Shadow Over U.S. Stock Rally,” and noted the Cboe SKEW Index near all-time high underscores hedging demand. The story suggested, ”Elevated levels could also reflect lack of demand for calls” ….‘This has everything to do with trade risk in my view,’ said Dennis[...]

  • Sep 14, 2018, 3:06 PM

    Presentation on Volatility Regime Change and the VIX Singularity Hedge Strategy at Cboe RMC

    Presentation on Volatility Regime Change and the VIX Singularity Hedge Strategy at Cboe RMC

    Abhinandan Deb, Managing Director and Head of Global Cross Asset Quant Investment Strategy at BofA Merrill Lynch, delivered a presentation on “Volatility Regime Change – Signs, Symptoms and Solutions” on September 13 at the 7th Annual Cboe European Risk Management Conference (RMC). Topics covered by Mr. Deb included:  What to watch as we leave ultra-low volatility behind Diversification, relative value and defensive strategies Key points covered included: The[...]

  • Sep 14, 2018, 1:57 PM

    Unprecedented Overhaul of Sector Indexes Discussed at Cboe RMC

    Unprecedented Overhaul of Sector Indexes Discussed at Cboe RMC

    Coordinated presentations were delivered by Tim Edwards, Ph.D., Managing Director of Index Strategy, S&P Dow Jones Indices, and Saurabh Katiyar, Vice President, MSCI, on the following topics at the 7th Annual Cboe European Risk Management Conference (RMC) on September 13: An outline of changes in the Global Industry Classification Standard (GICS) classifications of sector and industry groups How sectoral groupings help connect broader trends to their market effects Comparing the[...]