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.

  • Technical Analysis & Charts | Education | Mar 20, 2015, 10:41 AM

    CBOE Bracketology Round 1 – VXST Index Rose 122.6% in One Week

    CBOE Bracketology Round 1 – VXST Index Rose 122.6% in One Week

    One of the most intriguing features of volatility indexes is that they can have sharp upside moves in times when “traditional” indexes fall in value. For example, during the week of Dec. 12, 2014, the S&P 500® (SPX) and MSCI EAFE® indexes both dropped 3.5%, while the CBOE Short-Term Volatility Index (VXST) rose 122.6% and the CBOE Volatility Index® (VIX®) rose 78.3%. Both of the brackets below show the biggest one-calendar-week upside moves (in % terms) for 8 tradable[...]

  • Technical Analysis & Charts | Mar 17, 2015, 11:58 AM

    OVX Index Rises to 56.93, as Crude Oil Falls to 6-Year Lows

    OVX Index Rises to 56.93, as Crude Oil Falls to 6-Year Lows

    On Monday the CBOE Crude oil ETF Volatility Index (OVX) rose 2.37 to close at 56.93, and  a New York Times article noted that – “Oil prices fell to six-year lows on Monday in the face of concerns that a glut in the United States was outpacing already-brimming storage facilities. … On Monday, the price of West Texas Intermediate crude, the main United States benchmark, fell about 2 percent to about $44 a barrel, a six-year low, while Brent crude, the international benchmark,[...]

  • Market News | Mar 11, 2015, 11:00 AM

    Fund Managers Request CBOE Options on MSCI Indexes, Which Will Launch April 21

    Fund Managers Request CBOE Options on MSCI Indexes, Which Will Launch April 21

    Regarding the possibility of launching new options on MSCI global indexes, in the past month I have received positive feedback from more than a dozen managers of options-based funds that are listed in a new 2015 white paper. In the past decade a number of managers have requested new CBOE options on MSCI’s global indexes. CBOE announced an April 21 launch date for cash-settled products on two of the world’s best known global indexes – Options on the MSCI EAFE® Index (MXEA),[...]

  • Technical Analysis & Charts | Education | Mar 9, 2015, 3:00 PM

    RMC Speakers - Volatility of Volatility Rose in Recent Months

    RMC Speakers - Volatility of Volatility Rose in Recent Months

    In the first two months of 2015, the CBOE VIX of VIX Index (VVIX) had an average daily close of 100.2, a higher level than in any of its previous eight full calendar years from 2007 through 2014. On Thursday at the 31st CBOE Annual Risk Management Conference in Carlsbad, expert presentations on Volatility of Volatility (VOV) were delivered by Benn Eifert, Ph.D., Portfolio Manager, Mariner Investment Group and Kambiz Kazemi, Portfolio Manager, Picton Mahoney Asset Management. INTRODUCTION TO INDEXES Before[...]

  • Technical Analysis & Charts | Education | Mar 9, 2015, 11:58 AM

    Selling Volatility Safely:  VIX, VXX, and Other Short Volatility Option Strategies

    Selling Volatility Safely:  VIX, VXX, and Other Short Volatility Option Strategies

    Investors who sell VIX-based products often keep a close eye on contango, and the VIX was in contango on 248 days in 2012 and 219 days in 2014. On Friday at the 31st Annual Risk Management Conference presentations on - Selling Volatility Safely:  VIX, VXX, and Other Short Volatility Option Strategies – were delivered by David Burchmore, Portfolio Manager, Ontario Teachers' Pension Plan, and Rocky Fishman, CFA, Equity Derivatives Strategy, Deutsche Bank Securities. INTRO – VIX IN[...]

  • Market News | Education | Mar 6, 2015, 3:21 PM

    Buzz Gregory Discusses Skew, Term Structure, and Volatility Around the World

    Buzz Gregory Discusses Skew, Term Structure, and Volatility Around the World

    On Friday Krag “Buzz” Gregory, Equity Derivatives Strategist, Goldman Sachs delivered an illuminating presentation on Volatility Around the World. Key topics covered included skew and term structure. CBOE SKEW INDEX – HIGHEST YEAR IN 2014 As an introduction to an overview of Buzz’s remarks, I note that in 2014 the average daily close for the CBOE Volatility Index (VIX) was 14.2 for the second year in a row, and the CBOE SKEW Index had its highest-ever average daily closing[...]

  • Technical Analysis & Charts | Education | Mar 6, 2015, 2:30 PM

    Discussion of Risk Premia and Volatility Selling Strategies

    Discussion of Risk Premia and Volatility Selling Strategies

    Can volatility-selling strategies deliver superior risk-adjusted returns over the long term, particularly in light of the fact that index options generally have been richly priced? On Friday at the CBOE Risk Management Conference (RMC), presentations on Risk Premia and Volatility Selling Strategies were delivered by Donald Pierce, CFA, Chief Investment Officer, San Bernardino County Employees' Retirement Association, and Defina Maluki, Portfolio Manager, Barclays Wealth and Investment Management. BENCHMARK[...]

  • Market News | Mar 5, 2015, 9:00 PM

    Presentations on Interest Rate Volatility and the VXTYN Index

    Presentations on Interest Rate Volatility and the VXTYN Index

    The topic of volatility of interest rates and bonds has the potential to be of huge concern and importance to many individual and institutional investors in the next few years. On Thursday at the 31st CBOE Annual Risk Management Conference in Carlsbad, presentations on Interest Rate Volatility were delivered by - Yoshiki Obayashi, Managing Director, Applied Academics, LLC and Basil Williams, Co-Chief Investment Officer, Mariner Investment Group. CHARTS ON INTEREST RATE VOLATILITY The speakers presented[...]

  • Trader Talk | Education | Futures | Mar 5, 2015, 7:57 PM

    Plan Fiduciaries Discuss Trends in Institutional Options and Volatility Product Usage

    Plan Fiduciaries Discuss Trends in Institutional Options and Volatility Product Usage

    On Thursday at the 31st CBOE Annual Risk Management Conference in Carlsbad, Colin Bebee of Pension Consulting Alliance (PCA) moderated a Panel on Trends in Institutional Options and Volatility Product Usage. A pension fund sponsor on the panel noted that his fund made an allocation to the CBOE S&P 500 BuyWrite Index (BXM), and in the future his fund could consider cash-secured put writing. The Risk/Return Trade-off chart (from the January 2015 paper at www.cboe.com/funds) shows strong risk-adjusted[...]

  • Technical Analysis & Charts | Education | Mar 5, 2015, 9:35 AM

    Options-Based Funds Had Lower Standard Deviation Over the Past 15 Years

    Options-Based Funds Had Lower Standard Deviation Over the Past 15 Years

    On Wednesday at the 31st Annual CBOE Risk Management Conference, a joint presentation on a new study was delivered by Keith Black, Ph.D., CAIA, CFA, Managing Director, Curriculum and Exams, Chartered Alternative Investment Analyst (CAIA) Association.  (Edward Szado, Assistant Professor of Finance, Providence College was scheduled to be on the panel with Dr. Black, but was delayed by weather on the East Coast and unable to attend). Early this year Dr. Black and Dr. Szado published their new groundbreaking[...]

  • Market News | Mar 4, 2015, 9:00 PM

    Panel on The Evolution of Options Strategies on the Buy-Side Trading Desk

    Panel on The Evolution of Options Strategies on the Buy-Side Trading Desk

    On Wednesday at the CBOE Risk Management Conference, a panel discussed The Evolution of Options Strategies on the Buy-Side Trading Desk. Participants in the discussion were -- Moderator: Andy Nybo, Principal, Head of Derivatives, TABB Group Andrew Claeys, CFA, Director of Trading, Analytic Investors Ken Kwalik, Portfolio Manager, Investment Management Division, Goldman Sachs Mahsa Zeinali, Chief Operating Officer, Rosen Capital Advisors Topics discussed included -- Selecting order channels for[...]

  • Technical Analysis & Charts | VIX | Education | Mar 4, 2015, 8:15 PM

    BXY and PUT Indexes - Lower Standard Deviation and Higher Return Over the 26.5 Years

    BXY and PUT Indexes - Lower Standard Deviation and Higher Return Over the 26.5 Years

    On Wednesday at the 31st Annual CBOE Risk Management Conference, a presentation on a new study was delivered by Keith Black, Ph.D., CAIA, CFA, Managing Director, Curriculum and Exams, Chartered Alternative Investment Analyst (CAIA) Association.  (Edward Szado, Assistant Professor of Finance, Providence College was scheduled to appear with Dr. Black but was delayed by bad weather). Early this year Dr. Black and Dr. Szado published their new groundbreaking study - Performance Analysis of Options-Based[...]

  • Market News | Mar 4, 2015, 7:30 PM

    Bill Speth Discusses New CBOE Options-Based Benchmark Indexes

    Bill Speth Discusses New CBOE Options-Based Benchmark Indexes

    On Wednesday at the Risk Management Conference (RMC), a presentation on New CBOE Options-Based Benchmark Indexes was William Speth, Vice President, Research and Product Development, CBOE. Mr. Speth made a number of points, including -- CBOE now offers benchmark indexes with systematic use of options / futures to achieve an investment objective such as (1) Enhance Yield, with e.g., CBOE® S&P 500® BuyWrite Index (BXMSM), and CBOE® Russell 2000® BuyWrite Index (BXR), and (2)[...]

  • Technical Analysis & Charts | Education | Mar 4, 2015, 6:00 PM

    Berlinda Liu on Deciphering VIX Futures Term Structure

    Berlinda Liu on Deciphering VIX Futures Term Structure

    On Wednesday at the 31st Annual CBOE Risk Management Conference in California, Ms. Berlinda Liu, Director of Index Research and Design, S&P Dow Jones Indices, delivered a presentation entitled Deciphering VIX Futures Term Structure. In her presentation Ms. Liu noted that -- When VIX is in Contango, the term structure is upward sloping; Shorter-term futures are cheaper than longer-term futures; Long positions suffer from roll cost; and Short positions collect positive carry. When VIX is in Backwardation,[...]

  • Technical Analysis & Charts | Education | Mar 4, 2015, 3:52 PM

    Samuel Kadziela Delivers Primer on Volatility Analysis and Trading Strategies

    Samuel Kadziela Delivers Primer on Volatility Analysis and Trading Strategies

    On Wednesday at the 31st Annual Risk Management Conference (RMC) in California, Samuel Kadziela, Director of Education at Chicago Trading Company, delivered a presentation entitled Primer on Volatility Analysis and Trading Strategies. Mr. Kadziela noted that -- Realized volatility is the volatility of the underlying contract over some period of time; Implied volatility is derived from the prices of options in the marketplace, and reflects the marketplace’s consensus expectation of future volatility. Traditional[...]