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.

  • Market News | Feb 26, 2015, 2:01 AM

    CBOE to Develop New Index Options Products Based on FTSE and Russell Indices

    CBOE to Develop New Index Options Products Based on FTSE and Russell Indices

    Over the past dozen years, the aggregate total trading volume for options on the Russell 2000® (RUT) Index is more than 190 million contracts. In 2014 the average daily notional value of trading in Russell 2000 options was more than $10 billion. Building on the success of the Russell 2000 options, CBOE Holdings, Inc. announced today that it has entered into a licensing agreement with London Stock Exchange Group (LSEG), to develop and list options based on more than two dozen FTSE and Russell[...]

  • Market News | Education | Feb 25, 2015, 7:35 PM

    Tools to Help Manage Russell 2000 Portfolios: (1) RUT Index Options; (2) BXR BuyWrite Index, and (3) RVX Vol Futures and Options

    Tools to Help Manage Russell 2000 Portfolios: (1) RUT Index Options; (2) BXR BuyWrite Index, and (3) RVX Vol Futures and Options

    The Russell 2000® Index (RUT) hit an all-time record daily closing high of 1223.98 on February 24. Some investors still are bullish on the prospects for small-cap stocks and the U.S. economy, particularly in light of low energy prices. Other investors have expressed concern about these points - (1) For the past year the price-to-earnings ratio for the Russell 2000 Index has been slightly higher than its 10-year average of 16.3 (source: Small Cap Perspectives by Russell Indexes (Dec. 2014)); [...]

  • VIX | Trader Talk | Education | Futures | Feb 6, 2015, 10:45 AM

    Extended Trading Hours Planned for March in SPX and VIX Options

    Extended Trading Hours Planned for March in SPX and VIX Options

    Investors from around the world have expressed interest in Extended Trading Hours (ETH) for key risk management tools, and, since June 2014, the trading hours for futures on the CBOE Volatility Index® (VIX®) have been expanded to nearly 24 hours a day, five days a week. PLANS FOR ETH FOR SPX AND VIX OPTIONS NEXT MONTH CBOE announced a plan this morning to launch Extended Trading Hours for options on both the S&P 500 and the VIX indexes next month, contingent upon SEC approval. CBOE[...]

  • Market News | Technical Analysis & Charts | VIX | Education | Jan 14, 2015, 2:00 PM

    New Study – Funds That Use Options (Part 3 on Related Benchmarks & SPX Options)

    New Study – Funds That Use Options (Part 3 on Related Benchmarks & SPX Options)

    A groundbreaking new study -- “Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs” authored by Keith Black and Edward Szado -- analyzed SEC-regulated investment companies that focus on use of exchange-listed options for portfolio management (options-based funds). This is my Part 3 Blog on the study. The first part of the study presented an analysis of Options-Based Funds over the past 15 years, while the second part focused on the performance of options-based[...]

  • Education | Jan 13, 2015, 6:30 PM

    New Study – Funds That Use Options (Part 2 on Lower Volatility)

    New Study – Funds That Use Options (Part 2 on Lower Volatility)

    A new study -- “Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs” -- analyzed SEC-regulated investment companies that focus on use of exchange-listed options for portfolio management (options-based funds). I still speak with novice investors who think that all options strategies are risky, but the study found that the Options-Based Funds overall have had less volatility than some key benchmark indexes over a 15-year time period. OPTIONS-BASED FUNDS[...]

  • Education | Jan 13, 2015, 1:56 PM

    New Study - Funds That Use Options – Growth (Part 1)

    New Study - Funds That Use Options – Growth (Part 1)

    A new study -- “Highlights of Performance Analysis of Options-Based Equity Mutual Funds, CEFs, and ETFs” -- analyzed SEC-regulated investment companies that focus on use of exchange-listed options for portfolio management (options-based funds). Key highlights of the study are summarized below, and for more analysis please visit www.cboe.com/funds. CO-AUTHORS of the CBOE-commissioned study on behalf of INGARM are Keith Black, Ph.D., CAIA, CFA, Managing Director of CAIA (Chartered Alternative[...]

  • Market News | Jan 12, 2015, 2:45 PM

    List of Speakers for CBOE Risk Management Conference (RMC) March 4 – 6 in California

    List of Speakers for CBOE Risk Management Conference (RMC) March 4 – 6 in California

    Now in its 31st year, the annual CBOE Risk Management Conference (RMC) is an educational forum dedicated to exploring the latest products, trading strategies and tactics used to manage risk exposure and enhance yields. Below is the list of distinguished speakers expected to present at the RMC March 4 - 6, 2015, at the Park Hyatt Aviara, Carlsbad, CA. Arie Aboulafia, Senior Portfolio Manager, Capstone Investment Advisors, LLC Brandon Bates, Portfolio Manager, BlackRock Benjamin Bowler,[...]

  • Market News | Dec 30, 2014, 2:10 PM

    CBOE SKEW Index – Highest Levels in 2014 Show Demand for Downside Protection with SPX Puts

    CBOE SKEW Index – Highest Levels in 2014 Show Demand for Downside Protection with SPX Puts

    In 2014 the CBOE SKEW Index (ticker: SKEW) is poised to set an all-time record for its highest average daily closing value in a year, as its average daily closing value is 129.7 in 2014 (through December 29). The previous high average daily closing value for SKEW in a year was 122.5 in 2011.    BACKGROUND ON SKEW INDEX CBOE SKEW Index values, which are calculated from weighted strips of out-of-the-money S&P 500 options, rise to higher levels as investors become more fearful of a “black[...]

  • Market News | Dec 23, 2014, 2:04 PM

    Review of Volatility in 2014 (Part 2) – Brazil VIX Hit 72.83; Oil VIX Hit 57.55

    Review of Volatility in 2014 (Part 2) – Brazil VIX Hit 72.83; Oil VIX Hit 57.55

    Dec. 22, 2014 – Looking back on commodity volatility and global volatility in 2014, I’d like to highlight a couple of volatility indexes that shot up to daily closing highs for the year – The CBOE Crude Oil ETF Volatility Index (OVX) closed at 57.55 on Dec. 15 as oil prices plummeted (the average daily close for the OVX this year is only 22.3), and The CBOE Brazil ETF Volatility Index (VXEWZ) closed at 72.83 on October 20, before the presidential election in Brazil (the average[...]

  • Market News | Dec 23, 2014, 10:04 AM

    Review of Volatility in 2014 (Part 1) - High Volatility and Record Volume in October

    Review of Volatility in 2014 (Part 1) - High Volatility and Record Volume in October

    Dec. 22, 2014 – Looking back on volatility in 2014, certainly October was a key month for U.S. stock-related volatility. Two key volatility indexes that hit their highest daily closes for the year on October 15th – the CBOE Volatility Index® (VIX®) closed at 26.25 and the CBOE Short-Term Volatility Index (VXST) closed at 31.32 that day. RECORD VOLUME IN OCTOBER Here are record average daily volume (A.D.V.) numbers for October - (1) the S&P 500® (SPX) options A.D.V.[...]

  • Market News | Dec 10, 2014, 11:51 AM

    Agreement for New Global Risk Management Products -- CBOE Options on MSCI Indexes

    Agreement for New Global Risk Management Products -- CBOE Options on MSCI Indexes

    On December 10 CBOE Holdings, Inc. announced that it has entered into a licensing agreement with MSCI Inc., a leading provider of investment decision support tools worldwide, to offer options trading on several MSCI indexes.  Under the agreement, in the U.S., options on the MSCI indexes will be solely listed for trading on the Chicago Board Options Exchange (CBOE). The six indexes included in the agreement are the MSCI EAFE Index, MSCI Emerging Markets Index, MSCI ACWI Index, MSCI USA Index,[...]

  • Market News | Dec 2, 2014, 12:07 PM

    Mini-SPX (XSP) - Recent Record Highs for Index and for Options Open Interest

    Mini-SPX (XSP) - Recent Record Highs for Index and for Options Open Interest

    In November 2013 CBOE launched Mini-SPX (ticker XSP) options with PM-settlement, and, as shown in the chart below, the maximum open interest for the XSP options has grown in all 12 months since the contract launch. In the past month the XSP options hit an all-time high open interest of 292,227 contracts, and the XSP Index hit its all-time daily closing high level of 207.28 on November 26. Key features of the Mini-SPX (XSP) options include — CONTRACT SIZE AND ADDED FLEXIBILITY. Mini-SPX options[...]

  • Market News | Dec 1, 2014, 1:15 PM

    OVX (Oil VIX) Rose a Record 118.5%, GVZ (Gold VIX) Up 96% In Past 3 Months

    OVX (Oil VIX) Rose a Record 118.5%, GVZ (Gold VIX) Up 96% In Past 3 Months

    Over the past three calendar months (September through November) – The CBOE Crude Oil ETF Volatility Index (OVX) rose 119%, the highest percentage rise for OVX over three calendar months since the inception of OVX price history in 2007. The CBOE Gold ETF Volatility Index (GVZ) rose 96%. The spot prices for crude oil (WTI) fell 31.1%,  gold fell 9.3%. The market capitalizations for Apple (AAPL) stock rose 14%, and for Exxon Mobil (XOM) stock fell 10%. THREE VOLATILITY INDEXES Investors[...]