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.

  • Feb 28, 2018, 9:56 AM

    Average Daily Volume during Cboe’s Global Trading Hours (GTH) Tops 90,000

    Average Daily Volume during Cboe’s Global Trading Hours (GTH) Tops 90,000

    Over the years we have heard great interest from many investors in the ability to use SPX and VIX products around-the-clock to help manage their portfolios. The interest has been particularly strong from investors from outside the U.S. time zones. The trading hours for some key Cboe products (SPX options, VIX options, VIX futures, and XBT futures) now include both Regular Trading Hours (from 8:30 a.m. to 3:15 p.m. CT), and Global Trading Hours (GTH) as shown in the table below the three volume charts.[...]

  • Cboe Benchmark Indexes | Feb 16, 2018, 2:18 PM

    Cboe’s PUT Index Generated Lower Volatility, Less Severe Drawdowns, More Income and Better Risk-Adjusted Returns

    Cboe’s PUT Index Generated Lower Volatility, Less Severe Drawdowns, More Income and Better Risk-Adjusted Returns

    The Cboe S&P 500 Putwrite Index (PUT) is designed to reflect a cash-secured put-writing strategy. The PUT strategy is designed to sell a sequence of one-month, at-the-money, S&P 500 (SPX) Index puts and invest cash at one- and three-month Treasury bill rates. The number of puts sold is limited so that the amount held in Treasury Bills can finance the loss from final settlement of the SPX puts. In recent years the PUT Index and the cash-secured put-write strategy have gained more interest[...]

  • Feb 2, 2018, 8:16 AM

    Many Investors Request Steady Returns, and BXM Index Rises a Record 24 Months in a Row

    Many Investors Request Steady Returns, and BXM Index Rises a Record 24 Months in a Row

    Over the years I have spoken to many investors and advisors who have expressed a strong desire for consistent and steady returns in their investment portfolios. I am pleased to highlight the fact that the Cboe S&P 500 BuyWrite Index (BXM) has risen in each of the last 24 months, the longest streak of “up” months ever for the BXM Index. The 24-month “up” streak for the BXM is longer than the longest streaks of up months for several other indexes. For example, the longest[...]

  • Jan 26, 2018, 1:33 PM

    Mini-SPX Index (XSP) Wednesday-Expiring Weekly Options Are Launching on Jan. 30

    Mini-SPX Index (XSP) Wednesday-Expiring Weekly Options Are Launching on Jan. 30

    A recent Cboe Notice stated that Cboe Exchange plans to list Wednesday-expiring weekly options on the Cboe Mini-SPX Index (XSP), beginning January 30, 2018. Cboe’s new XSP Wednesday-expiring Weeklys offer the features of S&P 500® Index (SPX) Weeklys options, but at 1/10th the contract size. The initial expirations for the new XSP Wednesday-expiring Weeklys are planned for February 7, 2018, February 14, 2018, and February 21, 2018. Going forward, new expirations will typically be listed[...]

  • Jan 11, 2018, 12:23 PM

    Record Volume for SPXW Weekly Options, Products That Facilitate Targeted Strategies

    Record Volume for SPXW Weekly Options, Products That Facilitate Targeted Strategies

    In 2017 the average daily volume for the S&P 500® Weekly options (SPXW) rose to a record 523,170 contracts (35% above the 2016 figure). The year 2017 was the tenth year in a row that the SPXW Weekly options set a new volume record. MORE OPPORTUNITIES SPXW Weekly options provide many expiration opportunities, affording investors the ability to implement more targeted buying, selling and spreading strategies. SPXW options may help investors to more efficiently take advantage of major market[...]

  • VIX | Trader Talk | Cboe Benchmark Indexes | Jan 5, 2018, 1:49 PM

    Nine Charts Highlight Nine New Records for Cboe Index Products in 2017

    Nine Charts Highlight Nine New Records for Cboe Index Products in 2017

    A number of new volume and price records were set for Cboe index products in 2017, as customer demand for index options and volatility product solutions continued to grow. These records were remarkable in light of the fact that many experts said that that the markets appeared to be very complacent, as the Cboe Volatility Index® (VIX®) hit a record low in 2017. RECORD #1 – RECORD HIGH NOTIONAL VOLUME FOR SPX OPTIONS – MARKET CAPACITY When I am discussing the Cboe’s BXM and[...]

  • Cboe Benchmark Indexes | Nov 8, 2017, 11:41 AM

    Tech Sector Index is Top Performer in 2017, as Cboe Plans Launch of Options on Ten Select Sector Indexes

    Tech Sector Index is Top Performer in 2017, as Cboe Plans Launch of Options on Ten Select Sector Indexes

    One of the most frequent types of questions I receive from investors involves the topic of year-to-date performance.  Many investors are very interested in tracking how indexes have performed in the current year. As shown in the two charts below, of the ten S&P Select Sector indexes, the top and bottom performers in terms of price index returns in 2017 (through November 7) were the S&P Technology Select Sector Index (IXT), which was up 32%, and the S&P Energy Select Sector Index[...]

  • VIX | Trader Talk | Nov 4, 2017, 7:14 AM

    VIX Index Hits 9.14, its All-Time Daily Closing Low Value

    VIX Index Hits 9.14, its All-Time Daily Closing Low Value

    On November 3 the Cboe Volatility Index® (VIX®) closed at 9.14, an all-time record low for both a daily and weekly closing value for the index. While the news media often focuses on the spot VIX Index, volatility traders analyze the price movements of VIX futures. The prices for VIX futures at the close on November 3 ranged from 10.1 to 16.4. Investors can learn more about use of VIX futures and options at www.cboe.com/VIX and at upcoming Cboe Risk Management Conferences – [...]

  • VIX | Trader Talk | Strategy | Trade Ideas | Cboe Benchmark Indexes | Nov 2, 2017, 4:14 PM

    Historic Volatility Recently Dropped Below 1.7 for Eight Cboe Benchmark Indexes

    Historic Volatility Recently Dropped Below 1.7 for Eight Cboe Benchmark Indexes

    In times of geopolitical uncertainties, many investors are searching for investments with low volatility and higher yields. Several news stories have noted that stock indexes recently had low volatility. On October 18 the 20-trading-day historic volatility for the S&P 500 (SPX) Index dropped to 3.4, its lowest level since 1969 (source: Bloomberg). There now is concern that with higher price-earnings ratios, the volatility of stock indexes could spike in coming months. EVEN LOWER HISTORIC VOLATILITY[...]

  • VIX | Oct 25, 2017, 11:34 AM

    Chicago Panel Discusses Current Dynamics of the VIX® Market

    Chicago Panel Discusses Current Dynamics of the VIX® Market

    I recently participated in VIX roadshow panel discussions in Boston, New York, and Chicago. Last week at Cboe I moderated a discussion of the Current Dynamics of the VIX® Market that featured these four expert panelists: Anand Omprakash, Director, Equity Derivatives Strategy and Structuring, BNP Paribas Dominic Salvino, VIX Option Specialist, Group One LLC Rich Ledee, CFA, Head of Capital Markets, ProShares Joanne M. Hill, PhD, Chief Advisor for Research and Strategy, CBOE[...]

  • Oct 23, 2017, 2:19 PM

    Record Volume for Mini-SPX XSP Options at Cboe

    Record Volume for Mini-SPX XSP Options at Cboe

    In recent years many investors have expressed interest in more flexibility for index options in terms of both contract size and and more expirations. So far this month (through October 20) Cboe’s options on the Mini-SPX Index (ticker XSP) have had average daily volume of more than 30,800 contracts. XSP options are on track to set an all-time record for average daily volume in a month (the previous high for average daily volume in a month was around 23,760 contracts) XSP VOLATILITY SKEW CHART The[...]

  • Oct 17, 2017, 12:41 PM

    Ten Charts Show Strong Growth for Cboe Index Products in 2017

    Ten Charts Show Strong Growth for Cboe Index Products in 2017

    An October 17 press release introduced a new corporate name -- Cboe Global Markets -- that “builds on the brand capital of CBOE and the global reach of the Bats business. In Cboe Global Markets, the word ‘Cboe’ is titlecase vs. uppercase … This subtle change signals how the company has greatly expanded beyond its options heritage to a business with multiple asset classes and a much larger global footprint.” Below is an update with ten charts that show growth in 2017[...]

  • VIX | Oct 9, 2017, 3:16 PM

    Four Facts to Help Address the Issue – Is the VIX “Low” in 2017?

    Four Facts to Help Address the Issue – Is the VIX “Low” in 2017?

    In the past year a number of news reporters and others have asked if the CBOE Volatility Index® (VIX®) was at an unusually “low” level in light of all the worldwide geopolitical uncertainties. The average daily closing levels for the VIX Index are 19.4 since January 1990, but only 12.8 since June 2016. At the 70th CFA Institute Annual Conference in May 2017, Richard Thaler of the University of Chicago opined that the “low” level of the VIX Index was one of the[...]

  • Oct 2, 2017, 1:47 PM

    Current Dynamics of the VIX Market Discussed by Panel in NYC

    Current Dynamics of the VIX Market Discussed by Panel in NYC

    On September 27 in New York City, fifty financial professionals attended a panel discussion on Current Dynamics of the VIX Market. SPEAKERS I moderated the session that featured expert speakers Bob Dwyer of ProShares; Aymen Boukhari of Societe Generale, Joanne Hill of CBOE Vest Financial; and Vinit Srivastava of S&P Dow Jones Indices.     SOME OF THE TOPICS AND ISSUES DISCUSSED Among the topics discussed were investor strategies and recent volume records for VIX futures[...]

  • Cboe Benchmark Indexes | Sep 28, 2017, 8:06 AM

    Panel in NYC on Accessing the Volatility Risk Premium with Cash-Secured Put Writing

    Panel in NYC on Accessing the Volatility Risk Premium with Cash-Secured Put Writing

    Earlier this month CBOE and CAIA Association teamed up to present a panel discussion in New York City on Accessing the Volatility Risk Premium with Cash-Secured Put Writing. I was pleased to see great feedback on the event. SPEAKERS The panel discussion featured four speakers who are shown (left to right) in the above picture -- Derek Devens, Managing Director, Neuberger Berman Robert Specht, Portfolio Manager, Additive Advisory and Capital Tripp Zimmerman, CFA, Associate Director of Research,[...]

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