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.

  • Cboe Benchmark Indexes | Sep 21, 2016, 3:48 PM

    New Heat Map Shows Less Downside for BXMD and PUT Indexes - Blog #1 on the Wilshire Paper

    New Heat Map Shows Less Downside for BXMD and PUT Indexes - Blog #1 on the Wilshire Paper

    Wilshire Associates recently was ranked as one of the world’s ten largest investment consultants due to the fact that it had more than $1 trillion in worldwide institutional assets under advisement, according to the survey published in the Nov. 30, 2015 issue of Pensions & Investments. A new study - “Three Decades of Options-Based Benchmark Indices with Premium Selling or Buying: A Performance Analysis” – was released this week. The study was commissioned by CBOE and authored[...]

  • Market News | VIX | Futures | Aug 31, 2016, 4:21 PM

    Sept. 22 Webinar - Institutional Investors and Case Studies on Use of the VIX

    Sept. 22 Webinar - Institutional Investors and Case Studies on Use of the VIX

    On Thursday, September 22 at 2:00 p.m. E.T., S&P Dow Jones Indices and CBOE will co-host a complimentary webinar for financial professionals on the topic of -- How are Institutional Investors Using the VIX®?  Financial professionals who wish to register and see more information are welcome to visit this link -- http://bit.ly/VIX-Sep22. Featured institutional investor speakers will be: (1) John Burkhartzmeyer, State of Wisconsin Investment Board (SWIB); (2) Scott Maidel, CFA, CAIA,[...]

  • Market News | Futures | Strategy | Aug 17, 2016, 1:14 PM

    Successful Launch for New SPX Monday-Expiring Weeklys Options

    Successful Launch for New SPX Monday-Expiring Weeklys Options

    On August 15 CBOE launched trading of the new S&P 500® Index (SPX) Monday-expiring Weeklys options. Daily trading volume for the new SPX Monday Weeklys in the first two days was 4,334 on August 15, and 10,829 on August 16. Institutional investors have told me that the SPX Monday Weeklys could have potential to be very helpful to them in managing their over-the-weekend risk. SPX Weeklys are one of CBOE’s fastest-growing products, with volume in 2015 setting a 10th consecutive annual[...]

  • Market News | Aug 12, 2016, 12:43 PM

    VIX Futures Record Open Interest of 543,192, as VIX Index Hits 2-Year Low

    VIX Futures Record Open Interest of 543,192, as VIX Index Hits 2-Year Low

    On August 5 the CBOE Volatility Index® (VIX®) closed at 11.39 (its lowest daily close in more than two years) and the VIX futures established a new all-time record high open interest of 537,201. On August 9 the VIX Index closed at 11.66, and the VIX futures open interest hit a new all-time record of 543,192.  RELATIONSHIP BETWEEN VIX INDEX AND OPEN INTEREST While many market watchers believe that trading activity often picks up at times when volatility and the VIX Index rise, it[...]

  • Market News | Trader Talk | Aug 11, 2016, 4:54 PM

    New SPX Monday-Expiring Weeklys Options To Launch on August 15

    New SPX Monday-Expiring Weeklys Options To Launch on August 15

    CBOE plans to list S&P 500® Index (SPX) Monday-expiring Weeklys options, beginning August 15, pending regulatory approval. SPX Weeklys are one of CBOE’s fastest-growing products, with volume in 2015 setting a 10th consecutive annual record. With the expected introduction of SPX “Monday Weeklys,” CBOE will offer SPX options with Monday, Wednesday and Friday expirations. AVAILABLE EXPIRATIONS The table below shows the S&P 500 options expirations (through Sept. 9) that[...]

  • Trader Talk | Aug 3, 2016, 9:45 AM

    Agenda for Fifth Annual CBOE RMC Europe on 26 – 28 September

    Agenda for Fifth Annual CBOE RMC Europe on 26 – 28 September

      The agenda for the Fifth Annual CBOE RMC Europe is available at http://www.cboermceurope.com/. The conference will be held Monday through Wednesday, September 26 - 28, 2016, at the Powerscourt Hotel<http://www.cboermceurope.com/hotel--travel.html>, County Wicklow, Ireland. 33 SPEAKERS Jim VandeHei<http://www.cboermceurope.com/keynote-speaker.html>, Co-founder of POLITICO, will be a keynote speaker, delivering insights and predictions for the U.S. Presidential election. Here is[...]

  • Cboe Benchmark Indexes | Jul 13, 2016, 9:42 AM

    CLL Index and the Collaring of Stock Portfolio Risk - Blog #9 on 30-Year Price History

    CLL Index and the Collaring of Stock Portfolio Risk - Blog #9 on 30-Year Price History

    The CBOE S&P500 95-100 Collar Index (CLL) invests in short S&P 500® (SPX) calls, long SPX puts and long stocks in order to gather premium income and manage downside risk.  The histogram with the S&P 500 and CLL indexes shows that the S&P 500 had 13 months with declines of worse than 8 percent, while the CLL Index had only 1 such month. Certain index options strategies can be used to help manage left tail risk. The SPX puts at 95 moneyness did help mitigate the downside[...]

  • Cboe Benchmark Indexes | Jul 12, 2016, 4:31 PM

    CNDR Index and Portfolio Management - Blog #8 on 30-Year Price History

    CNDR Index and Portfolio Management - Blog #8 on 30-Year Price History

    CBOE S&P 500 Iron Condor (CNDR) has a data history of more than 30 years, and it engages in call and put options positions in order to gather premium income and manage downside risk. The histogram with the S&P 500 and CNDR indexes shows that the S&P 500 had 26 months with declines of worse than six percent, while the CNDR Index had 10 such months. Certain index options strategies can be used to help manage left tail risk. The CNDR Index tracks the performance of a hypothetical option[...]

  • Market News | Education | Trade Ideas | Jul 12, 2016, 10:31 AM

    New SPX Monday-Expiring Weeklys Options To Launch Next Month

    New SPX Monday-Expiring Weeklys Options To Launch Next Month

    CBOE recently announced that it plans to list S&P 500® Index (SPX) Monday-expiring Weeklys options, beginning August 15, pending regulatory approval.  With the expected introduction of SPX "Monday Weeklys," CBOE will offer SPX options with Monday, Wednesday and Friday expirations. SPX Weeklys are one of CBOE's fastest-growing products, with volume in 2015 setting a 10th consecutive annual record. The chart below shows that SPX Wednesday-expiring weekly options set new volume[...]

  • Cboe Benchmark Indexes | Jul 11, 2016, 1:19 PM

    BXM Index – Leading Benchmark for Capturing the Volatility Risk Premium - Blog #7 on 30-Year Price History

    BXM Index – Leading Benchmark for Capturing the Volatility Risk Premium - Blog #7 on 30-Year Price History

    On April 29, 2016, Morningstar added a new Option Writing category to its U.S Retail Category system, and the Category Index is the CBOE S&P 500 BuyWrite Index (BXM). In the May 7, 2016, Striking Price column in Barron’s, Steve Sears wrote -- "...THE OPTIONS INDUSTRY has taken a major step onto Main Street. Morningstar, which millions of individuals rely upon to evaluate mutual funds, has created a category for options-trading funds. The significance of this can’t be overstated.[...]

  • Market News | Cboe Benchmark Indexes | Jul 9, 2016, 9:49 AM

    CMBO Index and Selling of SPX Calls and Puts – Blog #6 on 30-Year Price History

    CMBO Index and Selling of SPX Calls and Puts – Blog #6 on 30-Year Price History

    A 2011 paper by the consulting firm Cambridge Associates - Highlights from the Benefits of Selling Volatility – noted that -- “Over the past 20 years, a strategy of systematically selling out of the money puts and calls on the S&P 500 Index (a short strangle portfolio) would not only have soundly beaten equity returns with lower volatility, but also offered similar returns to the median hedge fund manager tracked by Cambridge Associates, albeit with slightly higher volatility …” In[...]

  • Cboe Benchmark Indexes | Jul 8, 2016, 11:32 AM

    Managing Risk and Return with CLLZ and Zero-Cost Put Spread Collar - Blog #5 on 30-Year Price History

    Managing Risk and Return with CLLZ and Zero-Cost Put Spread Collar - Blog #5 on 30-Year Price History

    [This is the fifth in a series of nine blogs to be published in early July at the CBOE Options Hub on nine CBOE benchmark indexes which have price histories that begin on June 30, 1986.] In recent years I have heard from some money managers that the put-spread collar strategy is becoming more popular, and in 2015 CBOE introduced the CBOE S&P 500 Zero-Cost Put Spread Collar Index (CLLZ). The CLLZ Index now has more than 30 years of price history. FEWER BIG DOWNSIDE MOVES FOR CLLZ The histogram[...]

  • Cboe Benchmark Indexes | Jul 7, 2016, 4:00 PM

    Enhanced Risk-Adjusted Returns with BXMD Index - Blog #4 on 30-Year Price History

    Enhanced Risk-Adjusted Returns with BXMD Index - Blog #4 on 30-Year Price History

    [This is the fourth in a series of nine blogs that are being published in early July at the CBOE Options Hub on nine CBOE benchmark indexes which have price histories that begin on June 30, 1986, more than three decades ago.] Over the past thirty-year time period (ending June 30) the CBOE S&P 500 30-Delta BuyWrite Index (BXMD) rose 1955%, with higher returns and lower volatility than the S&P 500®, MSCI EAFE®, and S&P GSCI indexes. Note in the line chart below that the BXMD index[...]

  • Cboe Benchmark Indexes | Jul 6, 2016, 12:05 PM

    In Today’s Market with Lower Yields on “Traditional” Investments -- Explore CBOE Benchmark Indexes

    In Today’s Market with Lower Yields on “Traditional” Investments -- Explore CBOE Benchmark Indexes

    A recent piece in the Wall Street Journal noted that – “The yield on the benchmark 10-year U.S. Treasury note fell to its lowest level ever Tuesday, a new milestone in a three-decade downward run that even veteran traders never thought would go so far or last so long. The yield closed below 1.4% for the first time … according to data going back to 1977. The question now is how low can they go. Investors buying Treasurys now are taking big risks, as prices of longer-term debt can[...]

  • Cboe Benchmark Indexes | Jul 5, 2016, 11:31 AM

    Managing Downside Exposure with PPUT Index - Blog #3 on 30-Year Price History

    Managing Downside Exposure with PPUT Index - Blog #3 on 30-Year Price History

    [This is the third in a series of nine blogs to be published in early July at the CBOE Options Hub on nine CBOE benchmark indexes which have price histories that begin on June 30, 1986, more than three decades ago.] When a novice investor asks me to describe an options strategy, I often use an insurance analogy – millions of people buy insurance policies and pay premiums to insure their autos and homes against disasters, and equity options investors pay premiums to mitigate downside equity[...]