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.

  • Election & VIX | Oct 25, 2016, 2:53 PM

    Election Week SPX Expirations on Monday, Wednesday and Friday, with Higher Implied Volatility for SPX Puts on Nov. 9

    Election Week SPX Expirations on Monday, Wednesday and Friday, with Higher Implied Volatility for SPX Puts on Nov. 9

    In the October 22 Striking Price column in Barron’s, Steve Sears wrote --“keep an eye on the CBOE Volatility Index, or VIX. Already, some investors are preparing for significant volatility around the Nov. 8 election. Investors recently bought about 6,000 VIX Nov. 30 calls and about 9,000 Nov. 17 calls.” IMPLIED VOLATILITY FOR S&P 500 PUTS  The table below shows samplings of implied volatility estimates for S&P 500 2100 options with select expiration dates. The Monday,[...]

  • Market News | Election & VIX | Oct 7, 2016, 1:04 PM

    Will VIX Futures Prices Move During the Sunday Night Debate?

    Will VIX Futures Prices Move During the Sunday Night Debate?

    On the night of September 26 a debate-record 84 million people tuned in to watch the first of three U.S. Presidential debates. During the debate there were movements in the prices of futures on the CBOE Volatility Index® (VIX®), S&P 500® futures, and the Mexican peso (see below for a chart and more information). If you would like to follow the movements of VIX futures during the upcoming Presidential debate from 8:00 to 9:30 p.m. CT this Sunday, October 9, here are three resources[...]

  • Strategy | Cboe Benchmark Indexes | Oct 3, 2016, 2:43 PM

    News Story by Pensions & Investments Highlights Put-write Strategy, PUT Index and New Wilshire Paper

    News Story by Pensions & Investments Highlights Put-write Strategy, PUT Index and New Wilshire Paper

    An October 3 news story - “Funds go exotic with put-write options to stem volatility” - in Pensions & Investments noted that put-write options strategies “are finding their way into more pension fund allocations to protect against volatility and, in some cases, take the place of fixed income as an income provider.”  The news story noted that a new paper by Wilshire -- Three Decades of Options-Based Benchmark Indices with Premium Selling or Buying: A Performance Analysis[...]

  • Market News | Education | Strategy | Election & VIX | Sep 30, 2016, 2:28 PM

    More SPXW and VIX “Election Spread” Expiration Dates for Targeted Strategies

    More SPXW and VIX “Election Spread” Expiration Dates for Targeted Strategies

    As the November 8 date for the U.S. Presidential election approaches, I have heard quite a bit of interest from investors in the use of SPX and VIX options and VIX futures with various expirations over the next six weeks.  Added expiration dates provide investors with the opportunity to implement more targeted buying, selling, hedging and spreading strategies. As shown in the two tables below, a September 28 CBOE Circular, and on cboe.com, by the end of next week there will be SPXW option expirations[...]

  • Market News | Education | Sep 28, 2016, 4:25 AM

    New Paper by Fund Evaluation Group Analyzes CBOE Russell Benchmark Index Suite with Strong Performance by PUTR Index

    New Paper by Fund Evaluation Group Analyzes CBOE Russell Benchmark Index Suite with Strong Performance by PUTR Index

    This week a new paper by Fund Evaluation Group (FEG) --  Evaluating Options For Enhanced Risk-Adjusted Returns: CBOE Russell 2000 Option Benchmark Suite and Case Studies on Fund Use of Options (2016) - was released and presented at the Fifth Annual CBOE Risk Management Conference (RMC) Europe. A link to the new 18-page paper is at www.cboe.com/benchmarks, and below in this blog are 6 of the 30 exhibits in the paper. DESCRIPTIONS OF INDEXES ANALYZED PUTR INDEX HAD HIGHEST GROWTH PUTR[...]

  • 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.[...]

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