• Cboe RMC | Mar 8, 2018, 6:32 PM

    Behavioral Finance Discussion at Cboe RMC

    Behavioral Finance Discussion at Cboe RMC

    Stacey Gilbert from Susquehanna and Ilya Feygin from WallachBeth Capital teamed up to talk about Behavioral Finance at Cboe RMC today in Bonita Springs, FL.  Stacey started out with an experiment discussing certain and probable wins and losses.  The point was to show that the expected rationality of decisions breaks down in certain situations.  She then mentions Prospect Theory which is basically the study of how people made decisions.  Specifically, she talked about loss aversion. [...]

  • Cboe RMC | Mar 8, 2018, 11:55 AM

    Louis Gave discusses China, the Dollar, and Recent Market Action at Cboe RMC

    Louis Gave discusses China, the Dollar, and Recent Market Action at Cboe RMC

    Louis-Vincent Gave from Gavekal in Hong Kong delivered a speech called Market Movers:  The Structure and the Cycle in 2018.  He starts out saying he’s often been depicted as a China perma-bull.  He notes that when considering an investment, you need to look into people’s incentives.  In China the recent party congress dictated that the focus is shifting from economic growth to being more aware of healthcare, housing, and the environmental impact of decisions. [...]

  • Cboe RMC | Mar 8, 2018, 9:51 AM

    Highlights from Fireside Chat with Cameron and Tyler Winklevoss at RMC

    Highlights from Fireside Chat with Cameron and Tyler Winklevoss at RMC

    Paul Stephens from Cboe conducted a fireside chat with Cameron and Tyler Winklevoss covering their insights into Bitcoin and Bitcoin XBT futures that were listed at the Cboe Futures Exchange in December 2017.   They started out discussing Bitcoin and blockchain technology.  They often refer to Bitcoin as Gold 2.0 and noted that the CFTC has declared bitcoin as a commodity.  Some background was given with respect to the creation of the Gemini Trust, it was noted that it took[...]

  • VIX | Cboe RMC | Mar 8, 2018, 8:23 AM

    Cboe Chairman and CEO Ed Tilly Kicks Off Day Two of Cboe RMC, Provides Thoughts on VIX, Volatility and Risk Management

    Cboe Chairman and CEO Ed Tilly Kicks Off Day Two of Cboe RMC, Provides Thoughts on VIX, Volatility and Risk Management

    Day two of Cboe RMC U.S. 2018 kicked off with Ed Tilly, Chairman and Chief Executive Officer of Cboe Global Markets, welcoming approximately 300 attendees to this year’s event, the 34th annual Cboe Risk Management Conference. Given the recent return of volatility to the marketplace, Tilly focused his remarks on volatility, Cboe’s VIX Index and risk management.  February 5 was an extreme day in the market.  The Dow and VIX Index experienced record single-day moves.  Exchange[...]

  • Cboe RMC | Mar 7, 2018, 3:02 PM

    Interpreting Volatility-Related Indicators and Determining Courses of Action at Cboe RMC

    Interpreting Volatility-Related Indicators and Determining Courses of Action at Cboe RMC

    Bill Speth from Cboe Global Markets teamed up with Mandy Xu, Chief Equity Derivatives Strategist Credit Suisse, for a session titled Interpreting Volatility-Related Indicators, and Determining Courses of Action.    Bill started out noting that the recent market activity has shown that many people understand volatility, but just as many do not understand volatility.  Cboe is taking on the task of raising the bar to try to educate more market participants on volatility and VIX. [...]

  • Cboe RMC | Mar 7, 2018, 7:23 AM

    New Report Shows Growth Over 17 Years in Number of Funds Using Options

    New Report Shows Growth Over 17 Years in Number of Funds Using Options

    A newly released report found that the number of SEC regulated funds using options rose from 10 in 2000 to 157 in 2017, and that the aggregate amount of assets in the options-based funds has risen to more than $54 billion. The new study, “Performance Analysis of Option-Based Equity Mutual Funds, CEFs and ETFs: An Update” is now available at www.cboe.com/funds  The new white paper updates the original findings of 2014 study of SEC-registered option-based funds, which focus on broad-based[...]

  • VIX | Cboe Benchmark Indexes | Cboe RMC | Dec 26, 2017, 2:19 PM

    SPX and VIX Option Market Discussion at Cboe RMC Asia

    SPX and VIX Option Market Discussion at Cboe RMC Asia

    The final presentation of the first day at Cboe RMC in Hong Kong matched Eric Frait, Vice President, Product Advancement and Strategy at Cboe Global Markets with Kristin Boyd a Director with Credit Suisse.  Their session was titled Sourcing Liquidity in Index Options.  Eric started out noting the continued growth of proprietary markets that trade at Cboe Global Markets, even in the low volatility environment.  He highlighted the rapid acceptance of SPX Weeklys (which may expire on[...]

  • VIX | Cboe Benchmark Indexes | Cboe RMC | Dec 15, 2017, 8:27 AM

    Volatility Based Indicator Discussion at RMC Asia

    Volatility Based Indicator Discussion at RMC Asia

    The second presentation on day one at Cboe RMC Asia paired John Hiatt, Director, Research/Quantitative Market Support at Cboe Global Markets with Tim Edwards, Senior Director of Index Investment Strategy at S&P Dow Jones Indices.  Their discussion focused on Interpreting and Navigating Volatility Based Benchmarks and Indicators.  John Hiatt started things off discussing the performance difference between at the money buy write and at the money put write indexes.  I’ve included[...]

  • VIX | Cboe Benchmark Indexes | Cboe RMC | Dec 12, 2017, 7:04 AM

    Cboe Benchmark Index Discussion at RMC Asia

    Cboe Benchmark Index Discussion at RMC Asia

    The opening presentation at the 3rd Annual Cboe RMC Asia matched Matt Moran up with Russell Rhoads (me) for a discussion covering Option Strategies and Option Strategy Benchmarks.  Matt and I both work in the Product Advancement area with Matt holding the title of Vice President and my title being Director.  I began things with a discussion of how different strategies are implemented.  This included an example of a cash secured put that replicated the transaction that would be dictated[...]

  • Bitcoin | Cboe RMC | Nov 30, 2017, 12:52 AM

    Tyler and Cameron Winklevoss Discuss Bitcoin and Bitcoin Futures at FIA Asia

    Tyler and Cameron Winklevoss Discuss Bitcoin and Bitcoin Futures at FIA Asia

    Today at FIA Asia 2017 in Singapore Tyler and Cameron Winklevoss, the co-founders of Gemini Trust, participated in a discussion about the cryptocurrency space along with Yvonne Zhang from the Aquifer Institute.  The session, titled Cryptocurrencies 101, was moderated by Nick Solinger from FIA Tech.  One of the first points made was that electronic money transfers between countries often take longer than physically moving cash.  For example, if you wanted to transfer money from[...]