Introduction to VIX Futures and Options

The CBOE Volatility Index^® (VIX^®) is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility.

Here is a timeline of some key events in the history of the VIX Index:

• 1993 The VIX Index is introduced in a paper by Professor Robert E. Whaley of Duke University.
• 2003 Revised, more robust methodology for the VIX Index is introduced.
• 2004 On March 26, 2004, the first-ever trading in futures on the VIX Index began on the CBOE Futures Exchange (CFE).
• 2006 VIX options were launched in February 2006. Click here for additional VIX options releases.

Rescaling of VIX Futures Contracts effective March 26, 2007 - CFE Information Circular

Additional Links:

VIX Index	VIX Options	VIX Futures
Timeline Historical Data VIX Term Structure Price Charts FAQ White Paper	VIX Options Webpage VIX Options Daily Market Data VIX Options Delayed Option Chain VIX Options Quick Reference Guide Options Specifications VIX Options Releases: 1-11/2-21/2-27/3-3/12-5 VIX Options FAQ Options Toolbox Index Options Strategies S&P 500 (SPX) Options CBOE S&P 500 BuyWrite Index (BXM) Options Dictionary	Futures Specifications VIX Futures Prices VIX Futures Settlement VX Settlement Dates VIX Futures Primer CBOE Futures Exchange CFE Delayed Quotes CFE/VIX Futures Vendors CFE Statistics Strategies "Most Innovative" Award

New VIX Methodology in 2003

The CBOE began disseminating prices for a VIX Index with a new methodology (Acrobat .pdf) on September 22, 2003. The long-term price history and delayed market price quotes are available. Please click the appropriate link below:
VIX (New VIX using SPX options) delayed price quote
VXO (Old VIX using OEX options) delayed price quote

Testimonials from Investment Management Firms

"Rampart provides its clients with a variety of options-related programs such as the Rampart BXM Strategy, and volatility is a key factor in managing such programs. The VIX Index is an important and popular tool for measuring investor sentiment, and we appreciate the fact that the VIX methodology is being updated to better reflect expected volatility for S&P 500 (SPX) options."
- Ronald Egalka, President/CEO, Rampart Investment Mgt. Co., Boston

"Our firm uses VIX prices in risk management process and its asset allocation and pricing models. We appreciate the long track record and independent nature of the VIX index, and are very interested in exploring the possibility of using VIX futures on behalf of our clients for risk management purposes."
- Greg McMurran, CIO, Analytic Investors, Los Angeles

Click here for more options testimonials.

Related Indexes

Index	Index Ticker	Futures Ticker	Website
CBOE S&P 500 3-Month Volatility Index	VXV	No Futures	www.cboe.com/VXV
CBOE VIX Premium Strategy Index	VPD	No Futures	www.cboe.com/VPD
CBOE Capped VIX Premium Strategy Index	VPN	No Futures	www.cboe.com/VPN
CBOE S&P 500® VARB-XTM Strategy Benchmark	VTY	No Futures	www.cboe.com/VTY