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VIX Options and Futures

VIX - CBOE Volatility Index  
SPX 2063.50 10.75
VIX 12.90 -0.68
VIX/Z4 14.93 -0.22
VIX/F5 16.04 -0.01
VIX/G5 16.77 0.02
Delayed Quotes
Prices for 3 VIX
Futures are above

Introduction to VIX Options

On February 24, 2006, options on the CBOE Volatility Index® (VIX®) began trading on the Chicago Board Options Exchange. The VIX options contract is the first product on market volatility to be listed on an SEC-regulated securities exchange. This product, which can be traded from an options-approved securities account, follows the introduction of VIX Futures on the CBOE Futures Exchange (CFE). Many investors consider the VIX Index to be the world's premier barometer of investor sentiment and market volatility, and VIX options are very powerful risk management tools.

Unique Features of VIX Options

VIX options have several features that distinguish them from most equity and index options, including:

Pricing Based on Forward VIX Value
Pricing Can Be Different for a Number of Reasons
Wednesday Settlement
Special Opening Quotation Price
Negative Correlation to Stock Indexes
High Volatility of Volatility

Key Links

VIX Options Strategy - Reverse Collar
VIX Options "Most Innovative" Award
VIX Options FAQ
VIX Options Specifications
VIX Options Video on CBOETV Channel 3
VIX Options Historical Volume Data
VIX Put/Call Ratios
VIX Options Daily Market Data
VIX Options Delayed Option Chain
VIX Historical Price Data
VIX Futures Price and Volume Data
VIX Price Charts
VIX White Paper
VIX Futures Primer
VIX Bibliography
VIX "Most Innovative" Award
Index Options Strategies
CBOE Webcasts

What is VIX?

Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility. The VIX Index is an implied volatility index that measures the market's expectation of 30-day S&P 500® volatility implicit in the prices of near-term S&P 500 options. VIX is quoted in percentage points, just like the standard deviation of a rate of return. The VIX closing price in 2005 was 12.07. Please see the VIX White Paper for more details.

Unique Pricing and Settlement

The pricing and settlement for VIX options will have some differences from the pricing and settlement for equity and stock index options; please see the contract specifications, VIX White Paper, and the information below for more details.

See also:
VIX Historical Price Data
VIX Price Charts
Options Price Quotes

CBOE Volatility Index (VIX)