Rick-Rosenthal

Rick Rosenthal

Rick Rosenthal is Director, Business Development FTSE Russell Index for Cboe, and actively promoting the use of the FTSE Russell Index products to all market participants. Previously, he served institutional clients and their activities from various Chicago exchange floors owning a FINRA Broker Dealer as well as Head of Listed Equity Derivatives for Dean Witter and Cargill Investor Services. Rick was a FINRA broker for over 30 years and held the series 3, 4, 7, 24, 55, 63, & 66 licenses and holds a B.B.A. degree from the University of Iowa.

  • Oct 5, 2018, 1:09 PM

    Russell 2000 Index - A Red October

    Russell 2000 Index - A Red October

    A prescient Barron’s article appearing on Jan. 20,2018,  “Unseen Dangers in Small-Cap Stock Rally”  claimed that Small-caps “as a group, less profitable, more heavily in debt, and more exposed to the threat of rising interest rates than many investors may realize.” may offer a plausible explanation for the recent pullback in the U.S. Small-cap benchmark, Russell 2000 Index. September Struggles: After making 23 new record highs the U.S. Small-cap benchmark,[...]

  • Sep 27, 2018, 4:24 PM

    RUT Options to List on Cboe’s BZX Options Exchange

    RUT Options to List on Cboe’s BZX Options Exchange

    On Monday, October 1, Cboe plans to further expand the Russell 2000 Index (RUT) options marketplace by adding their listing to its BZX Options exchange. Options on the RUT currently are listed on Cboe Global Markets’ Options Exchanges (Cboe and C2), where market participants enjoy the advantages of trading RUT on a hybrid basis between Cboe’s electronic and open outcry markets. The additional BZX listing will expand the trading choices and capabilities of customers and liquidity providers. BZX[...]

  • Jul 31, 2018, 8:44 AM

    RVX Index - Waze of the Future

    RVX Index - Waze of the Future

    After making 23 new highs and rallying over 10% in 2018, last Friday’s Russell 2000 price action was telling a story which caught my attention.  The Russell 2000 Index experienced a sharp -2% sell off and broke through the 50 day moving average on higher than normal volume.   Was this simply profit taking?  Cboe’s VIX Index is often times referred to as the “fear gauge” as a measure for the 30 day expected volatility in the S&P 500.  Similarly,[...]

  • Market News | Trader Talk | Jun 1, 2018, 11:17 AM

    Russell Index Annual Reconstitution

    Russell Index Annual Reconstitution

    Considering there’s approximately $8.5 trillion in assets benchmarked to the Russell U.S. Indexes, the Russell Reconstitution is a major event.  Each year Russell Indexes are reconstructed to accurately reflect the U.S. equity market and its segments (market cap. & style). Designed to capture changes, the reconstitution accounts for new companies introduced via IPOs, market values of companies increasing/decreasing, share adjustments, etc. Once a year, equity portfolios benchmarked[...]

  • May 22, 2018, 2:25 PM

    Spotlight: Russell 2000 Outperformance & Options Strategies

    Spotlight: Russell 2000 Outperformance & Options Strategies

    U.S. Small-caps vs. Large-caps U.S. small-cap stocks are leading the equity markets year-to-date.  The Russell 2000 Index, widely viewed as the bellwether for measuring the performance of small-cap stocks has risen 5.62% in 2018 compared to a rise of 1.54% for the U.S. large-cap Russell 1000 Index.  Several factors may potentially be contributing to the small-cap outperformance, including: Revenues – Majority of small companies derive revenues from domestic activities Trade[...]

  • Mar 16, 2018, 12:40 PM

    Ripple Effect: Volatility Spread Opportunity VIX® vs. RVX℠ Index Futures

    Ripple Effect: Volatility Spread Opportunity VIX® vs. RVX℠ Index Futures

    The Cboe Volatility Index® (VIX® Index) is widely considered the proxy for market sentiment in the U.S. equity market.  VIX measures the 30 day expected volatility on the S&P 500® Index (SPX).  Cboe’s Russell 2000 Volatility Index℠ (RVX℠) applies the same methodology for calculating 30 day anticipated volatility, but it uses Russell 2000 Index options. (RUT).  As such, RVX is considered the benchmark proxy for 30 day expected volatility of U.S. Small-caps. During[...]

  • Apr 27, 2017, 2:08 PM

    Spring’s Blooming Int’l Equity Markets (2017)

    Spring’s Blooming Int’l Equity Markets (2017)

    Spring has arrived and our home town Chicago baseball teams (Cubs & White Sox) lead their respective Central Divisions.  Likewise the Chinese and Emerging equity markets have also taken an early lead in the global economic recovery this year. On April 18, 2017 IMF delivered their World Economic Outlook, a report which raised the global economic outlook in 2017 to 3.5% and 3.6% in 2018 citing “Stronger activity and expectations of more robust global demand…”  Their[...]

  • Trader Talk | Trade Ideas | Election & VIX | 2016 Recap | Nov 10, 2016, 7:38 PM

    Trump Victory = Divergence Between U.S. & Emerging Equity Markets

    Trump Victory = Divergence Between U.S. & Emerging Equity Markets

    Emerging market equities lead the charge in 2016 until Tuesday’s U.S. Presidential election.  Donald Trump’s victory altered that course as the markets react to potential changes in global trade.  Within the past two days, S&P 500 moves towards it’s 52-week high (2,193.81) and the FTSE Emerging Index declined by 5% from its record high from Sept. 8th (467.34) .  Although it may be too early to forecast trends in the Emerging Markets vs U.S. Large Caps, investors[...]

  • Cboe Benchmark Indexes | Oct 26, 2016, 3:57 PM

    eVestment adds CBOE Strategy Benchmark Indexes

    eVestment adds CBOE Strategy Benchmark Indexes

    The following headlines appeared in the trade publications Pension & Investments…. “Hawaii assigns $1.6 billion total to 4 managers for options-based strategies” (March 21, 2016) “South Carolina allocates nearly $1.9 billion to equity options, infrastructure strategies” (April 21, 2016) The rationale for Hawaii and South Carolina’s interest in using options strategies to mitigate risk and enhance yields was outlined in the recent article in The Wall St. Journal… “In[...]

  • VIX | Education | Futures | Jun 10, 2016, 4:43 PM

    Russell 2000 Index: Re-Pricing Risk

    Russell 2000 Index: Re-Pricing Risk

    Russell 2000 Index (RUT) Hits a 2016 High The bellwether benchmark for U.S. small-caps, the Russell 2000 Index tracks the performance of U.S. companies that derive most of their revenues domestically. Since the middle of May, as the Russell 2000 Index moved to its year’s high (1190.17) on June 8th.  In comparison to the S&P 500 the Russell 2000 slightly outperformed on a year-to-date basis (+2.33% vs. 2.27%) as of today. Please note the Russell 2000 Index ticker is (RTY) in the Bloomberg[...]

  • Education | Futures | Strategy | May 6, 2016, 4:25 PM

    Rising Volatility on China?

    Rising Volatility on China?

    With the recent launch of cash-settled options on FTSE China 50 Mini-Index (Ticker: FXTM), traders have an opportunity to express a view on the Chinese market or movement in volatility is available. Based on 50 of the largest and most liquid Chinese stocks (H Shares, Red Chips, and P Chips) trading in Hong Kong, cash-settled options on the FTSE China 50 Mini-Index is now listed on CBOE. FTSE China 50 Index Price & Volatility FTSE China 50 Index price movement changes on a monthly basis is typically[...]

  • Technical Analysis & Charts | Feb 8, 2016, 4:44 PM

    One Size Doesn’t Fit All

    One Size Doesn’t Fit All

    When shopping for shoes there’s a need to know what size to purchase or I suppose one could say whatever comes close. Performances between the U.S. small-cap and large-cap indexes have been quite different so far in 2016.  The small-cap as measured by the Russell 2000® Index (RUT) is down -14.66% compared to the large-cap S&P 500 Index -9.32% (based on closing prices 2/8/16). RUT’s daily moves have been over 1.00% almost two-thirds of the trading days as illustrated below. Managing[...]

  • Market News | Jan 22, 2016, 4:00 PM

    Recession or No Recession?

    Recession or No Recession?

    U.S. small companies that derive the majority of their revenues within the U.S. are somewhat insulated from the gyrations of the Chinese market and oil prices crumbling. As a barometer for U.S. Small-cap companies, the Russell 2000® Index is down -12.24% year-to-date (based on close 1/20/16). According to Bloomberg’s latest Monthly Survey Table of U.S. GDP Forecasts (1/14/16): The range of GDP forecast was Low = 0%, High = 3.7%, and Average = 2.4% (83 economists surveyed) Recently the[...]

  • Market News | Technical Analysis & Charts | Dec 30, 2015, 10:47 AM

    CBOE Russell 2000 Strategy Benchmark Indexes Outperform Russell 2000® Index

    CBOE Russell 2000 Strategy Benchmark Indexes Outperform Russell 2000® Index

    Improving risk-adjusted returns and enhancing yields are common guidelines for using options-based strategies.  The CBOE recently added 5 new CBOE Russell 2000 strategy benchmark indexes to a line-up now totaling 26 based on a variety of underlying indexes. By design each CBOE strategy benchmark index offers a unique risk/reward characteristic providing investors with the flexibility to choose an appropriate strategy for different risk tolerances and market outlooks. As the year end approaches,[...]

  • Market News | Futures | Dec 21, 2015, 3:19 PM

    Russell 2000® Index Options (RUT) - “Weeklys” New PM-settled Expirations

    Russell 2000® Index Options (RUT) -  “Weeklys” New PM-settled Expirations

    The Russell 2000® Index (RUT) Weeklys options are listed to provide expiration opportunities every week. Weeklys are typically listed on Thursdays and expire on Fridays, provided that such expirations were not previously listed (i.e. Weeklys are not listed if they would expire on a 3rd Friday or if a Quarterly option would expire on the same day). Trading Activity RUT “Weeklys” The daily and monthly trading activity in the RUT “Weeklys” average approximately 30% of the[...]

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