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VIX® Options Volume on Pace to Exceed 2017 Record

VIX® volatility index option volumes are averaging over 740k contracts a day so far this year, which if sustained, would make 2023 a record volume year. This is an impressive increase of 40% compared to recent years where volumes have hovered around the 500k ADV mark (see Exhibit 1). What’s behind this surge in VIX options activity?