CBOE Volatility Index (^VIX)

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VIX Futures

VIX Weeklys Futures VIX Weeklys futures began trading on CFE in and provide market participants with additional opportunities to establish short-term VIX positions and to fine-tune the timing of their hedging and trading activities.

Trade Based on Your Outlook or Hedge Your Bitcoin Risk XBT futures provides a way for you to buy and sell bitcoin futures in a highly regulated marketplace nearly 24 hours a day, five days per week. This gives you the flexibility to invest and divest at the optimal time for your specific trading strategy.

Get Exposure to Bitcoin Price Moves without Holding Bitcoins XBT futures provides investors with the opportunity to buy, sell and trade bitcoin futures or implement your trading strategies without having to pay for the actual currency. Settle to a Single Auction Price XBT futures is a cash-settled contract that settles to a single, tradeable auction price.

In designing XBT futures, Cboe leveraged its significant product development expertise to design an instrument that allows participants to implement trading strategies in a manner to which they are accustomed.

The single price settlement process gives participants the option of using XBT futures to hedge their exposure in underlying bitcoin or gain exposure to traded bitcoin prices without holding bitcoin. Bitcoin futures based on the Gemini auction prices are traded exclusively at Cboe Futures Exchange.

The brokers below are confirmed to offer trading in XBT futures. Unlike security options, CFE futures contracts other than security futures cannot be held in a securities account and are required to be held in a futures account. CFE security futures contracts may be held in either a futures account or a securities account.

It is not an endorsement of the firms listed, and no significance should be attached to a firm's inclusion or omission. CFE has not investigated the background or disciplinary history of any of the firms listed or of any individual broker in connection with providing this list. The selection of an FCM, broker, or clearing firm involves matters of personal preference. In choosing a firm, an investor should ask questions and take into account such factors as the investor individually regards as important.

This list may not be exhaustive since the list only includes those firms that have requested to be included on the list. The resulting aggregate of increases in upside stock option call prices raises the VIX just as the aggregate growth in downside stock put option premiums that occurs when option buyers and sellers anticipate a likely sharp move to the downside.

When the market is believed as likely to soar as to plummet, writing any option that will cost the writer in the event of a sudden large move in either direction may look equally risky. Hence high VIX readings mean investors see significant risk that the market will move sharply, whether downward or upward. The highest VIX readings occur when investors anticipate that huge moves in either direction are likely. Only when investors perceive neither significant downside risk nor significant upside potential will the VIX be low.

VIX is sometimes criticized as a prediction of future volatility. It instead is a measure of the current price of index options. Despite their sophisticated composition, critics claim the predictive power of most volatility forecasting models is similar to that of plain-vanilla measures, such as simple past volatility. Some practitioners and portfolio managers seem to ignore or dismiss volatility forecasting models.

In a similar vein, Emanuel Derman expressed his disillusion with empirical models unsupported by theory. Michael Harris argued that VIX just tracks the inverse of price and has no predictive power. VIX should have predictive power as long as the prices computed by the Black-Scholes equation are valid assumptions about the volatility predicted for the future lead time the remaining time to maturity. Shiller argued that it would be circular reasoning to consider VIX to be proof of Black-Scholes, because they both express the same implied volatility.

He also finds that calculating VIX retrospectively in does not predict the highest-ever volatility of the Great Depression , due to the anomalous conditions of the event, VIX cannot predict, even weakly, any future severe events.

On February 12, , a letter was sent to the Commodity Futures Trading Commission and Securities and Exchange Commission by a law firm representing an anonymous whistleblower alleging manipulation of the VIX.

From Wikipedia, the free encyclopedia. For other uses, see Vix disambiguation. The Journal of Derivatives. Retrieved 7 March See the definition volatility for a discussion of computing inter-period volatility.

International Journal of Financial Markets and Derivatives. Griffin; Amin Shams May 23, Retrieved May 4, Retrieved 6 July