Cboe Chairman, President and CEO Ed Tilly commemorates the company’s 48th anniversary by celebrating its people

Today marks Cboe Global Markets’ 48th anniversary. As I place the past year in the larger context of Cboe’s storied history, I am incredibly proud of the extraordinary adaptability of our people in the face of unrelenting challenges. Our associates and customers around the globe transitioned to working from home on a moment’s notice and quickly adapted to entirely new work and trading environments. …

In a recent note to customers, Bryan Blake, Vice President, Canadian Equities, shared records in MATCHNow’s Conditional Order Book, detailed plans to further enhance the Conditional Order Book and more.

Several new records were set in MATCHNow’s Conditional Order Book in March. These records, which are listed below (single-counted), further highlight the continuous growth we have seen in Conditional Orders as new participants begin using the innovative order type.

  • Monthly Volume Traded: 17,409,100
  • Average Daily Volume Traded: 756,917
  • Monthly Value Traded: $576,278,222
  • Average Daily Value Traded: $25,055,575
  • Average Nominal Trade Size: $446,381

We are proud to lead the evolution of…

Quote Depletion Protection (QDP) for Midpoint Discretionary Orders (MDO) is a popular order type for market participants who aim to avoid adverse selection while accessing hidden liquidity. MDOs allow participants to post displayed or non-displayed liquidity at the National Best Bid or Offer (NBBO) with discretion to execute up to and including the midpoint of the NBBO. By pairing a QDP instruction with an MDO, brokers may be able to minimize potential outliers and protect themselves from adverse selection.

In January, Cboe rolled out an enhancement to QDP to reduce the opportunity cost of missing liquidity and increase the likelihood…

A concise weekly overview of the U.S. equities and derivatives markets

Last week (February 22 to 26), fixed income markets remained front and center as the U.S. 10-year Treasury yield moved as high as 1.61% during Thursday’s market decline. The 10-year yield has now returned to where it was before the COVID-19 selloff in equities (and bond buying) began in February 2020. The yield traded in a wide range last week, moving lower into Friday’s close and ending the week near 1.4%. During his semi-annual Congressional testimony, Federal Reserve Chair Jerome Powell reiterated the Federal Open Market Committee’s (FOMC) commitment…

In a recent note to customers, Bryan Blake, Vice President, Canadian Equities, detailed MATCHNow’s 2021 strategic vision, including plans to migrate to Cboe technology, growth in conditional orders and more.

Just over six months ago, Cboe acquired MATCHNow to lead its expansion into Canada and build out a more complete North American equities business. In that time, we have made exceptional headway on integrating our teams and building a robust strategy for 2021 and beyond. …

Last week (February 15–19), the bond market took center stage as the U.S. 30-year treasury yield traded to 2.14% and the long end of the curve has moved significantly higher since August and continues to steepen. Bitcoin (BTC) and other cryptocurrencies also made headlines, as BTC traded up to $57,000 and Ether reached a new all-time high of $2,000, now up 173% year-to-date. Boston Fed President Eric Rosengren expressed surprise at the rise in crypto values last week and U.S. Treasury Secretary Janet Yellen has voiced similar skepticism. U.S. equities were relatively range bound during the shortened holiday week as…

Host: Scott Bauer, Chief Executive Officer, Prosper Trading Academy
  • Yesterday, the VIX Index closed at 21.24 and today the VVIX Index is down to 107, which is near its lowest levels since the start of the COVID-19 pandemic.
  • The VIX futures curve climbs from now until April with the February expiration at 23.93, March at 26.67 and April at 27.89. From there, the curve flattens out until October.
  • Industrywide, 38 million options contracts traded yesterday. So far in February, the options average daily volume is just over 40 million.
  • The VIX options put/call ratio was 0.75 yesterday, down from 1.51 just a week before.
  • Also yesterday, the June 110 calls were the most active VIX options traded, trading out-of-the-money at $0.21. Additionally, 21,000 June 16/21 VIX options puts traded and 31,000 February 45 VIX options puts traded.

To learn more visit Cboe’s website.

Host: Kevin Davitt, Cboe Options Institute Senior Instructor
  • The S&P 500 is above 3,900 today, reaching a new all-time high. Last week, 30-day S&P 500 Index realized volatility climbed to 15.4%, while 30-day S&P 500 Index implied volatility fell to just over 16%.
  • The small-cap Russell 2000 Index is up another 1.5% today and up about 15% year-to-date.
  • Last week, the VIX futures curve moved from about $0.45 inverted on a Month-1/Month-2 basis to a $2.55 carry, or contango, by the end of the week. …

Adam Inzirillo, Head of North American Equities, shared what drove Cboe’s decision to update the Cboe EDGX® Early Trading session hours, along with some recent volume updates.

Effective Monday, March 8, the EDGX Early Trading session will begin at 4 a.m. ET. The reason we made this change is simple: we heard you. We take customer feedback seriously, so when we heard calls for earlier trading, we looked for a way to make it happen. In addition to seeing the greatest demand for earlier trading from our EDGX customers, we are also aware that the retail trading community is a…

Host: Dan Deming, Managing Director, KKM Financial

· The VIX Index is down to 21 after last week’s high of 37.51.

· The VIX futures curve is back in contango with a 2.60 spread between the February and March VIX futures. Volatility in the front month VIX future has been high this week, reaching 34.55 on Monday, February 1.

· 30-day realized volatility for the S&P 500 Index is at 15.50. The VVIX Index is at 107, a new low for 2021.

· Today’s most active VIX options include February 45 VIX options calls, March 23 VIX options puts and April 30 VIX options calls.

· Next week: stimulus negotiations, the last few Q4 2020 earnings calls and Consumer Price Index (CPI) data.

To learn more visit Cboe’s website.

Cboe Global Markets

We’re #DefiningMarkets to benefit all participants through product innovation, leading edge technology and seamless trading solutions.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store