CBOE Futures Exchange
Volatility futures and beyond
The CBOE Futures Exchange (CFE) operates an all-electronic, open access market model with dedicated market makers, delivering transparent and efficient price discovery for volatility products.
CFE is best known for its flagship VIX volatility futures, which have become essential tools for portfolio hedging and volatility trading strategies. The CBOE Volatility Index (VIX) was introduced in 1993 as a benchmark measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices.
Key Features
- All-electronic, open access market model
- Dedicated market makers providing continuous liquidity
- Clearing through the Options Clearing Corporation (OCC)
- Transparent price discovery for volatility products
Products
VIX Volatility Futures
VIX futures allow market participants to trade their view of the future direction of the expected volatility of the S&P 500 Index. Since their introduction, VIX futures have become among the most actively traded volatility products in the world, widely used by sophisticated traders and institutional investors for portfolio hedging, risk management, and alpha generation.
About the VIX Index
Introduced in 1993, the CBOE Volatility Index (VIX) is a real-time index that represents the market's expectations for the relative strength of near-term price changes of the S&P 500 Index. Often referred to as the "fear gauge," VIX has become the premier benchmark for U.S. stock market volatility.