Cboe to launch MSCI-based options and volatility indices

Rick Steves

“We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets.”

Cboe has announced the launch of three new options based on MSCI’s benchmark indices for international, developed, emerging, and U.S. markets, with a planned launch date of March 18.

The new options are the Cboe MSCI World Index Options (MXWLD), Cboe MSCI ACWI Index Options (MXACW), and Cboe MSCI USA Index Options (MXUSA).

In addition to the index options, Cboe will introduce two new volatility indices: the Cboe MSCI EAFE Volatility Index (VXMXEA) and the Cboe MSCI Emerging Markets Volatility Index (VXMXEF).

These indices are developed using Cboe’s proprietary VIX Index Methodology and are based on the existing MSCI Index options, offering measures of expected volatility in international and emerging equity markets.

The new index options will have standard expirations on the third Friday of each month, with additional five end-of-week expirations planned to start on March 21, 2024.

European-style, cash-settled, favorable tax treatment

These options will be European-style, cash-settled, and may offer favorable tax treatment. They will be integrated into Cboe’s existing trading and settlement infrastructure, ensuring a seamless experience for investors.

Catherine Clay, Global Head of Derivatives at Cboe, said: “In today’s rapidly evolving landscape, investors require sophisticated tools to navigate the markets with confidence. Our ongoing collaboration with MSCI reflects our shared commitment to fostering innovation and providing solutions that empower investors to better manage risk and seize potential opportunities in the global marketplace. We are excited to expand our Cboe-MSCI toolkit with additional index options and volatility indices – an enhancement that will not only broaden our customers’ product choice, but also enrich the ways they interact with and analyze the global markets. Crucially, the three new index options, which cover developed and emerging markets, are expected to also give investors comprehensive access to gain a variety of different exposures around the globe.”

George Harrington, Global Head of Derivatives Licensing at MSCI, commented: “We are pleased to expand our strategic relationship with Cboe in new offerings that investors around the world can use to help them manage risk and exposure. The launch of the Cboe MSCI EAFE Volatility Index (VXMXEA) and Cboe MSCI Emerging Markets Volatility Index (VXMXEF) provides the investment community with benchmarks for option investing, and Cboe’s launch of options linked to the MSCI World Index, MSCI ACWI Index and MSCI USA Index further develops the ecosystem of tradable products.”

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