The Chicago Board Options Exchange (CBOE) announced that options on the CBOE Volatility Index (VIX) was named the Most Innovative Index Derivative Product at the Super Bowl of Indexing Conference in Phoenix, Arizona.
The Super Bowl of Indexing Conference is an annual conference developed by Information Management Network (IMN) and sponsored by more than fifty investment banks, brokerages, exchanges and index providers from around the world. Now in its eleventh year, the event is attended by industry professionals and academics who seek in-depth information and analysis on a broad spectrum of financial instruments and concepts.
“For more than a decade, CBOE has been the pioneer in the volatility arena and has worked tirelessly to promote and develop this emerging new asset class,” says William J. Brodsky, the Chairman and Chief Executive Officer of CBOE. “We are gratified that the hard work and investment in innovation made by CBOE is recognized and held in such high regard by our peers. Launched on 24 February 2006, trading volume in VIX options during its first nine months has been nearly 4.5 million contracts, making it arguably the most successful new product launch in CBOE history.”
VIX options were one of five products nominated in the Most Innovative Index Derivative Product category. The award was presented at the conference’s award ceremony on 4 December 2006. This is the third award that CBOE has received at the Super Bowl of Indexing Conference during the last three years. In December 2004, the CBOE S&P 500 BuyWrite Index (BXM) was awarded the Most Innovative Benchmark Index distinction and the CBOE Volatility Index (VIX) futures product received the Most Innovative Index Derivative Product award.