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Volatility Review: A much quieter start to 2017 than expected. VIX Cash at 11.67. VVIX at 81. VIX Futures: Front month premium at 1.43. 2016 was a good year for the volatility business. From a CBOE press release: Several trading records were set for the year.

Russells Weekly Rundown

• VIX Options: ADV: 544k
• A fairly light volume week to kick off the new year.
• Total 5.9M (4.4m Calls, 1.5m Puts)
• What is the impact of the Volcker Rule of volatility?
• Oil Volatility: OIV/OVX - 31.5, crude Vol creeping back above 30.

Volatility Voicemail: Pop quizzes, questions, and comments

Happy New Year! First #QuestionOfTheWeek for 2017. Total #Options volume dropped 2% last year. How will 2017 #Options volume compare?

• About the Same (+- .5%)
• Modest Increase (up 1-2%)
• Modest Drop (down 1-2%)
• Big Change (+- over 2%)

#Volatility Pop Quiz - New Years edition: The trillion dollar question - Where will $VIX close at the end of 2017?

• Below 12
• Between 12-15
• Between 15-18
• Over 18

Listener questions and comments:

• Comment from Alaran: I think the 30 strike is popular each month simply because big insurance firms need to hedge themselves against calamitous market events. VIX > 30 = calamitous event in the eyes of many.
• Question from Julio: In the spirit of the new year, when are we going to get new VIX products? Especially Monday through Friday weekly VIX options?

Crystal Ball: Looking into the future

Two weeks ago:

• Mark L. - 11.25
• Russell - 12
• Ghost of Mark S. - 5.2

This week:

• Mark L. - 11.5
• Russell - 10.99
• Mark S. - 12.01

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