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Derivatives intelligence for the modern era
Actionable insights and analysis on derivatives market themes and flows, with a focus on Cboe’s leading suite of volatility products. Explore an extensive library of market insights articles authored by our dedicated team, delivering ongoing commentary and expertise across the broader derivatives market.
Featured Insight
Week of 9/21/2026: Oil-Rates Correlation Jumps to a 35-Year High
While index volatility declined broadly last week, single stock volatility increased. Learn more in this week's Macro Volatility Digest.
Meet the Team
Mandy Xu
VP, Head of Derivatives Market Intelligence
Mandy Xu leads Cboe’s Derivatives Market Intelligence team, spearheading long-term, data-driven research projects alongside real-time market commentary. Xu produces actionable insights and analysis on derivatives market themes and flows, with a focus on Cboe's leading suite of volatility products. Xu’s perspective is often sought in times of heightened volatility, and she is frequently cited in the financial media, including the Wall Street Journal, CNBC, Financial Times and Bloomberg News.
Henry Schwartz
VP, Derivatives Market Intelligence
Henry Schwartz provides thorough analyses of derivatives markets activity to identify key trends and trading behaviors. He delivers data-driven insights to a diverse range of clients, including banks, market makers, brokers, proprietary trading firms and retail-focused platforms. Schwartz applies his trading, market structure, and analytics expertise to help inform strategy, product development and internal decision‑making. Additionally, he frequently shares his market perspective at industry events and in the media.
Ed Tom
Sr. Dir., Derivatives Market Intelligence
Ed Tom leads the creation of content related to the Cboe Volatility Index product suite. Tom’s work primarily focuses on developing analytics and research that address trade structuring and implementation, managing risk exposures, identifying relative value opportunities, and optimizing portfolio performance under different market conditions. Additionally, he designs and implements the Derivatives Market Intelligence team’s quantitative analytics and infrastructure, including volatility models, surface construction, backtesting frameworks, and scenario analysis tools.
Wei Liao
Dir., Derivatives Market Intelligence
Wei Liao leads the development of Cboe’s Derivatives Market Intelligence content in the Asia Pacific (APAC) region, delivering impactful, data-driven insights tailored to clients’ needs. Liao regularly provides derivatives market commentary to media and external partners across the region, helping inform market participants about the current environment and providing actionable insights. Additionally, Liao drives robust client engagement through a variety of platforms, including workshops, panels, speaking events and webinars.
A weekly macro commentary email focused on themes and notable moves in cross-asset volatility markets.
Ad hoc thematic pieces providing a targeted analysis on what is trending in the market.
SPX Options’ Expanding Lead vs. Eminis
A Tale of Two Markets
Over the past 5 years, trading in S&P 500 Index-linked derivatives has accelerated, with total notional ADV across the three most popular products – SPX Index options, SPY ETF options, and E-mini options on futures.
Examining the Key Drivers Behind Their Record Market Adoption
Cboe® iBoxx® Credit Futures Unpacked
The corporate bond market is undergoing a profound transformation, driven by electronification and a demand for more efficient, standardized instruments. Reflecting this evolution, Cboe® iBoxx® Credit Futures have recently experienced unprecedented growth in market adoption.
Positioning, Trends, and Market Impact
0DTEs Decoded
SPX zero day to expiry (0DTE) options trading have grown more than five-fold over the past 3 years, now averaging almost 2M contracts a day. What is driving that growth? Increased utility and wider adoption are two big drivers, with retail powering much of the increase. We estimate that retail now makes up around 50-60% of SPX 0DTE trading.
Stay informed about the latest products and market insights.
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Choose your subscriptions:
Macro Volatility Digest: Weekly market commentary highlighting opportunities in the cross-asset derivatives markets
Derivatives Trader's Edge: Monthly newsletter designed to help you navigate the options market with confidence
State of the Industry: A quarterly, data-driven look at the latest trends and developments in derivatives
Volatility Insights: Thematic pieces on emerging trends in options trading
Today's Market Take: Daily market insights for the active retail investor.
Which products are you interested in?
S&P 500 Index Options (SPX, XSP, Nanos)
Russell 2000 Index Options (RUT & MRUT)
Volatility (VIX) Derivatives (Options, Futures, Variance Futures, Options on Futures)
MSCI Index Options
Credit & Interest Rate Futures
Cryptocurrency Derivatives
Prediction Markets
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