Catching the wave

Special Report - Volatility products

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The global financial meltdown in the past year has resulted in volatility levels soaring across all asset classes. The situation has become particularly pronounced following Lehman Brothers' filing for bankruptcy protection in September, which re-ignited concern about counterparty risk throughout the financial marketplace.The Chicago Board Options Exchange's so-called 'fear gauge' - the Vix index, which tracks the market expectations of 30-day equity implied volatility for S&P 500 index opti