Volatility levels on the Vix index - which tracks the 30-day implied volatility of Standard & Poor's index options - hit 80.06% on October 27, a new record. To put that in perspective, the Vix stood at under 10% in January 2007. Ten-year implied volatility is trading at rich levels compared with any time in history. The only sustained period when 10-year implied vol traded above 33% was during the Great Depression of the 1930s.
The jumps in volatility in the Asian markets are also highly pronounc