
US derivatives volumes rocket on market fears
Meanwhile, the Chicago Board Options Exchange and New York-based International Securities Exchange broke their past daily records by around 1 million contracts each, to 6.8 million and 5.5 million contracts, respectively. Both the options exchanges pointed to a surge in trading on the Nasdaq-100 Index Tracking Stock in particular.
Randy Frederick, Austin-based director of derivatives at Charles Schwab, said the surges showed a rush to buy protection against unguarded risk. “People who didn’t have the foresight to hedge their positions are now saying: I want to hedge these positions.” He added that premiums on options and futures were, for the most part, still cheap.
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