Cboe launches VIX futures (2004)
Cboe Futures Exchange listed futures on the Cboe Volatility Index, the first exchange-traded volatility futures product. The contract let traders take direct positions on expected S&P 500 volatility.
VIX futures built a liquid market for trading volatility directly, complementing existing VIX options on the options side.
The VIX complex grew into one of the most-traded index products globally, with Cboe's futures and options venues serving as the two primary liquidity pools.
The 2026 rule depends on both venues: VIX options on Cboe Exchange and VX futures on CFE. The liquidity built over two decades makes the combined order type viable.
