It’s been more than a few months since the last post in this series, but that doesn’t mean that things have been quiet over in the Northern District of Illinois. To the contrary, this post is here to give you not, one, not two, but three key updates: the outcome of motion to dismiss 2.0; exactly what’s going on on the appeals front; and just who those Doe defendants might be. Continue reading The VIX Is Fixed?! Judge Shah Remains Unconvinced
After such a long blogging hiatus, I am back and bursting with a multitude of manipulation-related updates. To keep this post under ten pages, today’s target will be Judge Shah’s decision on the first motion to dismiss in In re: Chicago Board Options Exchange Volatility Index Manipulation Antitrust Litigation. And yes, I said the “first” motion to dismiss – the wheels of justice may turn slowly, but not quite so slowly as this blog has been. Luckily for our readers, this just means that there are fine grinds of not only an order, but an amended complaint and complete motion to dismiss briefing coming your way soon. Continue reading The VIX Is Fixed?! Judge Shah Says This Complaint Must Be Kicked.
Wall Street Journal are reporting that an Illinois Federal judge has dismissed claims against Cboe Global Markets Inc. arising out of alleged manipulation of the CBOE’s VIX volatility index. Judge Manish Shah held that common-law negligence claims were preempted by federal law, and that the plaintiffs had failed to plead violations of federal anti-trust and securities laws by the exchange itself. Leave to replead the federal claims was granted. Continue reading Chicago Board Options Exchange Dismissed From VIX Manipulation Lawsuit
We’re back for another installment of the most-fun-to-name series of posts the Manipulation Monitor has to offer. Last time around, we reviewed Defendant’s valiant efforts to rid the world – or, at least, the Northern District of Illinois – of the scourge of VIX-related claims. Continue reading The VIX is Fixed?! Plaintiffs Think Their Charges Should Stick
With apologies for the substandard rhyming in this title, this is a quick post to update you on the current status of the VIX Plaintiff’s motion for expedited discovery. On Friday January 11th, a minute entry on the docket showed that Plaintiff’s motion was denied, without prejudice, with an order with further court dates to be issued once the motion to discuss is fully briefed.
Note: If you’re looking for an overview of the VIX case more generally, take a look at this post for general background on the platform, and this one for a more detailed look at the complaint. Continue reading The VIX is Fixed?! Plaintiffs Would Like Some Discovery Real Quick
On November 19, 2018, the CBOE defendants filed a motion to dismiss the Consolidated Amended Complaint. Continue reading The VIX is Fixed?! Defendants Request this Suit be Nixed
We closed out our first VIX-is-Fixed post with a promise to deliver real-time updates on the state of the VIX complaint. While we’ve failed a bit in that regard, we’ve added a timely discovery update to this post to make up for it – keep scrolling to find out just what tricks the Plaintiffs have up their sleeves. Continue reading The VIX is Fixed?! A Complaint is Remixed
Reuters reports that CBOE is working with FINRA “to develop machine learning techniques to tell whether market conditions surrounding the VIX settlement are potentially anomalous” in order to address concerns that traders could manipulate its VIX volatility index by strategically placing S&P options orders. Continue reading Chicago Board Options Exchange Takes Steps To Address Volatility Index Manipulation Concerns
Today’s subject is none other than the fixing of the VIX. It’s time for a trip back in time. Not very far back, though – just to the 23rd of May, 2017, the date on which John Griffin and Amin Shams published Manipulation in the VIX?, a 37-page (or 57-with-references), extensively researched, paper on, manipulation of the Chicago Board Options Exchange’s (CBOE) Volatility Index (VIX). VIX is a widely tracked index that gauges the 30-day implied volatility of the market, and, while Griffin and Shams couldn’t muster up a particularly exciting title for their own paper, the VIX itself is often referred to as the market’s “fear index” or “fear-gauge.” Continue reading The VIX is Fixed?! A Preview of the Tricks