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Cboe Chief Says Early Hedging of U.S. Election Is ‘Unprecedented’

  • Demand for protection is ‘really amazing,’ Ed Tilly says
  • Open interest in October VIX 2020 futures contract has surged
Edward Tilly
Edward TillyPhotographer: Mark Kauzlarich/Bloomberg
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In 30 years at the premier U.S. options exchange, Ed Tilly has never seen an election sow more anxiety than the 2020 presidential race.

The chief executive officer of Cboe Global Markets Inc. made the observation at a luncheon in New York on Thursday. Tilly highlighted elevated demand for protection around important dates in the primary campaign and general vote showing up in the term structure of implied volatility.