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To: mishedlo who wrote (259205)	9/6/2003 10:19:03 AM
From: James F. Hopkins	Read Replies (1) \| Respond to of 436258

Oh Brother...what this will mean we know not..however it will change the way the vix works..for better or worse .. So we will have futures on futures..supposedly to smooth out the volitility..but I sort of doubt it. ----- To make VIX tradable, the CBOE has had to tinker with it substantially. Among other things, VIX was(note 1) calculated from Standard & Poor's 100 Index option prices. The new VIX instead will be based on prices of the more liquid S&P 500 options. The old VIX also is calibrated from a small group of just eight short-term options. The new VIX will incorporate prices of many more options. This broader range likely will produce a more representative sample of investor sentiment. it may smooth out the vix some, but I don't see how it will help the overall market, unless draining liquidity can be a help. Is it a way of fighting the FED ? ( Note 1 was ) Did they already make a change..it sure was odd how the vix droped yesterday with the market falling ? Jim