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To: The Ox who wrote (5433)	1/10/2018 12:54:36 PM
From: The Ox	Respond to of 8239

When this market finally does pause, there may be some massive swings in volatility: It’s possible widening gaps in settlement prices reflect not manipulation, but simply the influence of market makers conducting such trades. The number of outstanding VIX futures has certainly been rising. Open interest just before the monthly expiration averaged almost 611,000 contracts last year, 44 percent more than in 2016 and more than double the average of 240,000 in the decade before. Of course, market makers would never "manipulate" to add to their advantage: “We have not identified anything that looks out of the ordinary, other than the optics of the big drop from one day to the next,” said Bill Speth, vice president of global research at Cboe Global Markets. “The settlement value is based on SPX options trades, while the VIX Index is based on the midpoint of SPX options quotes. And we saw a large number of those trades execute on bids.”