Chicago Board Options Exchange, Incorporated (CBOE) recently amended CBOE Rule 6.2B (Hybrid Opening System (HOSS)) to establish modified HOSS opening procedures for all option series that are used to calculate the exercise / final settlement value for expiring volatility index options and futures contracts (including volatility index security futures). These option series are referred to as "constituent option series". Previously, standard (3rd Friday) option series on the S&P 500 index ("standard SPX option series"), used to calculate the CBOE Volatility Index (VIX), were the only series for which modified HOSS opening procedures were utilized on VIX expiration dates. Beginning with the January 22, 2014 volatility index expiration and going forward, the modified HOSS opening procedures described in CBOE Regulatory Circular RG14-005 and CFE Regulatory Circular RG14-002 shall apply to all constituent option series on any expiration / final settlement date for volatility index options and futures.
VIX Futures Settlement Information