CHICAGO, Sept. 10, 2018 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world's
largest exchange holding companies, today announced the launch of
Cboe® iBoxx® iShares® $ High Yield
Corporate Bond Index (IBHY) futures on Cboe Futures Exchange
(CFE).
The $8.8 trillion U.S. corporate
bond market includes robust cash and exchange-traded fund (ETF)
markets, but Cboe IBHY is now the only exchange-listed
futures product linked to U.S. corporate bonds. Cboe IBHY futures
are based on a broad-based U.S. high yield corporate bond index and
are expected to bring additional liquidity and price transparency
to the marketplace. The futures will allow users to hedge and
mitigate high yield corporate bond credit risk, and more generally
allow them to efficiently allocate to the corporate bond market and
implement fixed-income trading strategies.
The price of Cboe's IBHY futures is based on IHS Markit's
iBoxx® iShares® $ High Yield Corporate Bond
Index (IBXXIBHY Index). Leveraging the deep and liquid
iShares® ETF marketplace, the IBXXIBHY Index is designed
to measure the performance of U.S. dollar-denominated high yield
corporate debt, and offers broad coverage of the liquid U.S. high
yield corporate bond universe.
To learn more about Cboe IBHY futures, including contract
specifications, product fact sheet and historical IBXXIBHY Index
performance, visit http://cfe.cboe.com/cfe-products/ibhy.
In addition, Cboe today also announced plans to offer
trading in Cboe® iBoxx® iShares® $
Investment Grade Corporate Bond Index (IBIG) futures beginning
October 8, 2018, pending regulatory
review. Cboe IBIG futures are expected to provide customers with a
convenient, standardized vehicle for investment-grade fixed-income
trading.
Ed Tilly, Cboe Global Markets
Chairman and CEO, said: "We are excited to list Cboe IBHY futures
for trading, and to further cement our role as an exchange leader
and product innovator with the planned launch of Cboe IBIG futures
this fall. Through our continued collaboration with IHS Markit and
Blackrock, Cboe IBHY and IBIG futures will offer exposure to key
segments of the U.S. corporate bond market and provide
investors with new opportunities to hedge against risk in that
market."
The price of Cboe's IBIG futures is based on IHS Markit's
iBoxx® iShares® $ Investment Grade Corporate
Bond Index (IBXXIBIG Index). The IBXXIBIG Index is designed to
measure the performance of U.S. dollar-denominated investment grade
corporate debt, and offers broad coverage of the liquid U.S.
investment grade corporate bond universe.
Cboe IBIG futures will be cash settled with a $1,000 multiplier and trade electronically on CFE
during regular trading hours (8:30 a.m. to
3:15 p.m. CT). The contracts will be cleared through the
Options Clearing Corporation (OCC) and regulated by the Commodity
Futures Trading Commission (CFTC).
To learn more about Cboe IBIG futures, including contract
specifications, product fact sheet and historical IBXXIBIG Index
performance, visit http://cfe.cboe.com/cfe-products/ibig.
About Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE) is one of
the world's largest exchange holding companies, offering
cutting-edge trading and investment solutions to investors around
the world. The company is committed to relentless innovation,
connecting global markets with world-class technology, and
providing seamless solutions that enhance the customer
experience.
Cboe offers trading across a diverse range of products in
multiple asset classes and geographies, including options, futures,
U.S. and European equities, exchange-traded products (ETPs), global
FX and multi-asset volatility products based on the Cboe Volatility
Index (VIX Index), the world's barometer for equity market
volatility.
Cboe's trading venues include the largest options exchange in
the U.S. and the largest stock exchange by value traded in
Europe. In addition, the company is the second-largest stock
exchange operator in the U.S. and a leading market globally for ETP
trading.
The company is headquartered in Chicago with offices in Kansas City, New
York, London, San Francisco, Singapore, Hong
Kong and Quito,
Ecuador. For more information, visit www.cboe.com.
Media
Contacts
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Analyst
Contact
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Hannah
Randall
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Suzanne
Cosgrove
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Stacie
Fleming
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Debbie
Koopman
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+1-646-856-8809
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+1-312-786-7123
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+44-20-7012-8950
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+1-312-786-7136
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hrandall@cboe.com
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cosgrove@cboe.com
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sfleming@cboe.com
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koopman@cboe.com
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CBOE-EF
CBOE-OE
Cboe®, VIX® and Cboe Volatility Index® are registered
trademarks and Cboe Global MarketsSM is a service mark
of Cboe Exchange, Inc. All other trademarks and service marks are
the property of their respective owners.
Cboe Global Markets, Inc. and its affiliates
do not recommend or make any representation as
to possible benefits from any securities,
futures or investments, or third-party products or services.
Cboe Global Markets, Inc. is not affiliated with
iShares® or IHS Markit. Investors should undertake their
own due diligence regarding their securities, futures and
investment practices. This press release speaks only as of
this date. Cboe Global Markets, Inc. disclaims any duty to update
the information herein.
Nothing in this announcement should
be considered a solicitation to buy or an
offer to sell any securities or futures in
any jurisdiction where the offer or
solicitation would be unlawful under
the laws of such jurisdiction.
Nothing contained in this
communication constitutes tax, legal
or investment advice. Investors must consult
their tax adviser or legal counsel for advice and information
concerning their particular situation.
Cboe Global Markets, Inc. and its affiliates
make no warranty, expressed or implied, including,
without limitation, any warranties as of
merchantability, fitness for a particular purpose,
accuracy, completeness or timeliness, the results to be
obtained by recipients
of the products and services
described herein, or as to the ability of iBoxx®
iShares® $ Investment Grade Corporate Bond Index and
iBoxx® iShares® $ High Yield Corporate
Bond Index to track the performance of the fixed income securities
market, generally, or the performance of LQD or HYG or any subset
of fixed income securities, and shall not in any way be liable for
any inaccuracies, errors. Cboe Global Markets, Inc.
and its affiliates have not calculated, composed or determined
the constituents or weightings of the fixed income securities that
comprise iBoxx® iShares® $ Investment Grade
Corporate Bond Index and iBoxx® iShares® $
High Yield Corporate Bond Index and shall not in any way be liable
for any inaccuracies or errors.
Forward-Looking Statements
Certain information contained in this news release may constitute
forward-looking statements. We caution readers not to place undue
reliance on any forward-looking statements, which speak only as of
the date made and are subject to a number of risks and
uncertainties.
The iBoxx® iShares® $ Investment Grade
Corporate Bond Index and the iBoxx® iShares®
$ High Yield Index (the "Indexes") referenced herein are the
property of IHS Markit Indices Limited ("Index Sponsor") and have
been licensed for use in connection with
Cboe® iBoxx® iShares® $
Investment Grade Corporate Bond Index Futures and Cboe®
iBoxx® iShares® $ High Yield Corporate Bond
Index Futures. Each party to a Cboe®
iBoxx® iShares® $ Investment Grade
Corporate Bond Index Futures or
Cboe® iBoxx® iShares® $
High Yield Corporate Bond Index Futures transaction acknowledges
and agrees that the transaction is not sponsored, endorsed or
promoted by the Index Sponsor. The Index Sponsor makes no
representation whatsoever, whether express or implied, and hereby
expressly disclaims all warranties (including, without limitation,
those of merchantability or fitness for a particular purpose or
use), with respect to the Indexes or any data included therein or
relating thereto, and in particular disclaims any warranty either
as to the quality, accuracy and/or completeness of the Indexes or
any data included therein, the results obtained from the use of the
Indexes and/or the composition of the Indexes at any particular
time on any particular date or otherwise and/or the
creditworthiness of any entity, or the likelihood of the occurrence
of a credit event or similar event (however defined) with respect
to an obligation, in the Indexes at any particular time on any
particular date or otherwise. The Index Sponsor shall not be
liable (whether in negligence or otherwise) to the parties or any
other person for any error in the Indexes, and the Index Sponsor is
under no obligation to advise the parties or any person of any
error therein.
The Index Sponsor makes no representation whatsoever, whether
express or implied, as to the advisability of purchasing or
selling Cboe® iBoxx®
iShares® $ Investment Grade Corporate Bond Index Futures
or Cboe® iBoxx® iShares® $
High Yield Corporate Bond Index Futures, the ability of the Indexes
to track relevant markets' performances, or otherwise relating to
the Indexes or any transaction or product with respect thereto, or
of assuming any risks in connection therewith. The Index
Sponsor has no obligation to take the needs of any party into
consideration in determining, composing or calculating the
Indexes. No party purchasing or selling
Cboe® iBoxx® iShares® $
Investment Grade Corporate Bond Index Futures or Cboe®
iBoxx® iShares® $ High Yield Corporate
Bond Index Futures, nor the Index Sponsor, shall have any liability
to any party for any act or failure to act by the Index Sponsor in
connection with the determination, adjustment, calculation or
maintenance of the Indexes.
iBoxx® is a service mark of IHS Markit Limited.
The iBoxx® iShares® $ Investment
Grade Corporate Bond Index and the iBoxx®
iShares® $ High Yield Corporate Bond Index
(the "Indexes") and futures contracts on the Indexes ("Contracts")
are not sponsored by, or sold by BlackRock, Inc. or any of its
affiliates (collectively, "BlackRock"). BlackRock makes no
representation or warranty, express or implied to any person
regarding the advisability of investing in securities, generally,
or in the Contracts in particular. Nor does BlackRock make
any representation or warranty as to the ability of the Index to
track the performance of the fixed income securities market,
generally, or the performance of LQD, HYG or any subset of fixed
income securities.
BlackRock has not calculated, composed or determined the
constituents or weightings of the fixed income securities that
comprise the Indexes ("Underlying Data"). BlackRock is not
responsible for and has not participated in the determination of
the prices and amounts of the Contracts, or the timing of the
issuance or sale of such Contracts or in the determination or
calculation of the equation by which the Contracts are to be
converted into cash (if applicable). BlackRock has no
obligation or liability in connection with the administration or
trading of the Contracts. BlackRock does not guarantee the
accuracy or the completeness of the Underlying Data and any data
included therein and BlackRock shall have no liability for any
errors, omissions or interruptions related thereto.
BlackRock makes no warranty, express or implied, as to results
to be obtained by IHS Markit or its affiliates, the parties to the
Contracts or any other person with respect to the use of the
Underlying Data or any data included therein. BlackRock makes
no express or implied warranties and expressly disclaims all
warranties of merchantability or fitness for a particular purpose
or use with respect to the Underlying Data or any data included
therein. Without limiting any of the foregoing, in no event
shall BlackRock have any liability for any special, punitive,
direct, indirect or consequential damages (including lost profits)
resulting from the use of the Underlying Data or any data included
therein, even if notified of the possibility of such damages.
iShares® is a registered trade mark of BlackRock Fund Advisors
and its affiliates.
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SOURCE Cboe Global Markets, Inc.