Which exchange introduced the VIX volatility index in 1993?

The Chicago Board Options Exchange introduced the VIX volatility index in 1993.

The Chicago Board Options Exchange, now branded Cboe Exchange, launched in 1973 as the first recognized exchange devoted to standardized listed stock options. Its creation helped move options trading from customized over-the-counter agreements into a regulated exchange environment.

In 1993, Cboe introduced the Volatility Index, known as VIX. The original index estimated expected volatility from S&P 100 index options. In 2003, the methodology was revised to use S&P 500 options and a broader range of strike prices, making it the version most closely associated with the modern “fear gauge” nickname.

VIX measures expected near-term volatility rather than directly measuring whether share prices will rise or fall. A high reading signals that options markets anticipate larger price movements, while a low reading suggests calmer expectations. It is an index, not a company stock or a direct forecast of market direction.