​Daily Wrap – FOMC Meeting Dominates Listed, OTC; BNP Eyes Expanded U.S. Desk

The Fed decided today to keep rates at near zero, a move which saw a slight move lower in the VIX, before the benchmark recovered. This coincided with a move higher in the S&P above 2018, before a sharp decline. The listed VIX option market was basically defined by a lack of volume, as the futures markets traded within a wide range. Investors were somewhat shocked that the VIX was barely down today, according to our sources in the Chicago pit. Open interest in VIX puts declined, while the OTC markets have been stunted since the August spike. In our people and firms section, we also look at BNP’s plans for expansion.