March 9, 2020 / 5:31 PM / 19 days ago

CORRECTED - -EXCLUSIVE-Trading in VIX options froze after open - exchange official

(Corrects headline to say trading of VIX options not the VIX index froze)

March 9 (Reuters) - Trading in options on Wall Street’s fear gauge was impossible in the first minutes of Monday’s session due to a complete absence of prices from the market makers on whom trading depends, a representative of index operator CBOE Global Markets Inc said.

CBOE Senior Trade Desk Specialist Ryan Stone told Reuters that VIX options were tradable at 9:51 am ET (1351 GMT) but a lack of liquidity led to a lag of about seven minutes until the first trade, around 9:58 am ET.

The VIX surged after trading resumed to its highest level since December 2008 after trading in the S&P 500 was halted for 15 minutes following its open as panic selling due to the spreading coronavirus triggered circuit breakers. (Reporting by Aaron Saldanha)

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