March 26 (Bloomberg) -- JPMorgan Chase & Co. has hired Jeremy Wien to trade options and futures on the VIX, as the Chicago Board Options Exchange Volatility Index is known.
Wien, 27, will provide services to money managers who want to protect against stock-market declines and bet on equity swings as head of VIX trading at the largest U.S. bank by assets. He held a similar role at Societe Generale SA before leaving France’s second-largest bank in March 2010 to trade derivatives at a hedge fund.
“I am extremely excited about the opportunity to build out the customer franchise from the JP Morgan platform,” Wien wrote in an e-mail to clients today.
Rallying stocks boosted investor demand to hedge equity gains, pushing up the number of shares available for trading to records in the week ended March 16 for four of the five largest exchange-traded funds and notes that track U.S. stock volatility, according to data compiled by Bloomberg. The Standard & Poor’s 500 Index has advanced 27 percent since its one-year low on Oct. 3, while the VIX has fallen 67 percent.
Wien, who has a bachelor’s degree in finance from Georgetown University in Washington, was head of VIX options trading at Peak6 Capital Management LP in Chicago before leaving in November. He started his Wall Street career at Goldman Sachs Group Inc. in 2006 and also worked at New York-based hedge fund Alphabet Management LLC.
Options are derivatives that give the right to buy or sell assets at a set price by a specific date. The VIX measures the cost of using options as insurance against declines in the S&P 500, the benchmark measure of American equities.
The options trader has made it to at least the third round of the World Series of Poker’s main event in Las Vegas for the past three years.