The CBOE Volatility Index (VIX) options contract is on fire, trading a daily volume record of 277,260 contracts in mid May, besting the record of 208,872 contracts set a week prior. In April, the average daily volume of the market volatility index, commonly referred to as the ‘fear gauge,’ was 55,557 contracts; and at month-end, open interest was 1,168,969 contracts. And clearly more is better. Now the CBOE Futures Exchange has launched futures volatility contracts on the Nasdaq-100 Volatility Index and the CBOE Russell 2000 Volatility Index.