# Deltu Review

> Deltu Review is an independent publication covering Trading, derivatives & commodities. Focus: Options and volatility review. Published by Independent Journal; sponsored by Adamson Brothers Corp. (see the About page). Articles are drafted from primary sources with AI assistance and reviewed under our editorial policy. Not investment advice.

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## Sections
- [Latest news](https://deltureview.com/): newest articles first
- [Guides](https://deltureview.com/guides/): evergreen explainers
- [Topics](https://deltureview.com/topics/): topic index
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## Guides
- [How options expiration works: dates, exercise and settlement](https://deltureview.com/how-options-expiration-works/): A guide to options expiration: how expiration dates are set, what happens to in-the-money and out-of-the-money contracts, exercise, assignment, settlement and common pitfalls.
- [The options Greeks explained: delta, gamma, theta, vega](https://deltureview.com/the-options-greeks-explained/): A plain guide to the options Greeks: what delta, gamma, theta, vega and rho measure, how they change, and how traders use them in the options market to size risk.
- [Implied volatility and the VIX explained](https://deltureview.com/implied-volatility-and-the-vix-explained/): What implied volatility means, how option prices reveal it, how the Cboe VIX volatility index is built from S&P 500 options, and what it can and cannot tell you.
- [Options basics: calls and puts explained for the options market](https://deltureview.com/options-basics-calls-and-puts-explained/): A plain-English guide to how calls and puts work in the options market: strike price, premium, expiration, who takes which side, and the main risks to understand.

## Recent articles
- [Stock Market Roundup: Chips Drag Nasdaq, BofA Fined $1.2B](https://deltureview.com/stock-market-roundup-chips-nasdaq-bofa-fine/) (2026-10-14): Nasdaq closes lower on chipmaker weakness as bank earnings start, BofA takes a $1.2 billion penalty, and deals from Galderma and AT&T headline Tuesday's news flow.
- [Cboe News: S&P 500 Options License Extended to 2051](https://deltureview.com/cboe-news-sp-500-options-license-2051/) (2026-09-29): Cboe signed a 25-year extension of its exclusive S&P 500 options license, with VIX index rights and new royalty terms from 2027. Details from the 8-K.
- [ICE Restated Charter Keeps Voting Limits for Swap Venue Members](https://deltureview.com/ice-charter-swap-execution-facility-limits/) (2026-08-28): ICE's restated certificate of incorporation took effect August 28, building on 2025 changes that set 20% voting and ownership limits for SBSEF members.
- [ICE Lines Up $3.7 Billion Notes and $2 Billion Loan for MarketAxess](https://deltureview.com/ice-notes-term-loan-marketaxess-financing/) (2026-08-21): ICE sold four tranches of senior notes, signed a $2 billion delayed-draw term loan and cut its $6.2 billion bridge to zero to finance the MarketAxess deal.
- [Cboe news: July index options ADV rises 34% as 0DTE hits 66% of SPX](https://deltureview.com/cboe-news-july-2026-trading-volume/) (2026-08-05): Cboe reported July 2026 index options ADV of 5.99 million, up 34% from a year ago, with 0DTE making up 66.2% of SPX options volume and GTH hitting a record.
- [ICE to Buy MarketAxess for $6.0 Billion in Fixed Income Markets Deal](https://deltureview.com/ice-marketaxess-acquisition-fixed-income-markets/) (2026-07-30): Intercontinental Exchange agreed to buy MarketAxess for $167 per share in cash, a 33% premium. Fees, closing conditions and financing terms from the 8-K.
- [ICE Q2: Cash Equities and Options Revenue Rises 15%](https://deltureview.com/ice-q2-cash-equities-options-revenue/) (2026-07-30): ICE reported Q2 2026 net revenue of $2.7 billion, adjusted EPS of $1.90 and a $4.0 billion buyback authorization. Cash equities and options revenue rose 15%.
- [Cboe News: $400 Million Revolver Renewed Through 2031](https://deltureview.com/cboe-news-400-million-revolver-2031/) (2026-07-28): Cboe Global Markets signed a third amended credit agreement with Bank of America: a $400 million five-year revolver, 0.75% to 1.25% margins and leverage tests.
- [Options expiration trend: 0DTE tops 20 million a day in Q2 2026](https://deltureview.com/zero-dte-options-expiration-q2-report/) (2026-07-21): Cboe's Q2 2026 options industry report shows 72.8 million contracts a day, with zero-days-to-expiration volume up 46.2% this year to over 20 million daily.
- [OCC June options volume jumps 45% as ETF options surge](https://deltureview.com/occ-june-options-volume-45-percent/) (2026-07-02): OCC cleared 1.61 billion contracts in June 2026, up 45% from a year earlier, led by a 69.7% jump in ETF options and a 44% rise in index options volume overall.
- [Cboe wins SEC approval for extended options market hours](https://deltureview.com/cboe-extended-options-market-hours/) (2026-05-28): Cboe received SEC approval to trade select single-stock options before and after the regular session, with about 20 names expected at a July 13, 2026 launch.
- [Options volume climbs 13.6% in April as OCC clears 1.45 billion](https://deltureview.com/occ-april-options-volume-report/) (2026-05-04): OCC cleared 1.45 billion contracts in April 2026, up 13.6% from a year earlier, as equity and index options volume rose sharply while futures volume declined.

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