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July 1, 2026, brought the one-year anniversary of the implementation of the new EURO STOXX 50® Index Options (OESX) liquidity provider framework. The primary goal of the program was to provide traders with an unprecedented view into price formation in EURO STOXX 50® Index Options across an uninterrupted quoted curve of options.
For more than a decade following the Global Financial Crisis, markets operated in an environment defined by low inflation, suppressed volatility, and extraordinary policy support. This paper argues that those conditions were not permanent, but rather the product of a unique macroeconomic and policy regime that has since broken down. As supply constraints, persistent inflation, deglobalization, and more active fiscal policy reshape the economic landscape, volatility is increasingly becoming a structural feature of markets rather than a temporary disruption. The result is a growing disconnect between how markets are priced and how the system now functions.
Since its launch in 1985, the Nasdaq-100 has evolved to become one of the world’s most robust index-based ecosystems with “true” large cap exposure – enabling a wide range of investment strategies with deep liquidity across investment vehicles and instruments that serve the needs of asset owners, advisors, and individual investors globally. Today, the Nasdaq-100 Ecosystem represents over $1.4 trillion of exposure to NDX through Exchange Traded Funds (ETFs), Mutual Funds, Insurance Products, Structured Notes, and Exchange-Traded Derivatives (as stated in Figure 4). Market participants have engaged with the Nasdaq-100 Ecosystem to create highly liquid derivatives markets alongside long-term investment vehicles. This white paper, the first of a series, seeks to define the Nasdaq-100 Index Ecosystem across investment approaches and vehicles while discussing the depth of liquidity that enables investors to efficiently and effectively deploy capital to implement their investment views.