Pure Volatility with JJ Kinahan SVP, CBOE Global Markets, Sep. 18, 2026

JJ Kinahan, Senior Vice President at CBOE Global Markets, joins the NYSE floor to discuss triple witching dynamics on the quarterly expiration date. As options, futures, and equity derivatives converge, Kinahan warns traders to exercise caution particularly around market close when underlying equities experience significant volatility as indices establish final settlement values. He emphasizes that these quarterly events occur every third Friday in March, June, September, and December, creating both trading opportunities and risks, especially for less experienced market participants who should avoid the opening and closing sessions.

Despite ongoing geopolitical tensions involving Iran, Russia, Ukraine, and Saudi Arabia, Kinahan notes that volatility indices remain surprisingly subdued. Markets have become accustomed to persistent conflicts, only reacting to genuinely unusual developments rather than day-to-day headlines. The volatility response has shifted primarily to crude oil markets, while equity volatility remains dampened by habituation to global instability. With limited economic data releases and earnings reports scheduled in the coming week, Kinahan anticipates that minor news events could trigger disproportionate market reactions as traders search for catalysts. He highlights specific options activity worth monitoring, including notable put buying in SpaceX and call purchases in Coreweave, suggesting these positions merit attention as potential indicators of directional expectations heading into mid-October expiration.