•  The end of the year, which is typically a period of some tension in the money market, is set to be an important test of the resilience of the gradual improvement in money market conditions we have seen in recent weeks.
BIS central bankers’ speeches  5  Graph 3 The United States: Volatility in the options market (VIX)1 %  50  June 3 40  30  20  10  May-16  Jan-16  Sep-15  May-15  Jan-15  Sep-14  May-14  Jan-14  Sep-13  May-13  Jan-13  Sep-12  May-12  Jan-12  Sep-11  May-11  Jan-11  Sep-10  May-10  Jan-10  0  1 Volatility implied by S&P 500 index over the next 30 days, calculated by taking a weighted average of the implied volatility of eight call and put options.