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Better Volatility: Scott Nations and ISE Look to Launch a Better Volatility Contract There is a regular drum beat in the financial services arena about a "new asset class" or the "next asset class," many of which really aren't actually new.

In recent years, volatility has checked most, if not all, of the boxes for a new asset class. The space has been dominated by the CBOE Volatility Index, better known as the VIX or "fear gauge." But now a new volatility instrument has emerged, the VolDex, which teams Chicago-based options index firm NationsShares with the International Securities Exchange (ISE).

Scott Nations, president and CIO of NationsShares, says his VolDex index, on which the ISE is developing new options and possibly futures contracts, is the next generation volatility index that will address the needs of market users. ISE and his firm are working now to launch new options and futures contracts on the index.