{"id":236389,"date":"2025-12-22T11:26:23","date_gmt":"2025-12-22T16:26:23","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=236389"},"modified":"2026-01-05T09:36:58","modified_gmt":"2026-01-05T14:36:58","slug":"are-options-quietly-running-the-market","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/are-options-quietly-running-the-market\/","title":{"rendered":"Are Options Quietly Running the Market?"},"content":{"rendered":"\n<p>Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing Corporation joins IBKR\u2019s Jeff Praissman to break down record-setting options volume, short-dated contracts, evolving risk models, and what traders should be watching as the market heads into 2026.<\/p>\n\n\n\n<iframe title=\"Are Options Quietly Running the Market?\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=t77nw-1a0cd46-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-334\">Summary \u2013 IBKR Podcasts Ep. 334<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>Hi everyone, this is Jeff Praissman with Interactive Brokers Podcast, and, uh,&nbsp;it\u2019s&nbsp;my pleasure to&nbsp;welcome to&nbsp;the podcast&nbsp;Mat&nbsp;Cashman. Today&nbsp;we\u2019re&nbsp;gonna&nbsp;be stepping back to look at option markets in 2025.&nbsp;So&nbsp;if&nbsp;you\u2019ve&nbsp;been trading or hedging, or even just watching the markets this year,&nbsp;it\u2019s&nbsp;probably felt&nbsp;a lot like a lot happened&nbsp;really quickly.&nbsp;So&nbsp;the question&nbsp;I\u2019m&nbsp;gonna&nbsp;be asking is, you know, what&nbsp;actually changed, and what&nbsp;Maters going forward? And as I said, we have our special guest,&nbsp;Mat&nbsp;Cashman, the principal of Investor Education at Option Clearing Corporation, and a long-time options market practitioner\u2014practitioners\u2014and also&nbsp;a long-time friend of the show.&nbsp;Mat, welcome back.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>I am a long-time friend of the show. Jeff,&nbsp;it\u2019s&nbsp;great to be here.&nbsp;Thanks&nbsp;for having me.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-0\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>I love having you on the podcast, and especially as we wrap up this year, this seemed like&nbsp;a really appropriate&nbsp;topic to, uh, tackle. And I can think of, uh, no one else that we\u2019d rather have&nbsp;tackle&nbsp;it than you.&nbsp;So&nbsp;kind of&nbsp;let\u2019s&nbsp;start at the\u2014let\u2019s&nbsp;start at the top,&nbsp;Mat. Uh,&nbsp;Mat. And, you know, when people look back at 2025, what should they understand about the scale of the options market?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-0\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>That\u2019s a really great place to start, because that\u2019s where some of the major changes have happened.&nbsp;I think the most important starting point for this year is that 2025&nbsp;wasn\u2019t&nbsp;really a pause year. It&nbsp;wasn\u2019t&nbsp;a, like, digestion year,&nbsp;industry-wide. Um, options activity continued to grow meaningfully on top of what we had already as record levels in 2024.&nbsp;<br>If you look at OCC-cleared volume through late 2025\u2014we\u2019re recording this, uh, kind of midway through December, so the full number is not going to be known\u2014but, um, total U.S. listed option volume was running well ahead of 2024, uh, which, like I said, already was a record year.&nbsp;We\u2019re&nbsp;talking about tens of billions of contracts.&nbsp;<br>Average daily volumes are looking north of 60 million contracts across equities, ETFs, and index options. And if you multiply that 60 million average number times 252 trading days, which is how many trading days are in a year, you get north of 15 billion contracts, which is&nbsp;probably what&nbsp;we\u2019re&nbsp;going to end up clearing for the whole year.&nbsp;<br>And that growth&nbsp;wasn\u2019t&nbsp;just isolated to one kind of product or one area; it was&nbsp;kind of across&nbsp;the entire venue. Equity options, ETF options, and index options all contributed to that. And, uh, that really&nbsp;Maters because it tells us that this isn\u2019t just&nbsp;speculative&nbsp;froth in one part of the market. Options are now really like a\u2014what people consider\u2014a core risk transfer and kind of risk expression tool across the entire investment ecosystem. And that\u2019s a\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-1\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>So,&nbsp;Mat, so from what&nbsp;I\u2019m&nbsp;kind of gathering&nbsp;from this, like this&nbsp;wasn\u2019t&nbsp;just, you know, this huge\u2014this big uptick in volume. You know, it&nbsp;wasn\u2019t&nbsp;just like retail enthusiasm or even, like, one hot product, like, you know,&nbsp;everyone\u2019s&nbsp;just diving into something like this. This was really, like, diversified and spread out.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-1\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Yeah. Yeah, I think&nbsp;that\u2019s&nbsp;a hundred percent true. Um, retail participation&nbsp;remains&nbsp;an important part of this market, but what&nbsp;you\u2019re&nbsp;getting on top of all of that is institutions and advisors and structured product desks, volatility funds, and, uh, systemic&nbsp;strat\u2014or systematic strategies, sorry. Uh,&nbsp;they\u2019re&nbsp;all using options more actively than they have previously, even two or three years ago.&nbsp;And, you know, the options market in 2025 looks a lot less like a niche derivatives market, like you said, and more like market infrastructure&nbsp;that\u2019s&nbsp;happening&nbsp;kind of across&nbsp;the entire spectrum.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-2\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>And, you know, something\u2014and not just in the options market\u2014but something always amazes me, like how something, you know, new or novel\u2014you know, if&nbsp;it\u2019s&nbsp;working\u2014becomes normal, right? Like, you know, a long time ago, like, whatever, 25 years ago, no one had cell phones, and now, like, no&nbsp;one doesn\u2019t have&nbsp;them.&nbsp;But, like,&nbsp;kind of shifting&nbsp;into the&nbsp;option&nbsp;conversation\u2014short-dated options, right? Like, they were something new not too long ago, but now they just seem like&nbsp;they\u2019re&nbsp;part of the landscape. Like what\u2014what, especially this year\u2014like what changed?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-2\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Absolutely. Yeah,&nbsp;I think this&nbsp;is a big, big story\u2014not just the numbers and the rotation that we saw in \u201924 and \u201923 into these shorter-dated options. You know, I\u2019ve been talking about zero-DT options for, like, you know, almost going on three years now, and 2025 is really the year that these shorter-dated options fully crossed the line from, like, \u201coh, that\u2019s interesting,\u201d and people thinking about it in an interesting way, to, like what you just said, which is, like, it\u2019s becoming kind of institutionalized.&nbsp;It\u2019s&nbsp;becoming this part of the baseline levels of the marketplace that&nbsp;we\u2019ve&nbsp;seen, and zero-day options\u2014and more broadly just kind of, like, short-dated contracts\u2014have really become a persistent and a predictable share of index option activity across the industry.&nbsp;<br>A ma\u2014like&nbsp;a majority of&nbsp;the index options volume on many days is expiring within the next 24 hours. And&nbsp;that\u2019s&nbsp;a huge\u2014um\u2014like,&nbsp;it\u2019s&nbsp;a structural shift. You know, I mean,&nbsp;it\u2019s&nbsp;important because&nbsp;they\u2019re&nbsp;being used for intraday hedging, people who&nbsp;wanna&nbsp;trade event-driven positions, volatility expression, without&nbsp;the overnight&nbsp;exposure, which is a big&nbsp;part of kind&nbsp;of how those options work.&nbsp;And then systemic\u2014you know, or systematic, sorry, I keep using those two words interchangeably\u2014systematic income strategies, which is a lot of kind of where that flow is coming from.&nbsp;It\u2019s&nbsp;not just directional trading, and&nbsp;it\u2019s&nbsp;not just retail. You know, I mean,&nbsp;it\u2019s&nbsp;across the entire spectrum. So&nbsp;that\u2019s&nbsp;a big change&nbsp;in 2025.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-3\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>Yeah,&nbsp;it\u2019s&nbsp;huge. And it\u2014you know\u2014it\u2019s funny, too, because, you know, kind of aging myself here, but, you know, I remember when weeklies came into play, and, like, everyone\u2019s like, \u201coh my God, we\u2019re&nbsp;gonna&nbsp;have expiration every week.\u201d Uh, and now&nbsp;it\u2019s&nbsp;daily.&nbsp;So, you know, obviously, you know, in the past&nbsp;we\u2019ve&nbsp;talked about the Greeks and, you know\u2014the obviously\u2014and, and, you know, gamma and delta, the kind of the three big ones. But, you know, how do you know\u2014with this less-than-24-hour expiration cycle\u2014how does it change, you know, how the markets behave intraday when there\u2019s such little time till they\u2019re either, you know, either being assigned or exercised or going away worthless with, you know, such little leeway?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-3\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>That\u2019s&nbsp;a good question, and it&nbsp;gets at&nbsp;the nuance of how I think we should think about this going forward. Um, it&nbsp;doesn\u2019t&nbsp;really change necessarily\u2014and I talk about this all the time\u2014it doesn\u2019t necessarily, I think, change where the market is necessarily going, right? It&nbsp;doesn\u2019t, like\u2014I think people&nbsp;try to glean a certain amount of, uh, idea about the direction of the market from those positions.&nbsp;But I think what it really talks about is&nbsp;kind of where&nbsp;the sensitivity&nbsp;lives. It\u2019s\u2014it\u2019s far more\u2014how I view it is,&nbsp;um,&nbsp;you shouldn\u2019t necessarily look at the, you know, short-dated option portfolio of the broader market and think about, like, the fact that, you know, we\u2019re going to this place as far as price is concerned.&nbsp;<br>But what it says to me more is, if we do get to that level, because of the fact that there are larger option positions there, your sensitivity to what\u2019s happening\u2014and, like, your ears should kind of perk up a little bit more\u2014because there\u2019s just more potentially dynamic hedging that has to happen, and it has to happen quickly, right?&nbsp;We\u2019re&nbsp;talking about options that expire very, very soon, and because of their risk profile, it begets a certain amount of dynamic hedging that is a part of that landscape and happens quickly when the market does move there.&nbsp;<br>So&nbsp;it\u2019s&nbsp;not necessarily something that is a systemic risk, right? When we first started thinking about this\u2014just like you said\u2014we were talking about, like, \u201coh, there\u2019s&nbsp;gonna&nbsp;be a weekly expiration every week.\u201d And then it became, right, a Monday, Wednesday, Friday, and then it became a Monday, Tuesday, Wednesday, Thursday, Friday thing. And people were talking about systemic risk that it might be a part of that landscape, and it&nbsp;hasn\u2019t&nbsp;really played out that way.&nbsp;<br>What it&nbsp;has become is a big part of how the market works. And&nbsp;so&nbsp;it\u2019s\u2014I think&nbsp;it\u2019s&nbsp;really incumbent&nbsp;upon us to think about that, and think about that and how risk is handled, and think about that and how we look at the market on a day-to-day basis.&nbsp;<\/p>\n\n\n\n<p><strong>Jeff Praissman<\/strong><\/p>\n\n\n\n<p>Yeah.&nbsp;And that\u2014that\u2019s&nbsp;a good point. And that\u2019s something I think people don\u2019t think about enough, is like, you know, how does clearing work with this, and margining and risk, and like, you know\u2014so, you know, everyone\u2019s just thinking of, like, the sexy part, the option part, but they\u2019re not thinking of the under-the-hood.&nbsp;<br>So, you know, how has the industry responded to this? You know, really a\u2014a great\u2014more of a, you know, not just demand for these products, but a demand on them to be able to make sure that these are, you know, safe. Safely handled, I&nbsp;guess&nbsp;would be the right word. And, um, you know, and&nbsp;everything\u2019s&nbsp;above.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-4\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Yeah, this year, I&nbsp;think,&nbsp;2025&nbsp;is of&nbsp;what I would call infrastructure response.&nbsp;It\u2019s&nbsp;not like&nbsp;reactionary&nbsp;panic.&nbsp;It\u2019s&nbsp;not people, you know, freaking out about these numbers being that big.&nbsp;It\u2019s&nbsp;more, uh, clearing and risk frameworks that are&nbsp;kind of evolving&nbsp;to better reflect things like intraday risk, which OCC changed.&nbsp;You know,&nbsp;kind of how&nbsp;people are margined intraday\u2014that happened&nbsp;relatively recently.&nbsp;They\u2019re modeling jump risk in a different way, uh, and really talking about the non-linear behavior of these shorter-dated options.&nbsp;Uh, like I said, at the OCC level, enhancements to short-dated option margin modeling were implemented specifically to capture risks that&nbsp;don\u2019t&nbsp;show up in an overnight traditional stress test, right?&nbsp;That\u2019s&nbsp;an overnight&nbsp;that&nbsp;we\u2019ve&nbsp;been using forever.&nbsp;Uh, but in a reaction to the fact that so much of this volume has rotated into these options that are expiring\u2014that&nbsp;isn\u2019t&nbsp;captured by the overnight risk modeling\u2014the OCC changed how they&nbsp;actually margin&nbsp;shorter-dated options. And that\u2019s part of that process going forward. And&nbsp;it\u2019s&nbsp;a\u2014it\u2019s&nbsp;a proactive way to address things like this, to make sure that these systemic risks that everyone talked about when we first started thinking about these contracts&nbsp;don\u2019t&nbsp;appear as these positioning trades get&nbsp;larger and larger.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-4\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>And, you know, I\u2014I do like the proactive approach.&nbsp;It\u2019s&nbsp;always good not&nbsp;waiting&nbsp;for things to break. But, you know, is this something that retail traders should even care about, or, you know, is this sort of for them to\u2014&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-5\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>I mean,&nbsp;yeah. If&nbsp;you\u2019re&nbsp;a retail trader, you should care about this, because guess what? Your broker, right, or your clearing member firm, who is being margined differently at the OCC level, um, especially if that requires more margin, uh, generally speaking, is&nbsp;not in a position where they&nbsp;feel like taking&nbsp;on&nbsp;all of&nbsp;that margin requirement themselves.&nbsp;<br>This is a model that gets kind of, like, trickled down, right? And&nbsp;so&nbsp;margin models and clearing risk frameworks&nbsp;ultimately shape&nbsp;capital requirements at brokerage houses, which then essentially change the capital requirements for the customers of those brokerage houses, which are&nbsp;ultimately the&nbsp;retail clients.&nbsp;Um, it affects product availability\u2014like what is there, what is available to trade, what are the things that we can trade based on the margin that we carry. And then it also sometimes affects how quickly firms can respond during volatile markets. When the risk models improve, the market&nbsp;becomes just&nbsp;more resilient. It becomes more robust. It&nbsp;doesn\u2019t&nbsp;necessarily mean that&nbsp;it\u2019s&nbsp;less accessible. It means that&nbsp;it\u2019s&nbsp;built on a stronger framework underneath it, and I think&nbsp;that\u2019s&nbsp;an important part of this also.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-5\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>Yeah, no, absolutely. And, you know, as we\u2019re winding 2025 down, you know, it is nice to kind of sit here and reflect on the year and, you know, what was some of the\u2014you know, kind of the theme of this year is, you know, there\u2019s\u2014as probably every year\u2014there\u2019s always, like, new products, right?&nbsp;There\u2019s&nbsp;always something coming out. You know, what\u2014what are a few that stood out to you this year, in 2025?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-6\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Uh,&nbsp;yeah.&nbsp;So&nbsp;for 2025, I think there were really two big ideas that dominated in that regard. The first&nbsp;one\u2019s&nbsp;concentration. Like, I think we saw index products that were designed to isolate really specific thematic ideas,&nbsp;particularly like&nbsp;mega-cap tech exposure. I think&nbsp;that\u2019s&nbsp;something that people have been talking about for a while, and 2025 was the year where I think a lot of that came to fruition.&nbsp;And a lot of these products give investors index-style&nbsp;efficiency with&nbsp;more targeted risk, right? Like a more granular way to express that risk. And then the second one\u2014I think it kind of&nbsp;goes without saying\u2014but&nbsp;it\u2019s&nbsp;the options embedded inside wrappers. You see this everywhere in the ETF space, right? Defined outcome ETFs, buffered strategies,&nbsp;leveraged&nbsp;and inverse structures globally across, like, the entire options ecosystem all increasingly rely on listed options as the engine of how those products create those defined outcomes.&nbsp;Right? Anytime\u2014and I always say this when I talk about defined outcomes and ETFs specifically\u2014anytime you\u2019re looking at something, especially an ETF, that says defined outcome in the title or in the name, they\u2019re using options to create those defined outcomes, because there\u2019s no other way really that they can do it.&nbsp;<br>And&nbsp;so&nbsp;the through line here, I think, is this: options&nbsp;aren\u2019t&nbsp;just something that you trade.&nbsp;They\u2019re&nbsp;something that&nbsp;you&nbsp;kind of, like, build with. And the broader ecosystem is really starting to catch on to that idea and be able to use the leverage&nbsp;that\u2019s&nbsp;inherent within those options to build these strategies and then push them out to the end user and make those things available across the board.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-6\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>And, you know, another thing we\u2014you know, I noticed\u2014like, we also, you know, really starting to see an expansion in trading hours. You know, for example, I know Interactive Brokers offers about 10,000 U.S. stocks and ETFs almost, you know, 24 hours a day through extended hours. I think&nbsp;it\u2019s&nbsp;like 23 hours and 50 minutes between exchange hours and extended hours, then our own overnight trading.&nbsp;Um, you know, what do you think the future of the industry with that is?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-7\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Well, I think there\u2019s only really one way to go as far as that\u2019s concerned, right?&nbsp;Which is&nbsp;probably more&nbsp;access, more of the time. I think it\u2019s a subtle but important shift because of all of the different things that we\u2019ve already talked about as far as risk is concerned.&nbsp;Extended trading hours for index options continue to gain traction\u2014more traction than they already had in 2025. More participants outside the U.S. time zones are accessing the U.S. risk using listed options.&nbsp;I\u2019m&nbsp;sure&nbsp;you guys&nbsp;see that directly at IBKR, right? I mean,&nbsp;you\u2019re&nbsp;a global firm that has a lot of customers that are outside the United States.&nbsp;<br>Um, but this&nbsp;doesn\u2019t&nbsp;mean that markets or the traditional markets are suddenly 24\/7 like crypto. This is&nbsp;kind of going&nbsp;to be an incremental shift, just&nbsp;like&nbsp;you suggested. Uh, but it does mean that the idea\u2014and&nbsp;I think this&nbsp;is another thing that we&nbsp;have to&nbsp;start&nbsp;to talk&nbsp;about as an industry\u2014is what is a single trading day, actually? What does that mean, right?&nbsp;<br>When&nbsp;you\u2019re&nbsp;in an environment where&nbsp;there\u2019s&nbsp;no necessarily closing bell like there used to be\u2014right? Like,&nbsp;we\u2019re&nbsp;dating ourselves again. We were talking about when they rolled out the weekly expirations for the first time and everyone freaked out. Well, now&nbsp;we\u2019re&nbsp;getting to a point where we&nbsp;have to&nbsp;rethink the idea of the closing bell, and that might be something that kind of goes away.&nbsp;This has implications for things like liquidity provision, hedging behavior\u2014think about&nbsp;all of&nbsp;the algorithms that are designed to hedge on the close, right, or through VWAP or things like that\u2014and operational readiness across the brokerage and the clearing world.&nbsp;It needs to be something that is built into the conversation at many different levels as we\u2019re moving in that direction.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-7\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>So,&nbsp;Mat, just to clarify\u2014you&nbsp;don\u2019t&nbsp;think the exchanges are going back to being closed on Wednesdays, right? Just to really date ourselves, before we were even there, right?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-8\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>No, I&nbsp;don\u2019t&nbsp;think&nbsp;that\u2019s&nbsp;happening, Jeff. No\u2014we\u2019re&nbsp;headed&nbsp;the opposite direction, brother.&nbsp;We\u2019re&nbsp;a one-way train that only goes one way, so yes.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-8\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>Um, so\u2014so looking ahead to next year\u2014what should you know, what do you think people should be watching for in 2026?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-9\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Yeah, so I think&nbsp;there\u2019s&nbsp;three main things there. Uh, the first one is&nbsp;keep&nbsp;an eye on the shorter-dated options and how they continue to be integrated into, like, institutional workflows.&nbsp;That\u2019s&nbsp;a big part of this.&nbsp;And then, as a kind of adjunct to that, uh, you know, the NASDAQ applied for single-name zero-day options in a very specified way.&nbsp;That\u2019s&nbsp;a big part of that as well. That\u2019s&nbsp;gonna&nbsp;be a continuing development in that story, so keep an eye on that.&nbsp;<br>And then second, I think the risk modeling and the margin evolution that goes along with that\u2014the more accurately that we are able to price and manage intraday risk, not only from OCC and the clearing side of things, but also, uh, operationally from the brokerage side of things at the individual level\u2014the healthier this market is going to become.&nbsp;<br>And then third, I think\u2014always from my seat\u2014is the education aspect of it. Options are powerful tools. They are, um, you know,&nbsp;they\u2019re&nbsp;leveraged&nbsp;instruments, but only if people really understand the trade-offs that are embedded in them\u2014what they can do and what they&nbsp;can\u2019t&nbsp;do.&nbsp;Um, you know, so much of my time is spent trying to telegraph those concepts to people, and I know it\u2019s, like, some\u2014I probably sound like a broken record most of the time\u2014but it\u2019s a really important part of this, because they are&nbsp;leveraged&nbsp;instruments. And&nbsp;it\u2019s&nbsp;a large part of how this market is going to continue to grow, by making sure that people understand how those contracts work.&nbsp;So&nbsp;2025 showed us that options&nbsp;aren\u2019t&nbsp;really a sideshow anymore.&nbsp;They\u2019re&nbsp;central to how this market functions, and&nbsp;I think education&nbsp;is a big part of that as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-9\"><strong>Jeff Praissman<\/strong><\/h3>\n\n\n\n<p>Uh,&nbsp;Mat, this has been great, as always. And for our listeners, to get more from&nbsp;Mat, you can go to, um,&nbsp;<a href=\"https:\/\/www.theocc.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">www.theocc.com<\/a>&nbsp;and, uh, optionseducation.org as well\u2014or check out our website. Just click on the Education tab at IBKR.com, and you can check out past webinars, past podcasts, and upcoming events from, uh,&nbsp;Mat&nbsp;Cashman and our, uh, wonderful content providers.&nbsp;Mat, thanks again. Happy holidays. Have a happy New Year.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-mat-nbsp-cashman-10\"><strong>Mat&nbsp;Cashman<\/strong><\/h3>\n\n\n\n<p>Absolutely. Thanks for having me, Jeff. It was a pleasure, as always.&nbsp;<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing Corporation joins IBKR\u2019s Jeff Praissman to break down record-setting options volume, short-dated contracts, evolving risk models, and what traders should be watching as the market heads into 2026.<\/p>\n","protected":false},"author":914,"featured_media":236391,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[10842,13857],"tags":[14761,20959,15761,20961,6988,15769,19313,2099,20436,10995,12030,10847,4574,11736,4135,20960,14728,18053,20432],"contributors-categories":[13576,13871],"class_list":{"0":"post-236389","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-0dte","10":"tag-clearing-and-margin","11":"tag-derivatives-market","12":"tag-etfs-and-options","13":"tag-financial-markets","14":"tag-ibkr-podcasts","15":"tag-institutional-trading","16":"tag-interactive-brokers","17":"tag-market-structure","18":"tag-market-volatility","19":"tag-occ","20":"tag-options-market","21":"tag-options-trading","22":"tag-retail-trading","23":"tag-risk-management","24":"tag-short-dated-options-2","25":"tag-trading-education","26":"tag-trading-strategies","27":"tag-zero-day-options","28":"contributors-categories-interactive-brokers","29":"contributors-categories-the-options-industry-council-oic"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are Options Quietly Running the Market? | IBKR Podcasts<\/title>\n<meta name=\"description\" content=\"Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/236389\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Options Quietly Running the Market? | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing Corporation joins IBKR\u2019s Jeff Praissman to break down record-setting options volume, short-dated contracts, evolving risk models, and what traders should be watching as the market heads into 2026.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/are-options-quietly-running-the-market\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-22T16:26:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-05T14:36:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Praissman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jeff Praissman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"16 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Jeff Praissman\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/f47d7b3d455b7dd41e4b36f95ea08ba4\"\n\t            },\n\t            \"headline\": \"Are Options Quietly Running the Market?\",\n\t            \"datePublished\": \"2025-12-22T16:26:23+00:00\",\n\t            \"dateModified\": \"2026-01-05T14:36:58+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/\"\n\t            },\n\t            \"wordCount\": 3910,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/12\\\/pod20251216cashman_coverimage.jpg\",\n\t            \"keywords\": [\n\t                \"0DTE\",\n\t                \"clearing and margin\",\n\t                \"derivatives market\",\n\t                \"ETFs and options\",\n\t                \"Financial Markets\",\n\t                \"IBKR Podcasts\",\n\t                \"institutional trading\",\n\t                \"Interactive Brokers\",\n\t                \"Market Structure\",\n\t                \"market volatility\",\n\t                \"OCC\",\n\t                \"options market\",\n\t                \"options trading\",\n\t                \"Retail trading\",\n\t                \"risk management\",\n\t                \"short dated options\",\n\t                \"trading education\",\n\t                \"Trading Strategies\",\n\t                \"Zero Day Options\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Podcasts\",\n\t                \"Podcasts\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/\",\n\t            \"name\": \"Are Options Quietly Running the Market? | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/12\\\/pod20251216cashman_coverimage.jpg\",\n\t            \"datePublished\": \"2025-12-22T16:26:23+00:00\",\n\t            \"dateModified\": \"2026-01-05T14:36:58+00:00\",\n\t            \"description\": \"Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing Corporation joins IBKR\u2019s Jeff Praissman to break down record-setting options volume, short-dated contracts, evolving risk models, and what traders should be watching as the market heads into 2026.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/are-options-quietly-running-the-market\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/12\\\/pod20251216cashman_coverimage.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/12\\\/pod20251216cashman_coverimage.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/f47d7b3d455b7dd41e4b36f95ea08ba4\",\n\t            \"name\": \"Jeff Praissman\",\n\t            \"description\": \"Jeff Praissman is the Sr. Trading Education Specialist at Interactive Brokers (IBKR). Jeff began his career on the floor of the Philadelphia Stock Exchange trading equity options and moved on to a risk management role for both U.S and Brazilian portfolios. He continued his career as a Sr. Financial Analyst and holds an MBA in Finance from Temple University. Jeff writes option related articles, presents webinars, and podcasts and helps educate investors and clients via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/jeff-praissman\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Are Options Quietly Running the Market? | IBKR Podcasts","description":"Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/236389\/","og_locale":"en_US","og_type":"article","og_title":"Are Options Quietly Running the Market? | IBKR Campus US","og_description":"Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing Corporation joins IBKR\u2019s Jeff Praissman to break down record-setting options volume, short-dated contracts, evolving risk models, and what traders should be watching as the market heads into 2026.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/are-options-quietly-running-the-market\/","og_site_name":"IBKR Campus US","article_published_time":"2025-12-22T16:26:23+00:00","article_modified_time":"2026-01-05T14:36:58+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg","type":"image\/jpeg"}],"author":"Jeff Praissman","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jeff Praissman","Est. reading time":"16 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/"},"author":{"name":"Jeff Praissman","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/f47d7b3d455b7dd41e4b36f95ea08ba4"},"headline":"Are Options Quietly Running the Market?","datePublished":"2025-12-22T16:26:23+00:00","dateModified":"2026-01-05T14:36:58+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/"},"wordCount":3910,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg","keywords":["0DTE","clearing and margin","derivatives market","ETFs and options","Financial Markets","IBKR Podcasts","institutional trading","Interactive Brokers","Market Structure","market volatility","OCC","options market","options trading","Retail trading","risk management","short dated options","trading education","Trading Strategies","Zero Day Options"],"articleSection":["IBKR Podcasts","Podcasts"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/","url":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/","name":"Are Options Quietly Running the Market? | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg","datePublished":"2025-12-22T16:26:23+00:00","dateModified":"2026-01-05T14:36:58+00:00","description":"Options trading has exploded in scale, speed, and influence, but what does that actually mean for today\u2019s markets? Mat Cashman of the Options Clearing Corporation joins IBKR\u2019s Jeff Praissman to break down record-setting options volume, short-dated contracts, evolving risk models, and what traders should be watching as the market heads into 2026.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/are-options-quietly-running-the-market\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg","width":1000,"height":563},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/f47d7b3d455b7dd41e4b36f95ea08ba4","name":"Jeff Praissman","description":"Jeff Praissman is the Sr. Trading Education Specialist at Interactive Brokers (IBKR). Jeff began his career on the floor of the Philadelphia Stock Exchange trading equity options and moved on to a risk management role for both U.S and Brazilian portfolios. He continued his career as a Sr. Financial Analyst and holds an MBA in Finance from Temple University. Jeff writes option related articles, presents webinars, and podcasts and helps educate investors and clients via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/jeff-praissman\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/12\/pod20251216cashman_coverimage.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/236389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/914"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=236389"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/236389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/236391"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=236389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=236389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=236389"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=236389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}