Devesh Shah

Devesh Shah

Former Partner, Goldman Sachs & Co & Co-Inventer of the VIX Volatility index

Biography

After graduating from Indiana University in 1997, Devesh started his professional career at Merrill Lynch & Co. In 2000, he was hired by Goldman Sachs in NY for Equity Derivatives, where he eventually ran the Index Derivatives Trading Business. In 2002, he started the Variance Swap business at GS. In 2003, he helped design and invent the new CBOE VIX Volatility Index. In 2004, he started the first VIX trading business on Wall Street. In 2006, he was promoted to Managing Director, and in 2008, he was promoted to the rank of a Goldman Partner. After retiring from Goldman, Devesh served as a Trustee of the Sponsors for Educational Opportunity’s NY Board and currently serves on its international Boards. He has spent time writing children’s stories and plays, writing an immigrant fiction novel that he is still polishing, and teaching Math to middle and high school students. In 2020 he started a YouTube channel called “Understanding Personal Finance”. He is a proud father of two middle school children – one soccer player and one gymnast. He lives on the Upper West Side of Manhattan with his family, where he takes daily strolls in Central Park, with a cappuccino from Joe’s.

The history of how and why the modern VIX Volatility Index was revised in 2003-2004
The VIX Volatility Index is a powerful idea and an index for measuring uncertainty in the equity market. What makes it even more powerful is the ability to almost capture it in your fist through tradable derivatives on the VIX itself. Many cross-sectional, inter-market concepts were necessary in the creation of the VIX Index. Several people, each with unique perspectives came together. Let us dive a little deeper into the formation of one of the most popular and successful listed derivatives products of the last twenty years.

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