Mandy Xu leads Cboe’s Derivatives Market Intelligence team, spearheading long-term, data-driven research projects alongside real-time market commentary. Xu produces actionable insights and analysis on derivatives market themes and flows, with a focus on Cboe's leading suite of volatility products. Xu’s perspective is often sought in times of heightened volatility, and she is frequently cited in the financial media, including the Wall Street Journal, CNBC, Financial Times and Bloomberg News.

Henry Schwartz provides thorough analyses of derivatives markets activity to identify key trends and trading behaviors. He delivers data-driven insights to a diverse range of clients, including banks, market makers, brokers, proprietary trading firms and retail-focused platforms. Schwartz applies his trading, market structure, and analytics expertise to help inform strategy, product development and internal decision‑making. Additionally, he frequently shares his market perspective at industry events and in the media.

Ed Tom leads the creation of content related to the Cboe Volatility Index product suite. Tom’s work primarily focuses on developing analytics and research that address trade structuring and implementation, managing risk exposures, identifying relative value opportunities, and optimizing portfolio performance under different market conditions. Additionally, he designs and implements the Derivatives Market Intelligence team’s quantitative analytics and infrastructure, including volatility models, surface construction, backtesting frameworks, and scenario analysis tools.

Wei Liao leads the development of Cboe’s Derivatives Market Intelligence content in the Asia Pacific (APAC) region, delivering impactful, data-driven insights tailored to clients’ needs. Liao regularly provides derivatives market commentary to media and external partners across the region, helping inform market participants about the current environment and providing actionable insights. Additionally, Liao drives robust client engagement through a variety of platforms, including workshops, panels, speaking events and webinars.