Patrick Fay

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Patrick J. Fay is an American derivatives executive and retired chief operating officer of Morningstar Indexes and Sustainalytics, divisions of Morningstar, Inc. who has worked in the financial services industry, focusing on derivatives markets, indexing, and alternative investment strategies. 
He has held leadership roles at organizations including FTSE Russell and the Chicago Board Options Exchange (CBOE). Fay also worked at EQDerivatives as head of research and consulting, providing market mapping research and consulting services to asset owners, index providers, exchanges, and banks.
== Background ==
Fay served as the chief operating officer of Morningstar Indexes and Sustainalytics, where he played a pivotal role in building a global index business and advancing ESG-focused solutions. During his tenure, he was instrumental in overseeing operational strategies and fostering collaboration across teams to deliver innovative products and services for institutional investors, wealth managers, and advisors.
Fay worked at FTSE Russell as global head of derivatives, where he was responsible for developing derivative-based products for institutional investors.
At CBOE, he served as a senior vice president and was involved with the development of VIX futures. Formerly a vice president and managing director of the CBOE Futures Exchange (CFE), Fay directed all aspects of CBOE’s futures effort -- marketing and sales, member relations, and the exchange’s market-making program -- and initiated the creation of Market Data Express, LLC, a CBOE subsidiary that offers market data for sale. 
Fay rejoined CBOE in 2004 from NQLX, where he served as executive vice president responsible for business development. Prior to that position, Fay spent 18 years at CBOE, where he was involved in systems development, trading operations and marketing. He managed both CBOE’s Internet presence and The Options Institute, the educational arm of CBOE, as part of his business development role. He also oversaw sweeping changes that ranged from the rollout of handheld electronic trading terminals on the CBOE floor to the development of CBOE’s award-winning website.
At EQDerivatives, Fay led research initiatives analyzing trends in alternative risk premia and volatility investing, and provides consulting services to financial institutions.
== Education ==
Fay holds a Bachelor of Science degree in business from Eastern Illinois University and a Masters of Business Administration degree in business economics from DePaul University. He also attended the Securities Industry Institute at The Wharton School at the University of Pennsylvania. 
== Videos ==
Small Cap Splash: Russell's Pat Fay talks about CBOE's latest volatility contract
The CBOE Volatility Index futures, or VIX, has been THE most successful futures contract in recent years. With the VIX posting record volumes this year, the exchange and Russell Indexes say now is the time to launch the Russell 2000 Volatility Index futures or RVX. John Lothian News sat down with Russell Investment's Pat Fay to talk about RVX and its potential, especially versus other indexes like VIX and the European volatility index VSTOXX. Fay says the appetite for a small cap stock volatility futures is strong, especially among money managers looking to incorporate volatility hedges into their portfolios. "Clients are asking for volatility products," Fay says. "Folks have taken the opportunity to educate themselves on it, develop strategies, it's become very popular."
Small Caps Coming Up Big: Russell’s Pat Fay on the One-Year Anniversary of the CBOE Russell 2000 Volatility Index]
Investors have been flocking to equities lately, but the interest in small caps is outpacing that in large caps. JLN spoke with Pat Fay, director of listed derivatives for Russell Investments, at FIA Expo, who talked about the "disconnect" between large cap volatility and small cap volatility starting in February, which is also represented in the options volume. Small cap options volume has risen significantly, whereas large cap volume has grown, but not nearly as much.
== References ==	
Category:Financial services
Category:Index providers
Category:CBOE Futures Exchange
Category:NQLX
Category:NQLX - Former Employees
Category:Russell Investments
Category:Russell Investments - Former Employees
Category:CBOE
Category:CBOE - Former Employees
Category:FTSE Russell
Category:FTSE Russell - Former Employees