Title: Simple variance swaps
Description: "The large asset price jumps that took place during 2008 and 2009 disrupted volatility derivatives markets and caused the single-name variance swap market to dry up completely.  This paper defines and analyzes a simple variance swap, a relative of the variance swap that in several respects has more desirable properties.  First, simple variance swaps are robust: they can be easily priced and hedged even if prices can jump.  Second, simple variance swaps supply a more accurate measure of market-implied variance than do variance swaps or the VIX index.  Third, simple variance swaps provide a better way to measure and to trade correlation.  The paper also explains how to interpret VIX in the presence of jumps"--National Bureau of Economic Research web site.