# Professor Menachem Brenner's joint research on volatility in financial markets is featured

1 Faculty News April 12, 2018 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025699.jpg?itok=5SpaxEbn)>

Excerpt from the [Financial Times](https://www.ft.com/content/be68aac6-3d13-11e8-b9f9-de94fa33a81e) -- "In the 1980s, [Menachem Brenner](http://www.stern.nyu.edu/faculty/bio/menachem-brenner) and Dan Galai published a series of papers that created an actual index of stock-market volatility based on options, which they called 'Sigma'. They pitched the idea to various exchanges but at the time no one wanted to turn it into a live volatility benchmark."

[Read more](https://www.ft.com/content/be68aac6-3d13-11e8-b9f9-de94fa33a81e)