Recent concerns over the widening of the LIBOR OIS spreads coupled with geo political uncertainty could be hinting at a short time rise in volatility (ie the VIX). The Volatility Index over the last year has been negatively correlated to the S&P500 (-0.8). A rising equity market in this case has meant little upside volatility. Downside movements however have been short and sharp. Will we see the VIX return to its 2 year historical average? Trading Forex / CFDs is High Risk.