It traded as high as 39.25 on Friday before settling lower after the European Central Bank said it was standing by ready to help Italy in the event of a bond default.

FORBES: In Crisis Mode, Hedge Fund Managers Turn To The VIX

For example, since September 2005, the Federal Reserve Bank of New York has been leading a joint public-private initiative to improve arrangements for clearing and settling trades in credit default swaps and other OTC derivatives.

FORBES: Reducing Systemic Risk