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Photo of Bondarenko, Oleg

Oleg Bondarenko

Professor, Director of the International Center for Futures and Derivatives (ICFD)

Department of Finance


Building & Room:

UH 2123


601 S. Morgan St., Chicago, IL 60607

Office Phone:

(312) 996-2362


CV Link:

Oleg Bondarenko



  • University of Illinois at Chicago, Professor, 2015-present, Associate Professor, 2004-2015, Assistant Professor, 1997-2004
  • Northwestern University, Kellogg School of Management, Visiting Scholar, 2006-2007, 2010-present
  • Washington University in St. Louis, Olin School of Business, Visiting Associate Professor, 2004-2005

Classes Taught

  • Investments
  • Advanced Investments
  • Asset Management

Selected Grants

UIC College of Business Administration, Raising the Research Profile of CBA, Grant Recipient

CME Group Foundation, Financial Markets and Risk Management Research Grant, Grant Recipient

IFSID, Research Grant, Grant Recipient

Selected Publications

Recent Publications

  • “Exploring Return Dynamics via Corridor Implied Volatility,” with T. Andersen and M. Gonzalez-Perez, 2015, Review of Financial Studies, Vol 28, p. 2902-2945
  • “The Fine Structure of Equity-Index Option Dynamics,” with T. Andersen, V. Todorov, and G. Tauchen, 2015, Journal of Econometrics, Vol. 187, p. 532-546
  •  “Assessing Measures of Order Flow Toxicity and Early Warning Signals for Market Turbulence,” with T. Andersen, 2015, Review of Finance, Vol. 19, p. 1-54, the lead article
  • “Variance Trading and Market Price of Variance Risk,” 2014, Journal of Econometrics, Vol. 180, p. 81-97
  • “Why are Put Options So Expensive?” 2014, Quarterly Journal of Finance, Vol. 4 (3), 1450015 [50 pages], the editor’s choice paper
  • “VPIN and the Flash Crash,” with T. Andersen, 2014, Journal of Financial Markets, Vol. 17, p. 1-46, the lead article
  • “Reflecting on the VPIN Dispute,” with T. Andersen, 2014, Journal of Financial Markets, Vol. 17, p. 53-64

Commissioned Work

  • “An Analysis of Index Option Writing with Monthly and Weekly Rollover,” 2016, Research study commissioned by CBOE

Notable Honors

1993-1995, REAP Fellowship, Caltech

1991, Diploma with Honors, Moscow Institute of Physics and Technology

1985, Silver Medal, The 26th International Mathematical Olympiad


Ph.D. Social Sciences, 1998 – California Institute of Technology
MS Banking and Finance, 1993 – International University in Moscow
MS Applied Mathematics and Computational Methods, 1991 – Moscow Institute of Physics and Technology