CME lists vol quoted USD-EUR options. I can tell they are incredibly illiquid (there are no quotes listed) but how would these settle? If I bought on a 7 vol how would I know if I made money?
Here is the contract spec
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CME's volatility-quoted options are essentially a way for you to create a delta-neutral position by buying and selling an option and a future at the same time, so your primary immediate exposure is to the volatility component of the option. If you think the volatility of the UDS/EUR market is undervalued, then you might use these quotes to be long volatility but not have any exposure to the actual exchange rate.
So it's not really a different "product", but just a way to package a future and an option that will settle just like any other exchange-traded future and option would.