Here is what I know. The last day to trade the Feb. VIX options is Feb. 15th. The "special opening quotation" of the VIX will be calculated on Feb. 16th. The calculation will occur at 9:30am and will be based on the SPX options. Those will take into consideration any news that occurs after 4pm the 15th and before 9:30am the 16th, that would affect the S&P and it's options. I know if a stock closes at $19.80, the $20 call will have a bid of 0 and an ask of 5 cents (or possibly 10 cents) and essentially expire worthless. If I am short a Feb. $20 VIX call, and after the options for the SPY have found their destination for 9:30am the 16th, "if" the VIX was $19.80, would it also expire worthless? Or can the market makers keep a bid-ask of 15-25 cents, or even higher?