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The Australian Stock Exchange (ASX) says it intends to introduce a new volatility index, also known as a fear index, which would gauge the level of skittishness in the market for listed Australian stocks.

According to the ASX, the index would be modelled on the Volatility Index which is quoted and traded on the Chicago Board Option Exchange, which is usually referred to as the VIX or fear gauge.

Like the VIX, the Australian volatility index will be constituted from a number of different 30 day call and put options, which will seek to poll the markets expectation of volatility for a 30 day period.