A boom in one corner of the options market could bring 'volmageddon' and jolt the stock market in a big way

• The rising popularity of short-term options poses a big threat to the stock market, according to JPMorgan's Marko Kolanovic.
• Zero-day-to-expiry options allow traders to hedge market positions over a very short period of time.
• According to Kolanovic, the rise of these option strategies could amplify any up or down move in the stock market.

Zero-day-to-expiry options have surged in popularity since the pandemic, with daily trading volumes soaring to as much as $1 trillion, according to JPMorgan.