VIX put options - a bit confused

[dr_trick]

Hi all,

I was looking at the quotes for the VIX options on CBOEs website and either I am missing a trick or the prices on the put options don't look right.

For example, the VIX is closed at 12.38 on 15-May-2015, but the quotes for the Sep15 put with strike 20 are 4.40 - 4.60.

Am I missing something here, because the ask quote should be at least 7.62 i.e. 20 - 12.38.

And it is not just the strike 20, it is for all the puts. But the quotes on the calls look right with high extrinsic values.

I know that the VIX is at the lowest it has been for a while but I can't understand why the put options will be quoted below their intrinsic values.

I'm baffled...

thanks