This study analyses the role of stock index options in financial markets and their advantages in terms of risk management and speculation strategies. Despite the late development of options markets in Turkey, it is emphasised how these instruments are used by investors, especially during periods of economic uncertainty and crisis. In the study, the current financial development of stock market index options is analysed in the light of national and international literature and supported by data and case studies from Turkish and world markets. The history of futures markets in Turkey and the characteristics of stock index options traded in Borsa Istanbul (VIOP) are discussed in detail, and their links with global financial developments are investigated. In particular, it has been shown that large-scale crises such as the 2008 Global Financial Crisis, the 2018 Turkish Lira Crisis and the COVID-19 pandemic have increased the demand for option contracts and that these products are used as a hedging tool against market volatility. In Turkey, it is concluded that the trading volume of BIST 30 index options increases significantly during crisis periods.