News Centre

MIAX Options Regulatory: Options On The SPIKES Index

Date 19/02/2019

On October 12, 2018, the Securities and Exchange Commission (“SEC”) approved the Exchange’s proposal to list and trade on the Exchange options on the SPIKES™ Index (“SPIKES” or the “Index”), a new index that measures expected 30-day volatility of the SPDR S&P 500 ETF Trust (commonly referred to by its ticker symbol, “SPY”).  The listing and trading of options on SPIKES commenced on February 19, 2019.  Options on SPIKES will be cash-settled, and will have European-style exercise provisions.  The Index is calculated using published real-time prices of SPY options.

MIAX Exchanges: Amendment To Exchange Rule 403, Withdrawal Of Approval Of Underlying Securities

Date 19/02/2019

The MIAX Exchanges have amended rules which allow the Exchanges to delist an option class if it is open for trading on another national securities exchange, and to not open for trading or restrict securities with open interest to closing transactions, if it is open for trading solely on the Exchange.

CFTC Commitments Of Traders Reports Update

Date 19/02/2019

The current reports for the week of February 19, 2019 are now available.

Changes To MIAX Option Rules 518, Complex Orders

Date 19/02/2019

MIAX Options has made the following changes to Rule 518, Complex Orders:

• MIAX Options is implementing a Complex Liquidity Exposure Process (cLEP) for complex orders and complex eQuotes that would violate their Complex MIAX Price Collar (“MPC”) price. See MIAX Options Regulatory Circular 2019-10 for further details.

• The Exchange is eliminating the Defined Time Period which is the time period allowing a single-sided Complex Auction to begin at any time prior to the end of the trading session. Also, the end of the trading session will serve as the end of the Response Time Interval for a single-sided Complex Auction still in progress. See MIAX Options Regulatory Circular 2019-11 for further details.

CFTC’s Division Of Market Oversight Announces Mel Gunewardena As Deputy Director Of The Market Intelligence Branch And The Agency’s Chief Market Intelligence Officer

Date 19/02/2019

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) announced today that Mel Gunewardena has been named Deputy Director of the Market Intelligence Branch (MIB) and CFTC’s Chief Market Intelligence Officer. 

MIAX Options: Change To Exchange Rule 521, Nullification And Adjustment Of Options Transactions Including Obvious Errors, For Transactions Being Used To Calculate The Final Settlement Price Of A Volatility Index

Date 19/02/2019

MIAX Options is amending Exchange Rule 521, to adopt a provision specifically related to its volatility index product and the calculation of the final settlement price of a volatility index on the final settlement day.

Dankse Bank Told To Shut Down Estonian Branch In Response To Historic Money Laundering Scandal

Date 19/02/2019

The Estonian Financial Supervision (Finantsinspektsioon), issued a precept today to Danske Bank to terminate its activities in Estonia and ordered it to close its branch in Tallinn before the end of 2019.  The precept statedthat Danske Bank "violated anti-money laundering regulations for many years by allowing high-risk money-laundering clients to make suspicious transactions through the bank. In addition, it stated that Danske Bank misled the Estonian public authorities by providing them with inadequate information and thus actually hampered their investigation."

CFTC Commissioners Submit Comment On Prudential Regulators' Proposed Rulemaking

Date 19/02/2019

Commissioners of the U.S. Commodity Futures Trading Commission (CFTC) submitted a comment on the notice of proposed rulemaking issued by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation to implement a new approach for calculating the exposure amount of derivatives contracts under the agencies’ regulatory capital rules. Commissioners Brian Quintenz, Rostin Behnam, and Dan Berkovitz signed the comment, and were joined by Chairman J. Christopher Giancarlo.

SEC Proposes To Expand “Test-The-Waters” Modernization Reform To All Issuers

Date 19/02/2019

The Securities and Exchange Commission voted to propose an expansion of a popular modernization reform that would permit investor views about potential offerings to be taken into account at an earlier stage in the process than is the case today. The new rule and related amendments would expand the "test-the-waters" accommodation—currently available to emerging growth companies or "EGCs"—to all issuers, including investment company issuers.  

Pirum Welcomes Nancy Steiker And Gareth Day To The Team

Date 19/02/2019

Pirum is delighted to welcome Nancy Steiker & Gareth Day to the team.