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Miami International Securities Exchange, LLC (MIAX®) and the Minneapolis Grain Exchange, Inc. (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today reported the launch of futures on the SPIKES® Volatility Index (SPIKES).
Available on MGEX via the CME Globex® platform, SPIKES Futures (Ticker: SPK) offers a trading experience consistent with industry best practice tick size, notional value and contract specifications. SPIKES Futures introduces a more innovative, efficient, accurate and cost- effective choice to the current volatility trading market.
"The futures volatility trading market has been unnecessarily closed off to competition, and the marketplace has suffered as a result of a lack of choice and innovation. We believe that SPIKES Futures is the solution,” said Thomas P. Gallagher, Chairman and CEO of MIAX. “This significant launch is yet another demonstration of MIAX’s long-term business strategy to introduce new and disruptive products at lower costs to customers that invigorate targeted sectors of the derivatives market.”
“Our partnership with MIAX represents a significant step forward for MGEX in bringing innovative diversification tools like SPIKES Futures to the derivatives market,” said Mark G. Bagan, President and CEO of MGEX. “Our expectation is that SPIKES Futures will improve and bring the much needed transparency and competition that has been long absent from the volatility sector.”
“SPIKES Futures rounds out the SPIKES product portfolio, adding the hedging component, trading opportunities, reliability and speed that volatility trading firms have long sought,” said Simon Ho, Executive Director of T3 Index. “Market participants now have more choice and more opportunity to hedge risk, gain risk exposure to index volatility or simply pursue another method of diversification.”
Designed by financial indexing firm T3 Index, SPIKES is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively traded exchange traded fund in the world. Calculated and disseminated every 100 milliseconds, SPIKES offers index stability and accuracy as a result of its proprietary price dragging technology and other features that reduce erratic index values.
SPIKES Futures contract specifications, trading rules, pricing and interface specifications are available on the MGEX website at www.mgex.com. Additional information regarding SPIKES Futures can be found at MIAXoptions.com/spikes/futures-information.
For further information regarding the MIAX Exchange Group and SPIKES Options, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.
