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Miami International Securities Exchange, LLC (MIAX®) and the Minneapolis Grain Exchange (MGEX) today announce the planned December 14 relaunch of futures on the SPIKES® Index (SPIKES Futures) on MGEX via the CME Globex® platform.
SPIKES is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively traded ETF in the world, and was developed by T3 Index, a firm that develops proprietary indexes. 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 an innovative, efficient, accurate and cost-effective choice to the current volatility trading market. SPIKES Options are currently listed on MIAX.
“We are grateful to the Commissioners and staff at the SEC and the CFTC for their recognition of the need for innovation and the introduction of competition in the volatility derivatives space,” said Thomas P. Gallagher, Chairman and CEO of MIAX. “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. We believe that SPIKES Futures is the solution. This is a very significant day for investors.”
“We would like to thank the regulatory agencies for their support for new, innovative products and for their focus on the benefit and protection of investors,” said Mark G. Bagan, President and CEO of MGEX.
SPIKES Futures contracts are expected to relaunch on MGEX on December 14, 2020.
SPIKES Futures contract specifications, trading rules, pricing and interface specifications are available on the MGEX website at www.mgex.com. Additional information regarding SPIKES is available at MIAXoptions.com/spikes.
For further information regarding MIAX and SPIKES, please visit www.MIAXOptions.com
