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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 announced the launch date and the achievement of key milestones for futures on the SPIKES® Volatility Index (SPIKES).
SPIKES Futures are expected to launch on MGEX on November 18, 2019, subject to Commodity Futures Trading Commission (CFTC) approval. SPIKES Futures will be available on MGEX via the CME Globex® platform, providing the SPIKES Futures product with significant distribution from day one.
With the launch of SPIKES Futures, MIAX and MGEX will serve as the exclusive exchanges for SPIKES derivatives products, following their previously announced partnership, with SPIKES Futures available on MGEX via the CME Globex® platform (Ticker: SPK), and SPIKES Options available on MIAX Options Exchange (Ticker: SPIKE). 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.
Thomas P. Gallagher, Chairman and CEO of MIAX said, “SPIKES Futures rounds out the SPIKES product complex, and provides the hedging component, trading opportunities, reliability and speed that volatility trading firms have long sought. The SPIKES Options and Futures portfolio disrupts an exclusive market. We’re looking to transform the way people trade volatility, injecting competition into the marketplace that will expand opportunities, reduce costs, boost volume and drive industry-wide growth. We would like to thank the entire MGEX team for its focus and commitment to the launch of SPIKES Futures and for helping us to bring our first futures product to market.”
The SPIKES Futures self-certification submission was filed with the CFTC by MGEX on September 20, 2019. SPIKES Futures contract specifications and trading rules are also available on the MGEX website. Information about pricing and interface specifications will be made available in the coming weeks, prior to launch.
Said Mark G. Bagan, President and CEO of MGEX, “The SPIKES Futures contract presents us with a tremendous opportunity to grow and diversify our exchange. We are excited for the new 2 direction that MGEX is headed and are confident that our regulatory standing along with our partnership with MIAX makes MGEX uniquely positioned to offer many new proprietary products to the derivatives trading community.”
For further information regarding MIAX and SPIKES Options, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.
For further information regarding MGEX, please visit www.MGEX.com.
