During extreme market conditions, MIAX Options may implement certain changes in regards to the opening of SPY options on SPIKES Settlement Day. These could include:
- Expanding the maximum quote widths for the Settlement Reference Price Opening Width and Valid and Priority Quote Width
- Delay the opening of SPY options used to calculate the final SPIKES Settlement Price
- If MIAX is not able to determine the final settlement value for SPIKES options, determine the final settlement value in accordance with The Options Clearing Corporation (OCC)’s By-Laws
Please refer to MIAX Regulatory Circular 2020-10 for further details for potential modifications to the SPIKES Settlement Process.
Contact Trading Operations at TradingOperations@MIAXOptions.com or (609) 897-7302 with any questions regarding the SPIKES Settlement Process.
