MIAX®, creator and operator of highperformance securities exchanges, products and services, today announced average daily volume (ADV) for SPIKES® Futures in August 2021 reached 3,904 contracts, a new monthly record and representing a 144.7% increase over the 1,596 ADV in July 2021. In addition, SPIKES Futures volume on September 8, 2021 totaled a new daily record of 13,342 contracts.
SPIKES Futures markets continue to see improved market quality, with an expanded group of market participants contributing to tight bid/ask spreads and available size to trade. MGEX is also planning to extend its zero fee exchange policy for SPIKES Futures until December 31, 2021.
SPIKES Futures are based on the SPIKES Volatility Index, which was designed by T3 Index and measures the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively traded ETF in the world. The futures contracts are listed on MGEX and accessed via the CME Globex® platform.
“The record SPIKES Futures volumes are a testament to a new volatility trading ecosystem we are focused on building in close collaboration with our partners,” said Thomas P. Gallagher, Chairman of MGEX and Chairman & CEO of MIAX. “We continue to devote significant resources to building out our volatility complex, with rising demand from new sectors of the end-user community expected to support our trading volumes.”
The SPIKES Volatility Index is calculated and disseminated every 100 milliseconds, offering best-in-class accuracy and stability as a result of its proprietary price-dragging technology. Futures on the SPIKES Index allow traders to benefit from the Index’s innovative design features, including its truncation methodologies and underlying SPY option component liquidity.
“Our experienced futures team is focusing on building demand from new market segments, including both institutional investors and retail trading accounts,” said Joseph W. Ferraro III, Senior Vice President, Deputy General Counsel and President of MIAX Futures. “We are providing the trading community with a new way to trade volatility, offering a low cost product that is quickly being embraced by established volatility market participants and futures trading firms.”
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 www.MIAXoptions.com/spikes/futures.
