MIAX®, creator and operator of high-performance securities exchanges, products and services, today announced average daily volume (ADV) for SPIKES® Futures in September 2021 reached 7,502 contracts, a new monthly record and representing a 92.2% increase over the 3,904 ADV in August 2021. In addition, SPIKES Futures volume on September 9, 2021 totaled a new daily record of 14,890 contracts.
An expanding group of market participants, combined with the current zero exchange fee policy is fueling the growth in volume and open interest, tight bid/ask spreads, and available size to trade. Minneapolis Grain Exchange, LLC (MGEX™) is planning to extend its zero fee exchange policy for SPIKES Futures until December 31, 2021.
"Strong support from our partners is driving adoption and contributing to record volumes in SPIKES Futures," said Mark G. Bagan, President and CEO of MGEX. "Our markets are now attracting a broader range of capital market participants, many of whom are seeking a competitive alternative to existing volatility products."
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.
"Our team is laser-focused on building a solid foundation for volatility trading and expanding the penetration of the SPIKES franchise," added Joseph W. Ferraro III, Senior Vice President, Deputy General Counsel of MIAX and President of MIAX Futures. "We continue to work with leading liquidity providers to build our suite of volatility products including enhancements to our SPIKES Options products trading on the MIAX Options Exchange."
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.
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.
