MIAX®, creator and operator of highperformance securities exchanges, products and services, today announced average daily volume for SPIKES®
Futures in July, 2021 reached 1,596 contracts, a new monthly record. In addition, SPIKES Futures volume on July 13, 2021 totaled a record 4,097 contracts. An expanded group of market participants and a zero fee exchange policy that began July 1, 2021 are key factors driving volume growth.
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 volume growth provides clear evidence that SPIKES Futures are being embraced as a new product to trade volatility by the industry,” said Thomas P. Gallagher, Chairman of MGEX and Chairman & CEO of MIAX. “Our investment in experienced staff, advanced technology and the implementation of innovative fee programs is attracting a diverse group of market participants that are helping to create a new volatility trading ecosystem.”
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 record volume reflects the industry’s appreciation of a new volatility index that is reliable, accurate and reflects real-time volatility measures,” said Mark G. Bagan, CEO and President of MGEX. “SPIKES Futures address competitive needs in today’s marketplace, offering the same exposure as competing products at a significantly lower cost, and we believe recent volume milestones reflect the value of SPIKES Futures and the unique features of the SPIKES Index.”
Added Simon Ho, CEO of T3 Index, “Continued growth in volume is a testament that traders see the value the SPIKES index brings to the market. We are pleased that volumes in SPIKES Futures are at record levels and look forward to seeing this trend continue.”
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.
