MIAX reports record SPIKES futures trading on MGEX in August 2021, daily record volume of 13,342 contracts traded on September 8, 2021
August 2021 Average daily volume of 3,904 contracts, an increase of 144.7% compared to July 2021
PRINCETON, NJ and MINNEAPOLIS, September 9, 2021 / PRNewswire / – MIAX®, creator and operator of high-performance exchanges, products and services, today announced the Average Daily Volume (ADV) for SPIKES® futures in. known August 2021 hit 3,904 contracts, a new monthly record and a 144.7% increase from 1,596 ADV in July 2021 September 8, 2021 a new daily record with 13,342 contracts.
(PRNewsfoto / MIAX)
The average daily volume of SPIKES® Futures reached 3,904 contracts in August 2021, versus an increase of 144.7% July 2021
The SPIKES futures markets continue to see improved market quality, with an expanded group of market participants contributing to tight bid / ask spreads and the available trade size. MGEX also plans to extend its zero-fee exchange policy for SPIKES futures up. to extend December 31, 2021.
SPIKES Futures are based on the SPIKES Volatility Index, which was developed 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 are accessed via the CME Globex® platform.
“The record volumes of the SPIKES futures are evidence of a new volatility trading ecosystem that we are focusing on 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 expanding our volatility complex as increasing demand from new sectors of the end-user community is expected to support our trading volume.”
The SPIKES volatility index is calculated and disseminated every 100 milliseconds and offers the best accuracy and stability in its class due to its proprietary price dampening technology. Futures on the SPIKES index allow traders to take advantage of the index’s innovative design features, including its trimming methods and the underlying liquidity of the SPY option component.
The story goes on
“Our experienced futures team is focused on building demand from new market segments, including both institutional and retail clients,” said Joseph W. Ferraro III, Senior Vice President, Deputy General Counsel and President of MIAX Futures. “We are offering the trading community a new way to trade volatility by offering a low-cost product that is quickly adopted by established volatility market participants and futures trading firms.”
Contract specifications, trading rules, prices and interface specifications for SPIKES futures are available on the MGEX website at www.mgex.com. Further information on SPIKES futures can be found at www.MIAXoptions.com/spikes/futures.
Contact person for corporate communication:
Andy Nybo, Senior Vice President, Chief Communications Officer
MIAX’s parent company, Miami International Holdings, Inc. owns the Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), the Minneapolis Grain Exchange, LLC (MGEX) and the Bermuda Stock Exchange (BSX).
MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that use MIAX’s industry-leading technology and infrastructure to enable their member firms to trade US-listed options. MIAX serves as the exclusive stock exchange for options with cash settlement on the SPIKES® Volatility Index (ticker: SPIKE), a measure of the expected 30-day volatility of the SPDR® S&P 500® ETF (SPY). In addition to options, MIAX Pearl enables cash shares to be traded through MIAX Pearl Equities ™.
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and a Notice Registered Securities Futures Product Exchange with the SEC. MGEX serves as the exclusive market for a variety of products including Hard Red Spring Wheat and SPIKES Futures. In addition, MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, offering DCM, DCO and cash market services in a range of asset classes.
The BSX is a leading electronic international securities market regulated by the Bermuda Monetary Authority (BMA) that specializes in the listing and trading of capital market instruments such as stocks, debt securities, funds, hedge funds, derivative warrants and insurance linked securities. As a full member of the World Federation of Exchanges and affiliated member of the International Organization of Securities Commissions, the BSX is recognized worldwide, including by the SEC.
MIAX offices and National Operations Center are located in Princeton, New Jersey, with further offices in Miami, Florida, Minneapolis, MN, and Hamilton, Bermuda.
To learn more about MIAX, visit www.MIAXOptions.com.
To learn more about MGEX, visit www.mgex.com.
To learn more about the BSX, visit www.BSX.com.
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