PRINCETON, N.J., November 1, 2022 /PRNewswire/ — Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), The Bermuda Stock Exchange (BSX™) and Dorman Trading, LLC today announced that SPIKES® Futures and options now trade in pennies ($0.01) increments.
Efficient October 31, 2022the minimum price increment of SPIKES Futures is $0.01, creating the possibility of tighter spreads between bid and ask, lower trading costs and the possibility of improved price execution. The move to 0.01 index point will lead to a $10 quote value per contract for SPIKES Futures, compared to previous $50 tick value.
The minimum trading increment for all series of SPIKES options is $0.01 if the option series is trading below $3.00 Where $0.05 if the option series is trading at $3.00 or more.
“MIAX remains focused on providing innovative solutions to address the challenges faced by end users in the evolution of the volatility trading ecosystem,” said Thomas P. Gallagher, Chairman and CEO of MIH. “We believe penny increments will provide traders with a more efficient way to trade volatility, allowing for greater precision in trading strategies, improved execution prices and potentially lower overall trading costs.”
SPIKES futures and options are traded on the SPIKES Volatility Index (ticker: SPIKE), which is updated every 100ms for pinpoint accuracy. The index is a measure of the 30-day expected volatility of the SPDR® S&P500® ETF (SPY). SPIKES futures are offered by MGEX and trade electronically via the CME Globex® platform under the symbol “SPK”. SPIKES options trade under the symbol “SPIKE” on the MIAX options exchange and are cash-settled with monthly expirations. You can find more information about SPIKES products here.
MIAX’s parent company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), The Bermuda Stock Exchange (BSX™) and Dorman Trading, LLC.
MIAX, MIAX Pearl, and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that are powered by proprietary technology developed in-house by MIAX. MIAX offers options trading on all three exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was designed to meet the high performance quoting demands of the US options trading industry and is differentiated by telegraph order throughput, latency, reliability and determinism. MIAX also serves as the exclusive trading venue for cash-settled options on SPIKES® Volatility Index (Ticker: SPIKE), a measure of expected 30-day volatility in the SPDR® S&P500® ETF (SPY).
MGEX is an exchange registered with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of commodities, including hard red spring wheat futures, and also serves as an exclusive exchange for futures contracts. term SPIKES. MGEX is a Designated Contracts Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and spot market services across a range of asset classes.
BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and securities related to insurance.
Dorman Trading LLC is a CFTC registered full-service futures commission merchant.
MIAX’s executive offices and national operations center are located in Princeton, New Jerseywith additional offices located in Miami, Florida, Minneapolis, Minnesota, Hamilton, Bermuda and Chicago, Ill..
To learn more about MIAX, visit www.MIAXOptions.com.
To learn more about MGEX, visit www.mgex.com.
To learn more about BSX, visit www.bsx.com.
To learn more about Dorman Trading, visit www.dormantrading.com.
Disclaimer and Caution Regarding Forward-Looking Statements
The press release does not constitute an offer to sell or a solicitation of an offer to buy securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and does not constitute an offer, solicitation or sale in any state. or the jurisdiction in which this offer; the solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and are generally preceded by words such as ” may”, “future”, “plans” or “expected”, “shall” or “should”, “expects”, “anticipates”, “draft”, “possibly” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ. significantly from those projected. in forward-looking statements.
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Andy NyboSenior Vice President, Director of Communications