MIAX’s SPIKES Futures and Options Trade in Penny Increments

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 (MGEXTM), The Bermuda Stock Exchange (BSXTM) and Dorman Trading, LLC announced today that SPIKES® Futures and Options are now trading in penny ($0.01) increments.

Effective October 31, 2022, the SPIKES Futures minimum price increment is $0.01, creating the potential for tighter bid/ask spreads, reduced trading costs and the opportunity for improved execution prices. The change to 0.01 index points will result in a $10 tick value per contract for SPIKES Futures, compared to the previous $50 tick value.

The minimum trading increment for all series of SPIKES options is $0.01 if the options series is trading at less than $3.00 or $0.05 if the options series is trading at $3.00 or higher.

“MIAX remains focused on providing innovative solutions to address the challenges facing end-users in the evolving volatility trading ecosystem,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “We believe penny increments will provide traders with a more efficient way to trade volatility, allowing greater precision in trading strategies, improved execution prices and potentially lowering overall trading costs.”

SPIKES Futures and Options are traded on the SPIKES Volatility Index (Ticker: SPIKE), which updates every 100 milliseconds for pinpoint accuracy. The index is a measure of the expected 30-day volatility in the SPDR® S&P 500® 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. More information about SPIKES products can be found here.

Source: MIAX