PRINCETON, N.J., Oct. 15, 2018 /PRNewswire/ -- MIAX
Options® today announced that it has received approval
from the U.S. Securities and Exchange Commission (SEC) to list and
trade cash-settled options on the SPIKES™ Index (Ticker: SPIKE),
transforming the competitive landscape of the volatility trading
market dominated by a single player for the last 15 years.
SPIKES, a measure of the expected 30-day volatility in the SPDR
S&P 500 ETF (SPY), was created by T3 Index, a research-driven
financial indexing firm, as part of a partnership with MIAX
Options' parent holding company, Miami International Holdings, Inc.
(MIH).
For more information on SPIKES, visit:
https://www.miaxoptions.com/spikes.
The index:
- uses multiply-listed SPY options as its components, and applies
a proprietary "price dragging" technique that reduces erratic index
values
- is calculated and disseminated every 100 milliseconds
- applies the well-known variance swap methodology to estimate
volatility
- features option products that will trade exclusively on MIAX
Options, the leading options platform in the U.S., offering
fully-electronic execution
- provides settlements conducted in MIAX Options'
fully-transparent and fully-accessible special settlement auction,
with rich post-auction data and analytics made readily available to
general public
Quotes:
Thomas P. Gallagher, Chairman
and CEO of MIAX Options, said: "We are positioned to offer
volatility products exclusively on MIAX based on options overlying
the SPY ETF, the largest exchange-traded fund in the world. But our
true aim is to transform the way people trade volatility, injecting
healthy competition into the market to expand opportunities, cut
costs, boost volume, and spur growth industry-wide."
Simon Ho, Executive Director
of T3 Index, said: "The SPIKES Index provides pinpoint
accuracy, thanks to our proprietary price-dragging technique and
the super liquid SPY options that serve as a foundation. All of
this creates accuracy and robustness, which means people can trade
with confidence."
Shelly Brown, Executive Vice
President—Strategic Planning and Business Development of MIAX
Options, said: "The Cboe Volatility Index has long been
the sole player on the scene. With an asset class this big, how can
we only have one choice to trade? We are disrupting the market with
SPIKES and offering a new level of transparency in our settlement
auction process, enabling all MIAX market participants the ability
to participate and compete in the settlement auction process. This
is a tremendously exciting development for all market participants
looking to hedge risk, or gain risk exposure to index
volatility."
In addition to regular options, MIAX may also list short-term,
quarterly, and long-term options on SPIKES. Options on SPIKES
initially will be listed exclusively on MIAX and are anticipated to
be available beginning in late Q4.
With the launch of SPIKES, MIH will complete its investment in
T3 Index.
For more information on MIAX Options, please visit
www.MIAXOptions.com or contact MIAX Trading Operations at
TradingOperations@MIAXOptions.com.
Corporate
Communications Contact:
|
Dominique
Prunetti-Miller
|
|
(609)
897-1465
|
|
dprunetti@miami-holdings.com
|
|
|
JConnelly Media
Contact:
|
Tony Kono
|
|
(973)
525-6855
|
|
tkono@jconnelly.com
|
About MIAX Options and MIH
Miami International Securities Exchange, LLC (MIAX Options) is a
fully electronic options trading exchange and wholly-owned
subsidiary of Miami International Holdings, Inc. (MIH). MIAX
Options currently lists and trades options on approximately 2,800
multi-listed classes. MIAX Options' unparalleled system throughput
is approximately 38 million quotes per second. The average latency
for a single quote on MIAX Options is approximately 17.56
microseconds for a full round trip. At the 99th and
99.9th percentiles, the latency on MIAX Options is
approximately 25.69 and 57.67 microseconds, respectively. MIAX
Options is part of the MIAX Exchange Group along with MIAX PEARL,
LLC (MIAX PEARL), MIH's second options exchange.
The MIAX Exchange Group has assembled a team with deep rooted
experience in developing, operating and trading on options
exchanges, and its trading platforms have been developed in-house
and designed from the ground up for the unique functional and
performance demands of derivatives trading. MIAX Options and MIAX
PEARL leverage the MIAX Exchange Group's industry leading
technology and infrastructure to provide their member firms with
both traditional (MIAX Options) and maker-taker (MIAX PEARL)
pricing structures. The MIAX Exchange Group's executive offices and
National Operations Center are located in Princeton, NJ. The MIAX Exchange Group
also maintains a Miami Operations Center in Miami, Florida, which contains the Miami
Annual Meeting and Conference Center and the offices of MIAX
Technologies and MIAX Global.
In addition to MIAX PEARL and MIAX Options, MIH is the parent
holding company of Miami International Technologies, LLC (MIAX
Technologies), MIAX Global, LLC (MIAX Global) and MIAX Emerald, LLC
(MIAX Emerald). MIAX Technologies is MIH's technology subsidiary
for the sale and/or license of the trading technology developed by
the MIAX Exchange Group. MIAX Global focuses on merger, acquisition
and joint venture activities of MIH. MIAX Emerald is MIH's third
options exchange and is expected to launch in Q1 2019, pending SEC
approval.
About T3 Index
T3 Index is a research-driven financial indexing firm,
specializing in volatility and option benchmarking. T3 Index is
dedicated to developing investible, proprietary indices that track
related strategies across a range of asset classes to transform the
way people invest and manage risk.
Further information on T3Index can be found at
www.t3index.com.
Disclaimer and Cautionary Note Regarding Forward-Looking
Statements
The press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities of MIH, and
shall not constitute an offer, solicitation or sale in any state or
jurisdiction in which such offer; 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. Such
forward-looking statements include, but are not limited to,
statements concerning the plans, objectives, expectations and
intentions and other statements that are not historical or current
facts of MIH, together with its subsidiaries, including MIAX
Options (collectively, the Company). Forward-looking statements
include, but are not limited to, statements about the possible or
assumed future results of operations of the Company; the
competitive position of the Company; potential growth opportunities
available to the Company; the expectation with respect to
securities, options and future markets and general economic
conditions; the effects of competition on the Company's business;
and the impact of future legislation and regulatory changes on the
Company's business. Forward-looking statements are based on the
Company's current expectations and involve risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied in such forward-looking statements.
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SOURCE MIAX Options