SPIKES

SPIKES Volatility Index

The SPIKES Volatility Index (index symbol: SPIKE), is a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY). SPY is the largest exchange traded fund in the world and tracks the most watched stock index in the United States. SPIKES is built using the popular variance swap methodology and uses live SPY option prices to calculate volatility. This is consistent with the way the trading community is used to modelling risk and hedging exposure.

SPIKES Futures: Now Trading in Pennies

SPIKES Futures propels the industry forward with zero exchange fees (for a short time), more accessibility, new hedging opportunities, and peak data transparency. Powered by MIAX, and offered by MGEX via the CME GLOBEX® Platform, this groundbreaking and competitively prices product further rounds out the SPIKES portfolio.

Investors can amp up their trading with a new level of risk diversification and the sophisticated design features of the SPIKES index: proprietary price dragging and truncation methodologies with underlying SPY option component liquidity.

Ready to find the equity in ingenuity? Contact mgex@mgex.com to trade SPIKES Futures.

Learn more about SPIKES Volatility Products here.

SPIKES® Options

Trading on MIAX. Give your portfolio an edge with 100% electronic execution that offers low latency and higher throughput.

Now, with the release of SPIKES Futures, volatility traders will also benefit from a tighter bid/ask spread in the SPIKES Options market, significantly enhanced hedging opportunities, and increased arbitrage opportunities.

Learn more about SPIKES Options here.

Resources

• SPIKES Futures Contract Specifications

• SPIKES Futures Summary

• SPIKES Futures Market Maker Incentive Program

• SPIKES Futures Customer Volume Incentive Program
• SPIKES Futures Customer Volume Incentive Program Application

• SPIKES Futures Overview

• SPIKES Futures Key Features

• How to Trade SPIKES Futures

• SPIKES Futures Rate Card

• Combo Linked to Future

• SPIKES Expiration Dates

• SPIKES FAQs

• SPIKES Index Methodology

• SPIKES Settlement Process

• Margin Rates

• Rules, see chapter 83

• SPIKES Policy Procedure

• Contact us for more information