MIAX’s SPIKES Futures and Options Trade in Penny Increments

Miami International Holdings, Inc announced 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 according to a story in MarketsMedia news. 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. 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.