May 1, 2019 – Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX®, MIAX PEARL™ and MIAX Emerald™ options exchanges (the MIAX Exchange Group™), and the Minneapolis Grain Exchange, Inc. (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) registered with the Commodity Futures and Trading Commission (CFTC), today announced that they have entered into an agreement pursuant to which MGEX will serve as the exclusive exchange to list, trade and clear futures products on the SPIKES® Volatility Index (SPIKES; Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY). SPIKES futures are expected to be available on MGEX in Q3 2019, subject to CFTC approval. SPIKES options are now available exclusively on the MIAX Options Exchange.
“We are excited to be partnering with MGEX to bring SPIKES futures to the trading community and enable firms the ability to hedge SPIKES options orders executed on MIAX Options,” said Thomas P. Gallagher, Chairman and CEO of MIH. “We would like to thank MGEX for its willingness to provide services for our first futures product. With its reputation and expertise within the futures industry, we have no doubt that MGEX is the right exchange for SPIKES futures and look forward to a successful product launch.”
“By leveraging MGEX’s knowledge of the futures industry, we are confident that SPIKES futures will meet volatility traders’ needs and help to establish both SPIKES options and futures as premier products in the derivatives sector,” said Mark G. Bagan, President and CEO of MGEX. “MGEX is very pleased to be selected by MIH to provide services for its SPIKES futures product and anticipates a mutually beneficial partnership for many years to come.”