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SPIKES® Options

Trading on MIAX®, SPIKES Options (SPIKE) allow market participants to hedge their portfolio or express a view on underlying equity markets. SPIKES Options are based on the SPIKES Index, listed on MIAX Options® with fully electronic execution and are cleared by the Options Clearing Corporation (OCC). SPIKES Options are European-style and cash-settled, eliminating the risk of early exercise.

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SPIKES Combo Orders

SPIKES Combo Orders with ratios of up to 8:1 are available. A SPIKES Combo is created by the simultaneous purchase (or sale) of a call and a put option with the same strike and expiry. Investors can use this tool to create a synthetic futures position.

SPIKES Resources
SPIKES Overview
Brief overview of the SPIKES Volatility Ecosystem
Options Summary
Brief overview of SPIKES Index and Options
Options Incentive Program
Incentive program for Market Makers
Options Contract Specifications
Characteristics of SPIKES Options
Expiration Calendar
Monthly expirations for SPIKES Options and Futures
Index Calculation Spreadsheet
Interactive SPIKES Index calculation example worksheet
The most frequently asked questions for SPIKES Volatility Products
Index Methodology
Complete walkthrough of SPIKES Index calculation
Settlement Process
Guide describing how the settlement value is determined
Rate Card
Fee schedule for SPIKES and related transactions
Peter Carr White Paper
Study by Peter Carr on differentiators of SPIKES
Vrije University White Paper
Study by Vrije University Amsterdam on differentiators of SPIKES
SPIKES Combo Linked to Future (CLF)
A strategy for exchange of SPIKES Futures and Options combinations