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
Brief overview of the SPIKES Volatility Ecosystem
Brief overview of SPIKES Index and Options
Incentive program for Market Makers
Characteristics of SPIKES Options
Monthly expirations for SPIKES Options and Futures
Interactive SPIKES Index calculation example worksheet
The most frequently asked questions for SPIKES Volatility Products
Complete walkthrough of SPIKES Index calculation
Guide describing how the settlement value is determined
Fee schedule for SPIKES and related transactions
Study by Peter Carr on differentiators of SPIKES
Study by Vrije University Amsterdam on differentiators of SPIKES
A strategy for exchange of SPIKES Futures and Options combinations
