SPIKES options launched on MIAX

MIAX Options is now trading volatility options trading on the SPIKES Index, a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY), the most actively-traded exchange traded fund in the world.

SPIKES was developed by T3 Index (T3), a firm that develops proprietary indexes. The Index offers radically faster dissemination, publishing every 100 milliseconds as opposed to every 15 seconds for the VIX Index and SPIKES will be offered at a lower cost.
Citadel Securities is the specialist in SPIKES, serving as the Primary Lead Market Maker, providing two-sided liquidity in all SPIKES options.
In connection with the T3 partnership, Miami International Holdings, Inc. (MIH), the parent holding company of MIAX Options has obtained a 20 year exclusive, worldwide license to develop exchange-traded products based on T3's SPIKES and other indices for all of MIH's exchanges, as well as a minority ownership interest in T3.
By marrying MIAX's best-in-class trading technology with T3's proprietary IP and expertise in the volatility space, MIH envisions MIAX Options becoming a volatility product powerhouse. Additionally, the T3 partnership presents MIH with a very unique opportunity to develop volatility products based on SPY, designed specifically to compete head-to-head against Cboe's proprietary VIX® product.
"We are extremely excited to be listing our first of many proprietary products. It took a coordinated effort from all of our MIAX departments to ensure that we were ready to launch, and I commend them for their effort and hard work," says Thomas P Gallagher, Chairman and CEO of MIAX Options. "No other exchange product has ever been able to challenge Cboe's stronghold on volatility products, however, I believe that MIAX's SPIKES options product could be an exceptional alternative to the VIX," continued Gallagher. "Additionally, I would like to thank Simon Ho and the entire T3 team for having the vision to develop such an innovative product and for partnering with MIH."  
"MIAX Options listing a proprietary product based on SPIKES is a dream come true for T3, and we applaud the entire MIAX team for helping to bring it to market," says Simon Ho, Executive Director of T3 Index. "We have found a great business partner in MIH, and both parties look forward to offering additional volatility-based options products to the options trading community in the near future." 
John Kinahan, CEO of Group One Trading and current director of MIAX Options, says: “As a market maker, Group One always welcomes innovation and competition to the options industry. We would like to congratulate the MIAX Options team on the launch of this SPIKES product and entering into the volatility sector."
Added Shelly Brown, Executive Vice President – Strategic Planning and Business Development of MIAX Options, says: “To list a volatility product exclusively on MIAX Options that is a measure of SPY is an incredible opportunity for us. We have no doubt that we have designed a better index volatility product, and we are pleased to offer our member firms with a competitive alternative in this specific market segment."