Highlights of the Week
#1 I'd like to introduce you to our trio of SPIKES liquidity providers. We have the honor of having Citadel Securities as our PLMM, and they are joined by storied veterans of volatility trading in Group One and Susquehanna.
#2 We’re pleased to report that SPIKES options have been operating flawlessly since launch on 19 Feb and in March we successfully hosted our first ever Settlement Auction, with a settlement price of 12.41. We know many of our readers were keen to observe the settlement process, as it is such an integral part of having confidence in trading volatility. The SPIKES settlement auction is visible to all market participants, and across all U.S. option exchanges, participants can arbitrage mispricings, enhancing the accuracy of the index settlement value.
#3 Have you seen SPIKES pricing? The MIAX Fee Schedule shows just how much you could save in fees by switching to SPIKES - see page 11. We’ve been listening to you over the last 4 years throughout the development of this product, and I hope you’ll agree that we’ve come to the table on pricing.
MIAX has implemented a fee cap for SPIKES trading in PRIME and Complex PRIME Price Improvement Auctions, and for Takers of liquidity in SPIKES in the simple and complex markets. The fee cap in the single leg market will be 10,000 contracts per order (PRIME Agency orders and Contra orders are capped independently) and in the complex market the cap will be 25,000 contracts per strategy from a single order.
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