PRINCETON, New Jersey and MINNEAPOLIS, May 1, 2019 /PRNewswire/ -- 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."
For further information regarding MGEX, please visit www.MGEX.com.
Miami International Holdings, Inc. (MIH) is the parent holding company of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX PEARL™) and MIAX Emerald, LLC (MIAX Emerald™ and together with MIAX and MIAX PEARL, the MIAX Exchange Group), three fully electronic options trading exchanges.
MIAX, MIAX PEARL and MIAX Emerald leverage the MIAX Exchange Group's industry-leading technology and infrastructure to provide their member firms with traditional pricing and pro rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro rata allocation (MIAX Emerald).
MIAX Options serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
The MIAX Exchange Group's executive offices and National Operations Center are located in Princeton, NJ, with a Miami Operations Center and additional offices located in Miami, FL.
To learn more about MIH and the MIAX Exchange Group visit www.MIAXOptions.com.
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), was established in 1881 and is the only market for Hard Red Spring Wheat (HRSW), National Corn Index (NCI), National Soybean Index (NSI), Hard Red Winter Wheat Index (HRWI), Hard Red Spring Wheat Index (HRSI), and Soft Red Winter Wheat Index (SRWI) futures and options, as well as for HRSW calendar spread options (CSOs). In addition, MGEX provides DCM, DCO and cash market services to business partners in an array of asset classes. To learn more about MGEX visit www.mgex.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) or MGEX, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company and MGEX remain the property of their respective owners. Unless specifically identified as such, the Company and MGEX's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and either of the Company or MGEX. Any references by the Company and MGEX to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
SOURCE Miami International Holdings, Inc.