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Regulatory Alert

MIAX Options

March 18, 2020 | 08:51 AM

Handling of SPIKES Settlement Process During Extreme Market Conditions

During extreme market conditions, MIAX Options may implement certain changes in regards to the opening of SPY options on SPIKES Settlement Day. These could include:

  • Expanding the maximum quote widths for the Settlement Reference Price Opening Width and Valid and Priority Quote Width
  • Delay the opening of SPY options used to calculate the final SPIKES Settlement Price
  • If MIAX is not able to determine the final settlement value for SPIKES options, determine the final settlement value in accordance with The Options Clearing Corporation (OCC)’s By-Laws
Please refer to MIAX Regulatory Circular 2020-10 for further details for potential modifications to the SPIKES Settlement Process.

Contact Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 with any questions regarding the SPIKES Settlement Process.
 
Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.