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MIAX Options and T3 Index are launching options on the SPIKES Volatility Index, a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY). SPIKES is built using the popular variance swap methodology and uses live option prices to calculate volatility.

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The SPIKES Index and volatility products offer a number of unique features designed to produce highly accurate, robust data and create a transparent and open auction settlement process.