--- title: SPIKES Options Launched on MIAX description: Citadel Securities is the specialist for the VIX competitor. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/market-volatility-boosts-options-volume-May-12-2022-09-30-09-99-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/spikes-options-launched-on-miax#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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For more information on SPIKES, visit:  [https://www.miaxoptions.com/spikes](https://www.miaxoptions.com/spikes). SPIKES is 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, and was developed by T3 Index (“T3”), a firm that develops proprietary indexes. The SPIKES 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 the Company’s exchanges, as well as a minority ownership interest in T3. By marrying the Company’s best-in-class trading technology with T3’s proprietary IP and expertise in the volatility space, the Company envisions MIAX Options becoming a volatility product powerhouse. Additionally, the T3 partnership presents the Company 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. 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