How the f*ck do they expect people to make markets on these options without a market in the underlying?Very dependent on who undertakes to make markets on MIAX. Right now it wouldn't exist without ORF. CTC or Group One joins in - then it has a shot. Wonder what if any arb. sets up between MIAX and CBOE. Most desks love to hate the CBOE and their fees. If I were them I would have been out working deals with the Primary and the ETN community prior to launch.
I wish they tried something that's related but not identical (e.g. maybe an index based on ATM volatility?). Also, not having a delta-one product makes it rather difficult to take it seriously.Points to them for trying. No CTC there, but pretty much everyone else.
What's verdict?
