(Bloomberg) -- The financial market’s only competitor to Cboe’s Volatility Index was dealt a blow in its fight for survival. 

Miami International Holdings Inc., owner of Spikes futures, won’t be able to defend its product in court after a federal judge denied the company’s petition for a panel rehearing. The decision, filed Monday, means the exchange operator may have to shut down Spikes futures by year-end.

MIAX is disappointed with the decision and is “seeking to obtain a new exemptive order from the Securities and Exchange Commission,” Andy Nybo, a representative for the exchange operator, said Tuesday in an emailed statement.

The exchange and Cboe Global Markets Inc. have been battling over their competing products. MIAX had requested a rehearing after a judge sided with Cboe, deciding an order from the SEC that makes Spikes futures available to trade was insufficient. The petition, filed earlier this month, was denied by Chief Judge Sri Srinivasan of the US Court of Appeals in Washington.

In its own statement Tuesday, Chicago-based Cboe said it sued “to ensure fair competition and that all exchanges are able to introduce products and compete on equal footing.” 

The firm also said “any suggestion that Cboe used litigation to eliminate competition is false.”

Read More: VIX Fear Gauge’s Only Competitor Set to Vanish From the Market

(Updates with Cboe comment starting in fifth paragraph.)

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