PRINCETON, New Jersey, Feb. 1, 2017 /PRNewswire/ -- MIAX Options Exchange today announced that it had successfully completed the rollout of its Complex Order functionality to all symbols traded on the Exchange. MIAX Options initially introduced Complex Orders in October 2016 to a single symbol and the functionality was strategically rolled out to additional symbols in phases thereafter. MIAX Options' Complex Order System leverages one of the options industry's fastest and most reliable technology platforms to provide for the simultaneous execution of multi-leg orders on a single underlying symbol. Additional functionality within the Complex Order System is expected to be rolled out during 2017, subject to approval from the U.S. Securities and Exchange Commission (SEC).
"We are pleased to now be able to offer Complex Orders to all symbols traded on MIAX Options to our member firms following the completion of this rollout," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX Options. "With the completion of this rollout we also expand our exchange space presence and access to national volume to enable MIAX Options to compete for additional market share." Continued Gallagher, "I would like to commend all of the MIAX Options technology, operational, legal, and regulatory teams for their hard work and commitment to delivering this completed rollout ahead of schedule while at the same time continuing to prepare MIAX PEARL, our holding company's second options exchange, for launch on February 6, 2017."
Added Douglas M. Schafer, Jr., Executive Vice President and Chief Information Officer of MIAX Options, "Initial response to Complex Orders from our MIAX Options Member firms has been very positive, and we have no doubt that they will soon come to view our Complex Order System as another exceptional product offering from MIAX Options. We also look forward to offering additional functionality within Complex Orders during 2017, subject to SEC approval, to continue to meet our member firms' specific trading needs."
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About MIAX Options and MIH
MIAX Options is a fully electronic options trading exchange. MIAX Options has assembled a team with deep rooted experience in developing, operating and trading on options exchanges. Its trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX Options now lists and trades options on over 2,700 multi-listed classes. MIAX Options' unparalleled system throughput is approximately 38 million quotes per second. The average latency for a single quote on MIAX Options is approximately 16.35 microseconds for a full round trip. At the 99th percentile, the latency on MIAX Options is approximately 24.09 microseconds. At the 99.9th percentile, the latency on MIAX Options is approximately 50.74 microseconds. The executive offices and technology development center as well as the National Operations Center for MIAX Options are located in Princeton, New Jersey.
MIAX Options, Miami International Technologies, LLC (MIAX Technologies), MIAX Global, LLC (MIAX Global) and MIAX PEARL, LLC (MIAX PEARL) are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH). MIAX Technologies is MIH's technology subsidiary for the sale and/or license of the trading technology developed by MIAX Options. MIAX Global focuses on merger, acquisition and joint venture activities of MIH. MIAX Global also provides technology and other services outside of North America, with its initial concentration being on Europe and Latin America. MIAX PEARL will be MIH's second fully electronic options trading exchange and will leverage the industry leading technology and infrastructure developed by MIAX Options to employ a price-time allocation model. On December 13, 2016, MIAX PEARL received SEC approval as a national securities exchange and has targeted a February 6, 2017 launch date.
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The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of MIH, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the plans, objectives, expectations and intentions and other statements that are not historical or current facts of MIH, together with its subsidiaries, including MIAX Options (the Company). Forward-looking statements include, but are not limited to, statements about the possible or assumed future results of operations of the Company; the competitive position of the Company; potential growth opportunities available to the Company; the expectation with respect to securities, options and future markets and general economic conditions; the effects of competition on the Company's business; and the impact of future legislation and regulatory changes on the Company's business. Forward-looking statements are based on the Company's current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.
SOURCE MIAX Options Exchange