PRINCETON, New Jersey, Dec. 14, 2017 /PRNewswire/ -- MIAX Options Exchange (MIAX Options) has reached an important milestone as it celebrates the 5th anniversary of its launch. Successfully launched on December 7, 2012, MIAX Options began by listing a single symbol before rolling out additional symbols thereafter. Today, MIAX Options lists and trades options on over 2,700 multi-listed classes and is recognized within the options industry for its exceptional technological capabilities, risk assessment and management as well as quality customer service.
Since its launch in 2012, over 850 million contracts have been executed on MIAX Options, all while the exchange has experienced uptime of 99.99999681%. Additionally, MIAX Options has been able to increase its market share over the past five years, with a current market share of 5.25% for 2017 to date. This increase was due in part to its three successful Equity Rights Programs, the last of which, ERP-III, was closed on in June 2017, as well as the rollout of key functionality including the MIAX Price Improvement Mechanism (PRIME™), Complex Orders and cPRIME during that time period.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX Options, said, "This is truly a great milestone in the history of our company, and we would like to thank all of our investors, directors and employees for their unwavering support and continued commitment to MIAX Options over the past five years." Continued Gallagher, "We would also like to thank those MIAX Options member firms that have participated in one or more of our three Equity Rights Programs. These programs have proved invaluable in helping to grow our market share and building strong business relationships with member firms. With ERP-III underway, current member firm participants Barclays, Citadel Securities, IMC, Morgan Stanley & Co., Optiver US, Susquehanna Securities, Two Sigma Securities, and Wolverine Trading have been great supporters of both the program and MIAX Options in general.
"MIAX Options was designed to be one of the fastest and most reliable trading platforms in the world, and we are pleased that our exchange has continued to meet or exceed the trading and customer service expectations of our member firms since launch," said Douglas M. Schafer, Jr., Executive Vice President and Chief Information Officer of MIAX Options. "We are also honored that our trading platform has been recognized for its exceptional performance capabilities over the past five years, having been named 'Best Overall Exchange' at the Fund Technology and WSL Awards in 2017. Such recognition is a testament to the talent of our employees and their dedication to providing our member firms with a superior trading experience."
Added Shelly Brown, Executive Vice President – Strategic Planning and Operations of MIAX Options, "We continue to work closely with our member firms to assess their trading behavior and develop new functionality and protections to address their trading needs. We are very proud of the quality of functionality that has been rolled out on MIAX Options since 2012, including the PRIME Price Improvement auction, Complex Orders and Complex PRIME functionality, and are excited for the new functionality that we are currently working on for future releases."
John DiBacco, Jr., trader at Virtu Financial LLC and current director of MIAX Options, commented, "I am pleased to see the great growth of MIAX Options over the past five years and wish the entire team continued success."
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About MIAX Options and MIH
Miami International Securities Exchange, LLC (MIAX Options) is a fully electronic options trading exchange and wholly-owned subsidiary of Miami International Holdings, Inc. (MIH). MIAX Options currently 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 24.19 microseconds for a round trip. At the 99th percentile, the latency on MIAX Options is approximately 26.89 microseconds. At the 99.9th percentile, the latency on MIAX Options is approximately 48.24 microseconds. MIAX Options is part of the MIAX Exchange Group along with MIAX PEARL, LLC (MIAX PEARL), MIH's second options exchange. MIAX PEARL launched trading operations in February 2017.
The MIAX Exchange Group has assembled a team with deep rooted experience in developing, operating and trading on options exchanges, and its trading platforms have been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX Options and MIAX PEARL leverage the MIAX Exchange Group's industry leading technology and infrastructure to provide their member firms with both traditional (MIAX Options) and maker-taker (MIAX PEARL) pricing structures. The MIAX Exchange Group's executive offices and National Operations Center are located in Princeton, NJ. The MIAX Exchange Group also maintains a Miami Operations Center in Miami, Florida, which contains the Miami Annual Meeting and Conference Center and the offices of MIAX Technologies and MIAX Global.
In addition to MIAX Options and MIAX PEARL, MIH is the parent holding company of Miami International Technologies, LLC (MIAX Technologies) and MIAX Global, LLC (MIAX Global). MIAX Technologies is MIH's technology subsidiary for the sale and/or license of the trading technology developed by the MIAX Exchange Group. 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.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
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 (collectively, 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