MIAX Options Announces October 24th Launch Date for Complex Order Functionality Following SEC Approval
PRINCETON, New Jersey, Oct. 14, 2016 /PRNewswire/ — MIAX Options Exchange today announced that it has received approval from the Securities and Exchange Commission (SEC) to launch its Complex Order functionality and has scheduled an October 24th launch date. Leveraging one of the options industry’s fastest and most reliable technology platforms, Complex Orders will enable MIAX Options Member firms spread price protection and the potential for price improvement while increasing the probability of execution by facilitating up to eight multi-leg orders. This functionality will be available in a limited number of classes following its initial launch. The first symbol to be listed will be iShares Russell 2000 Index Funds (IWM), and additional symbol rollouts will be announced via a future MIAX Options Regulatory Circular.
“The SEC’s approval of Complex Orders marks another tremendous achievement for MIAX Options, and its launch will enable us to remain competitive with the other U.S. options exchanges and provide access to additional market share,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX Options. “We also hope to encourage greater liquidity and better executions on MIAX Options for this particular segment of the options market with the introduction of this new functionality.”
Added Douglas M. Schafer, Jr., Executive Vice President and Chief Information Officer of MIAX Options, “We worked very closely with our MIAX Options Member firms during the development stages to ensure that our Complex Order functionality will deliver the proper protections and price improvements to align with their trading needs. We are pleased to be able to offer another quality product to our MIAX Options Member firms that will also provide them with additional access to MIAX Option’s efficient and liquid order books.”
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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 2,600 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 16.21 microseconds for a full round trip. At the 99th percentile, the latency on MIAX Options is approximately 23.90 microseconds. At the 99.9th percentile, the latency on MIAX Options is approximately 53.71 microseconds. The executive offices and technology development center as well as the National Operations Center for the 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. MIAX PEARL is expected to launch in the first quarter of 2017, pending approval from the SEC.
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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.