From the Wires
MIAX Options Exchange Waives Transaction Fees Until the End of the Year; Confirms December 7, 2012 Launch Date
By: PR Newswire
Dec. 6, 2012 07:52 PM
PRINCETON, New Jersey, Dec. 7, 2012 /PRNewswire/ -- MIAX Options Exchange ("MIAX"), the newest U.S. equity options exchange, announced today that it will waive transaction fees until the end of the year, other than select transaction and regulatory fees applicable to members trading options on and using services provided by MIAX. MIAX also confirmed that it will launch trading operations on December 7, 2012, as previously announced.
Thomas P. Gallagher, MIAX's Chairman and Chief Executive Officer said, "Tomorrow marks a tremendous milestone for MIAX with the launch of our MIAX Options Exchange. We are proud to be the newest member of the U.S. equity options industry and we look forward to a successful launch."
Gallagher further stated, "On behalf of our shareholders and the Boards of Directors of both MIAX and Miami International Holdings, Inc., our parent company, I would like to express my sincerest thanks to Doug Schafer, Executive Vice President and Chief Information Officer at MIAX, and his highly skilled and experienced IT team for their unwavering commitment. Doug and his team are extremely well-versed in the unique functional and performance demands of the options industry and have designed and implemented a trading platform that features ultra-low latency, proper protections and exceptional throughput, and which can be operated on a very cost-efficient basis."
Shelly Brown, Senior V.P. Strategic Planning and Operations, who spearheaded the MIAX Exchange strategy, stated, "The response from the options industry has been very enthusiastic, and we are pleased to have more than 27 market makers and order flow providers already approved for options trading with additional firms close to completing the membership process."
MIAX is a fully electronic options trading exchange. Its trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. The MIAX executive offices and technology development center are located in Princeton, New Jersey. The National Operations Center for the MIAX Options Exchange is also housed at the Princeton facility. Additional executive offices, as well as a multi-purpose training, meeting and conference center will be located in a state-of-the-art facility in Miami, Florida.
For detailed information regarding fees on the MIAX Options Exchange, please visit www.miaxoptions.com/content/fees.
For further information regarding the MIAX Options Exchange, including fee schedule, news and recent developments, member onboarding, and technology onboarding, including specifications and requirements, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.
About MIAX Options Exchange
MIAX is a wholly-owned subsidiary of Miami International Holdings, Inc. ("MIH"). MIAX has assembled a team with deep rooted experience in developing, operating and trading on options exchanges. The initial focus of MIH is to leverage management's expertise and relationships in the equity options space to launch the MIAX Options Exchange. MIAX intends to launch the MIAX Equities Exchange once the MIAX Options Exchange is operational and plans to pursue Latin American equity listings. The launch of the MIAX Equities Exchange is subject to SEC approval. The vision for the MIAX Equities Exchange is to become a marketplace that enables access to the Latin American markets, a place where global Hispanic entrepreneurs can seek capital and growth opportunities, and an exchange where Latin American companies will want to be listed. MIAX believes that Miami is the ideal location for taking advantage of the rapidly developing business opportunities emanating from the Americas and that Latin American companies will be interested in listing on the MIAX because of its presence in Miami. The MIAX Futures Exchange is also planned as a follow-on initiative. The launch of the MIAX Futures Exchange is subject to CFTC approval.
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 (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.
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