From the Wires
MIAX Options Exchange Successfully Launches
By: PR Newswire
Dec. 7, 2012 07:02 PM
PRINCETON, New Jersey, Dec. 8, 2012 /PRNewswire/ -- MIAX Options Exchange ("MIAX"), the newest U.S. equity options exchange, announced a successful launch today of its much anticipated trading operations with the rollout of its first symbol, Cliffs Natural Resources Inc. ("CLF"). MIAX achieved approximately 4.21% of market share of CLF on its first day of trading.
Thomas P. Gallagher, MIAX's Chairman and Chief Executive Officer said, "Today marks a tremendous milestone for MIAX with the launch of our options exchange, and we are excited to commence trading operations on MIAX. Continued Gallagher, "We would like to thank all of our exchange members and order flow providers, members of the options industry, our investors and employees for their efforts toward a successful launch."
"We are very satisfied with the performance of our systems during the first day of live trading," said Doug Schafer, Executive Vice President and Chief Information Officer at MIAX. Schafer continued, "All reports from our members have been overwhelmingly positive as our trading platform performed to their expectations. We are confident that the MIAX systems will be able to meet the trading needs of our members going forward."
MIAX will begin rolling out additional symbols later this month, the details of which will be made available at www.MIAXOptions.com.
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 further information regarding the MIAX Options Exchange, including news and recent developments, Trader Alerts, 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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