MIAX Options Announces Increased Trading Volume Results
MIAX Options Exchange (MIAX) announced today that for the month of September 2014 MIAX’s percentage of overall equity options volume and in MIAX-listed classes was 4.08% and 4.29%, respectively, both of which are new monthly records and represent two and one-half times September 2013 volumes. For the third quarter of 2014, MIAX’s percentage of overall equity options volume and in MIAX-listed classes was 3.91% and 4.09%, respectively, and represent two and one-half times third quarter 2013 volumes. In September 2014, MIAX achieved new record monthly and daily volumes, as MIAX executed 13,603,238 contracts for the month, or three times the volume of September 2013, and on September 19, 2014, MIAX executed over 872,000 contracts for the first time.
“We are pleased with our recent performance, which reflects continued improvement and growth both month-to-month and quarter-to-quarter for MIAX,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. Continued Gallagher, “We believe these increased market share numbers are indicative of the confidence our users have in MIAX as a whole, and in particular the growing number of functionalities available to our users, including MIAX PRIMETM, our price improvement mechanism which we introduced in August. We anticipate continued growth in both the fourth quarter of 2014 and beyond as we introduce additional functionalities and our strategic partners and member firms continue to take advantage of the features that MIAX has to offer.”
In commenting on today’s results, Douglas M. Schafer, Jr., MIAX’s EVP and Chief Information Officer, stated “We are further pleased to note that this week marks the one year anniversary of the closing of our strategic transaction.” Schafer continued by stating, “We would like to express our sincere appreciation to each of Bank of America-Merrill Lynch, Interactive Brokers Group, KCG Holdings, Inc., Morgan Stanley, Susquehanna International Group and Wolverine for their strong support of MIAX over the past year and we look forward to continuing our relationship into 2015.”
In other matters, Mr. Gallagher stated “In addition to growing our MIAX Options exchange business, we are simultaneously focusing our energies with our affiliated entities on the approval of our Form 1 Application with the Securities and Exchange Commission for the MIAX Equities Exchange, as well as pursuing a number of opportunities for the licensing of our proprietary technology both within the United States and globally.”
For further information regarding the MIAX Exchange Group, please visit www.MIAXOptions.com or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.
Corporate Communications Contact:
Dominique Prunetti-Miller
(609) 897-1465
About MIAX and MIH
MIAX, which commenced operations on December 7, 2012, is a fully electronic options trading exchange approved by the SEC as a national securities exchange on December 3, 2012. Since its first day of operations, MIAX has maintained an uptime of 100% and achieved a 4.29% market share of 2 U.S. options trading for classes listed on MIAX in September 2014. MIAX 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 the majority of the top 1,200 multi-listed classes. The MIAX Options Exchange’s unparalleled system throughput is in excess of 27 million quotes per second. The average latency for a single quote on MIAX is approximately 24.7 microseconds for a full round trip. At the 99th percentile, the latency on MIAX is approximately 39.7 microseconds. At the 99.9th percentile, the latency on MIAX is approximately 102.4 microseconds. The MIAX executive offices and technology development center as well as the National Operations Center for the MIAX Options Exchange are located in Princeton, New Jersey.
MIAX and Miami International Technologies, LLC (MIAX Technologies) are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH). MIAX Technologies is the Company’s technology subsidiary for the sale and/or license of MIAX trading technology. MIAX intends to launch the MIAX Equities Exchange and plans to pursue Latin American equity listings. The launch of the MIAX Equities Exchange is subject to SEC approval. 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.