MIAX Options Exchange Announces Priority Customer Rebate Program For Exchange Members
PRINCETON, N.J., June 28, 2013 /PRNewswire/ -- The MIAX Options Exchange ("MIAX" or the "Exchange") announced today that it will implement a Priority Customer Rebate Program (the "Program") for the period beginning July 1, 2013 and ending September 30, 2013. Under the Program, MIAX will credit each Exchange member a per contract amount resulting from each Priority Customer order transmitted by such member which is executed on the Exchange in all multiply-listed option classes, provided the member meets certain volume thresholds in a month. The purpose of the Program is to encourage Exchange members to direct greater Priority Customer order flow to the Exchange, allowing MIAX to compete more effectively for such transactions with other options exchanges that have implemented similar rebate programs.
Rebates will range from $0.10 to $0.14 per contract depending on the monthly percentage thresholds of national customer volume an Exchange member achieves. Excluded from the Program are mini-options and executions related to contracts that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan. A Priority Customer is a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial accounts(s). The rebate rates at the different tier levels are intended to provide rewards for increasing the volume of trades sent to the Exchange. The monthly rebate payments will be calculated from the first executed contract at the applicable threshold per contract credit with rebate payments made at the highest achieved volume tier for each contract traded in that month.
In commenting on today's developments, Thomas P. Gallagher, MIAX's Chairman and Chief Executive Officer said, "The implementation of the Priority Customer Rebate Program is a continuance of our business strategy to establish MIAX as one of the most competitive and preeminent options exchanges. We believe that the Program will give new and existing Exchange members the opportunity to become more comfortable with the many features that MIAX offers."
For detailed information concerning the Priority Customer Rebate Program, including member volume thresholds, per contract credit amounts and rebate calculations, please visit www.MIAXOptions.com.
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.
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About the MIAX Options Exchange
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.
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 has been 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 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.
SOURCE MIAX Options Exchange
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