MIAX Options Exchange to List Twitter Options; Merrill Lynch Appointed as Twitter Primary Lead Market Maker
PRINCETON, N.J., Nov. 13, 2013 /PRNewswire/ -- MIAX Options Exchange (MIAX) announced today that it will list options on Twitter (Ticker: TWTR) as soon as the Twitter stock meets listing criteria. Merrill Lynch has been appointed to serve as the Primary Lead Market Maker (PLMM) for all Twitter options. Contract specifications will be determined and made available prior to trading once The Options Clearing Corporation has approved the trading of Twitter options.
"We are excited to announce the appointment of Merrill Lynch as the PLMM for Twitter following one of the most highly anticipated initial public offerings of 2013," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Merrill Lynch has demonstrated a strong commitment to MIAX via its active Market Making activity and we have no doubt that this will continue with Twitter."
Gene Reilly, Head of Global Market Making at BofA Merrill Lynch said, "We are extremely pleased with MIAX's decision to make Merrill Lynch the PLMM for all Twitter options. We are committed to providing quality markets in all classes of option contracts where we have been appointed a MIAX Market Maker and look forward to continuing this commitment as the specialist for Twitter on MIAX."
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 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. 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 600 multiply listed classes. The MIAX Options Exchange's unparalleled system throughput is in excess of 24 million quotes per second. The average latency for a single quote on MIAX is 27.6 microseconds for a full round trip. At the 99th percentile, the latency on MIAX is 39.7 microseconds. At the 99.9th percentile, the latency on MIAX is 56.4 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 the 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.
Bank of America Merrill Lynch
"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. Instinct® and Trader Instinct are trademarks of Bank of America Corporation in the U.S. and other countries. ©2013 Bank of America Corporation. All rights reserved.
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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 (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