PRINCETON, N.J., Feb. 25, 2016 /PRNewswire/ -- MIAX Options Exchange (MIAX) announced today that it has been awarded the 2016 Wall Street Letter Trading Award for "Best Infrastructure/Technology Initiative by an Exchange/ATS" by a panel of independent judges. The Wall Street Letter Institutional Trading Awards recognize excellence among providers to the institutional trading industry for innovation and achievement over the past year. This marks the second year in a row that MIAX has been recognized by the Wall Street Letter for its infrastructure/technology achievements.
"We are honored to be named a Wall Street Letter Institutional Trading Award winner for the second year in a row," said Frank Ziegler, Senior Vice President – Systems Infrastructure of MIAX. "We would like to thank the Wall Street Letter judges for again recognizing MIAX for our contributions to the trading industry through our innovation and achievements in exchange applications, infrastructure and various technology initiatives."
Douglas M. Schafer, Executive Vice President and Chief Information Officer of MIAX, said, "This award reflects the high level of skill of our entire technology team and the dedication our team members have to providing our member firms with the best exchange technology and trading experience available in the industry. Being the recipient of this award in 2015 and now in 2016 is a testament to our team's ability to undertake and implement technology initiatives that enable MIAX to remain ahead of the ever-changing trading industry. We are excited to be leveraging this same award winning technology as we build out our second Equity Options exchange, MIAX PEARL."
"The efforts and hard work of the entire MIAX technology team were instrumental in our infrastructure again being recognized for its excellence by the Wall Street Letter," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX, "and we would like to acknowledge the team's continued operational excellence in the development and running of our exchange systems."
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About MIAX and MIH
MIAX Options, 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 Options 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 over 2,300 multi-listed classes. MIAX Options' unparalleled system throughput is approximately 38 million quotes per second. The average latency for a single quote on MIAX Options is approximately 15.89 microseconds for a full round trip. At the 99th percentile, the latency on MIAX Options is approximately 23.11 microseconds. At the 99.9th percentile, the latency on MIAX Options is approximately 45.44 microseconds. The executive offices and technology development center as well as the National Operations Center for the MIAX Options are located in Princeton, New Jersey.
MIAX Options, Miami International Technologies, LLC (MIAX Technologies), MIAX Global, LLC (MIAX Global) and MIAX PEARL, LLC (MIAX PEARL) are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH). MIAX Technologies is MIH's technology subsidiary for the sale and/or license of MIAX trading technology. MIAX Global focuses on merger, acquisition and joint venture activities of MIH. MIAX Global also provides technology and other services outside of North America, with its initial concentration being on Europe and Latin America. MIAX PEARL will be MIH's second U.S. options exchange and will leverage MIAX's industry leading technology and infrastructure to employ a price-time allocation model. MIAX PEARL is expected to launch in the third quarter of 2016, pending approval from the SEC.
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 Options (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