MIAX Receives Approval Order from the United States Securities and Exchange Commission to Become Newest Equity Options Exchange; Trading to Commence on December 7, 2012
PRINCETON, N.J., Dec. 4, 2012 /PRNewswire/ -- MIAX Options Exchange ("MIAX") announced today that on December 3, 2012, it received an Approval Order from the United States Securities and Exchange Commission ("SEC") of its Application for Registration as a National Securities Exchange, and thus MIAX will act as its own self-regulatory organization. [Release No. 34-68341; File No.10-207.] Trading on MIAX, a fully electronic options trading exchange, is scheduled to commence on December 7, 2012.
Thomas P. Gallagher, MIAX's Chairman and Chief Executive Officer said, "The approval of the MIAX Options Exchange is a significant milestone for MIAX and our parent company Miami International Holdings, Inc. ('MIH'), and we are excited to enter into the U.S. options space and commence trading. We would like to thank Chairman Shapiro and the other SEC Commissioners, as well as the entire SEC staff, for their dedicated work throughout the application process. We would also like to thank our colleagues and prospective members in the options industry for their cooperation throughout the application process, all of our supportive investors and dedicated employees, the Boards of Directors of both MIH and MIAX, and our global partners including Dell, Inc. who remain committed to the success of MIAX and building a long-term relationship with us."
The MIAX Options Exchange trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. "After extensive mock trading sessions, we are very pleased with the features and performance capabilities of our new platform, as are our prospective exchange members," said Doug Schafer, Executive Vice President and Chief Information Officer at MIAX. Schafer continued, "In order to be successful, the trading community needs a trading platform with ultra-low latency, proper protections and exceptional throughput, which we are confident the MIAX Options Exchange trading platform will be able to provide to our users."
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, 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 Options Exchange-MIAX
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.
SOURCE MIAX Options Exchange
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