PRINCETON, N.J., May 28, 2014 /PRNewswire/ -- Miami International Holdings, Inc. (MIH ), the parent holding company of the MIAX Options Exchange (MIAX), announced today that Paul V. Stahlin, former Chairman of the American Institute of Certified Public Accountants (AICPA), has been appointed to the Company's Board of Directors. Mr. Stahlin will also serve as Chairman of the Audit Committee of MIH.
"We are delighted to welcome Paul to the Board," said Thomas P. Gallagher, Chairman and CEO of MIH. "He brings exceptional accounting and auditing experience, including previously serving as the Chairman of the AICPA. Paul is an exceptional addition to both our Board of Directors and Audit Committee, and we are looking forward to the perspective he will provide related to our strategy and operations as we continue to implement our business plan and consider new ventures and initiatives in the future."
Mr. Stahlin was employed by Fulton Financial Corporation from 2005 until April 2014, where he served as CEO and/or president of various banking subsidiaries, including Somerset Valley Bank, Skylands Community Bank, and most recently as Regional President of Fulton Bank of New Jersey and Chairman of its Risk Management Committee. Prior to joining Fulton Financial Corporation, he was with Bank of America from 1980 to 2005, and prior to that with Price Waterhouse & Co. from 1974 to 1980.
Mr. Stahlin has also been involved with numerous company boards throughout his 40-year career. Previously, he served as the Chairman of the Board of the American Institute of Certified Public Accountants, Chairman of both the Board of Directors and Risk and Compliance Committee of Somerset Medical Center, and President of the New Jersey Society of Certified Public Accountants.
Mr. Stahlin is a graduate of Montclair State University in Montclair, New Jersey, and is a Certified Public Accountant and Chartered Global Management Accountant.
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. During its first year of operations, MIAX maintained an astounding uptime of 100% and achieved a high-water mark of over 3% market share of U.S. options trading. 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 1,100 multiply 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 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.
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 Miami International Holdings, Inc.