PRINCETON, N.J., April 15, 2016 /PRNewswire/ -- MIAX Options Exchange, a wholly-owned subsidiary of Miami International Holdings, Inc. (MIH), today announced the promotion of Shelly Brown to Executive Vice President, Strategic Planning and Operations, effective immediately. He will continue to remain responsible for business strategy and functionality requirements as well as establishing and maintaining client relationships for MIAX Options and MIAX PEARL, MIH's second options exchange, following its expected launch in late 2016, subject to SEC approval. Shelly will also continue in his role as a Senior Vice President of MIH.
Shelly has over 35 years of experience in the options industry. Prior to joining MIAX Options in 2011, he served as Director of Business Management for the Chicago-based trading firm PEAK6 Investments, Associate Vice President at NASDAQ OMX, Vice President, Derivatives Trading Strategy at the Philadelphia Stock Exchange (PHLX) and Manager of Derivatives Trading Systems at Susquehanna International Group, LLC.
"Shelly's promotion to our senior executive leadership team recognizes the pivotal role that he has played in helping to establish MIAX Options as one of the preeminent exchanges in the world," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX Options. "We are confident that his contributions will continue to drive the company's long term success and growth."
Added Douglas M. Schafer, Jr., MIAX Options' Executive Vice President and Chief Information Officer, "Having known and worked with Shelly for over 15 years, I am consistently impressed with his detailed knowledge of the various market structure and industry factors that impact our members. I have great respect for his ability to transform this knowledge into detailed exchange functionality for the betterment of the membership and the industry. I am pleased that MIAX has recognized Shelly's many contributions to both MIH and MIAX Options over his five-year tenure."
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About MIAX Options and MIH
MIAX Options is a fully electronic options trading exchange. 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 fully electronic options trading 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 late 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