Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Options Exchange (MIAX®), MIAX Global, LLC and Miami International Technologies, LLC, today announced its plans to launch a second U.S. options exchange. The new exchange will leverage MIAX's industry leading technology and infrastructure to employ a price-time allocation model, and will enable MIH to compete for a segment of order flow that does not trade on the pro-rata market that MIAX currently operates. MIH anticipates launching its new price-time exchange in the third quarter of 2016, pending SEC approval.
"With recent industry trends shifting an increasing amount of U.S. options market volume to price-time model exchanges, we see a tremendous opportunity to bring our innovative technology, operating efficiency, enhanced risk protections and quality customer service to participants in this market segment," said Thomas P. Gallagher, Chairman and CEO of MIH. Continued Gallagher, "While we have been successful in growing MIAX's market share in the market segments to which we currently have access, the launch of our new exchange will enable us to compete for additional market share and continue to scale our business in the U.S. options industry."
Added Douglas M. Schafer, Jr., MIH's Executive Vice President and Chief Information Officer, "We believe that our new exchange will complement MIAX and provide a competitive alternative in the price-time market segment. As our exchange members are aware, speed, reliability and a price-time priority trading model are key components of this particular market segment, and we are confident that they will immediately notice the benefits of trading on a platform that has become internationally known for its ultra-low latency, proper risk protections and exceptional throughput."
"We anticipate that we will be very successful in getting new member firms that are not currently members of the MIAX Options Exchange to join our second exchange, as we believe that these firms will have an interest in aligning themselves with an options exchange recognized for having the fastest response times in the industry and one of the most advanced, secure and reliable trading platforms" said Joe Bracco, MIAX's Senior Vice President – Head of Sales.
Additional information concerning MIH's new price-time options exchange will be forthcoming.
