OCC and Miami International Securities Exchange, LLC announced today that the MIAX Options Exchange has become an OCC participant exchange. The MIAX Options Exchange began operations today, Friday, December 7.
The launch of the MIAX Options Exchange by Miami International Securities Exchange, LLC now brings the total number of options markets in the U.S. to 11.
Thomas P. Gallagher, MIAX’s Chairman and Chief Executive Officer, said, “Today marks a tremendous milestone for MIAX with the launch of our options exchange, and we are excited to commence trading operations on MIAX and become the newest member of OCC.” Continued Gallagher, “We are very impressed with the level of efficiency and professionalism that the OCC team has demonstrated and we thank them for their cooperation during this process.”
Wayne P. Luthringshausen, OCC Chairman and CEO, said, "As the U.S. options industry continues to expand, we are pleased to welcome the MIAX Options Exchange as a participant exchange. In that role MIAX Options Exchange will be afforded the full range of clearing and risk management services available to all of our other exchanges."
OCC operates under the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and clears and guarantees the trades executed on all U.S. options exchanges. As a result of the MIAX Options Exchange’s affiliation with OCC, the standardized options contracts traded on the MIAX Options Exchange can be offset against the same options contracts traded on the other U.S. options markets, resulting in significant efficiencies for participating member firms.
