MIAX Options Exchange Announces Temporary Transaction Fee Waiver For MIAX Market Makers, Completion of Symbol Roll Out and Performance Statistics
PRINCETON, New Jersey, May 31, 2013 – The MIAX Options Exchange (“MIAX” or the “Exchange”), the newest U.S. equity options exchange, announced today that it will temporarily waive all transaction fees that apply to MIAX market makers for the period beginning June 3, 2013 and ending July 31, 2013. Non-market maker transaction fees and other fees including connectivity and data fees will still remain in effect during this time.
The fee waiver is designed to both enhance MIAX’s competitiveness with other options exchanges and strengthen its market quality. MIAX believes that waiving transaction fees for market makers registered on MIAX will promote tighter bid-ask spreads by market makers, and increase the volume of transactions in order to allow MIAX to compete more effectively with other options exchanges for such transactions. In addition, MIAX believes that the fee waiver will incent other market participants not currently registered as market makers on MIAX to join the existing nine MIAX market making firms. Including these nine market making firms, MIAX currently has a total of 32 member firms.
In commenting on today’s developments, Thomas P. Gallagher, MIAX’s Chairman and Chief Executive Officer said, “The MIAX Options Exchange has been well received by customers who have traded on the Exchange since our launch in December 2012. We believe that this temporary fee waiver will give new and existing market makers the opportunity to become more comfortable with the many features that MIAX offers.”
Douglas M. Schafer, Executive Vice President and Chief Information Officer at MIAX, said, “We successfully implemented the final phase of our options roll out plan, and as a result MIAX now lists for trading in excess of 600 options classes. With the MIAX Options Exchange fully rolled out, MIAX is pleased to announce its latest performance numbers. The average latency for a single quote is 27.6 microseconds. At the 99th and 99.9th percentiles the latency is 39.7 and 56.4 microseconds, respectively. These performance numbers are based on the measurement of all quotes (not just periodic strobes) received throughout the complete trading day, including the market opening. MIAX’s unparalleled system throughput (in excess of 24 million quotes/second) and its unique software and hardware architecture ensure the reliability, flexibility and deterministic performance demanded by the industry.”
Shelly Brown, Senior Vice President, Strategic Planning and Operations at MIAX, commented, “MIAX member firms have reported to us that when they send a marketable order to the MIAX Options Exchange they are experiencing a higher percentage fill rate than at any other options exchange, and that the ultra-low latency aspect of MIAX’s market data and trading engines are ensuring a more consistent experience.” Brown continued, “MIAX’s objectives are for a transparent, stable and efficient market, and we look forward to providing the same to our users.”
For detailed information regarding fees on the MIAX Options Exchange, please visit www.miaxoptions.com/content/fees.
For further information regarding the MIAX Options Exchange, including fee schedule, news and recent developments, member onboarding, and technology onboarding, including specifications and requirements, please visit http://www.miaxoptions.com/ or contact MIAX Trading Operations at TradingOperations@MIAXOptions.com.
About MIAX Options Exchange
MIAX is a fully electronic options trading exchange. Its trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. 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.
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.