04.18.2018

Miami Internat’l to Launch New Options Exchange

04.18.2018
Terry Flanagan

Miami International Holdings to Launch New Options Exchange, MIAX Emerald, in 2019

PRINCETON, N.J., April 17, 2018 /PRNewswire/ — Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Options® and MIAX PEARL™ options exchanges, today announced that it intends to launch MIAX Emerald as its third fully electronic options exchange in 2019. MIAX Emerald is expected to join the MIAX Exchange Group in Q1 2019, pending SEC approval.

“We are excited to announce MIAX Emerald as our third options exchange and one of our next initiatives to continue scaling our business,” said Thomas P. Gallagher, Chairman and CEO of MIH. “The competitive exchange landscape in the U.S. options market is primarily based on three aspects: allocation model, fee model, and technology. The MIAX Exchange Group has proven itself as an industry leader in the exchange space, with both MIAX Options and MIAX PEARL offering exceptional speed, throughput and determinism, as well as state-of-the-art risk protections and help desk. MIAX Emerald will leverage this excellence to provide a competitive alternative in the specific allocation and fee model market segment that it will occupy.”

“MIAX Emerald will fill a market structure niche not currently offered by the MIAX Exchange Group and enable us to broaden our addressable market,” said Shelly Brown, Executive Vice President – Strategic Planning and Operations of MIH. “The result will be a MIAX Exchange Group that is better positioned to meet the additional trading needs of our member firms and further equipped to compete with other exchange groups that offer multiple allocation and fee models.”

MIAX Emerald specifications and testing are currently scheduled to be made available as follows, with additional information to be forthcoming:

• September 2018
– interface specifications

• December 2018
– certification testing for member firms and market data recipients
– production connectivity and testing

• January and
February 2019
– industry mock trading weekend testing

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