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MIAX Options Exchange

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/* John Lothian News Interviews with MIAX */
{{Random_adbox#vardefine:rNum|{{#rand:1|3}}}}{{#switch: {{#var:rNum}} | 1 = {{Miax_adbox1}} | 2 = {{Miax_adbox2}} | 3 = {{Miax_adbox3}} }}__NOTOC__
{{Infobox_Company
| company_name = MIAX Options Miami International Securities Exchange, LLC (MIAX)
| company_logo = [[File:Miax options logo-resize-380x300.jpg{{!}}225px]]
| key_people = [[Thomas P. Gallagher]], Chairman and CEO
| twitter = <!-- Twitter ID for the company, e.g. JohnLothian, or leave blank -->
| stocktwits = <!-- StockTwits ID for the company, e.g. JohnLothian, or leave blank -->
| linkedin = <!-- LinkedIn ID for the company -->Miami International Holdings
| facebook = <!-- Facebook Page -->
| homepage = [http://www.miaxoptions.comMIAX Options Home]
| press = http://www.miaxoptions.com/
}}
The Miami International Securities Exchange, LLC (MIAX Options Exchange ) is a U.S. [[equity derivatives]] market. It received regulatory approval on Dec. 3, 2012 and began operations on Dec. 7, 2012.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/miax-receives-approval-order-from-the-united-states-securities-and-exchange-commission-to-become-newest-equity-options-exchange-trading-to-commence-on-december-7-2012-182012321.html|name=Press Release|org=PR Newswire|date=December 5, 2012}}</ref> MIAX is owned by [[Miami International Holdings, Inc.]], based in Princeton, New Jersey<ref>{{cite web|url=http://www.bloomberg.com/news/2012-12-04/miami-options-exchange-gets-sec-approval-will-start-dec-7.html|name=Miami Options Exchange Gets SEC Approval, Will Start Dec. 7|org=Bloomberg|date=December 5, 2012}}</ref> and acts as its own [[self-regulatory organization]].[[File:SPIKES powered by MIAX.png|link=http://www.miaxoptions.com/spikes|float|right]]The MIAX family of exchanges posted volume of more than 232 million contracts in 2017 making it the 19th largest, according to the Future Industry Association's survey of the world's leading derivatives exchanges.
The national operations center for MIAX is housed at a facility also in Princeton, New Jersey. Additional and additional executive offices, as well as a multi-purpose training, meeting and conference center are located in a facility in Miami, Florida.
Through August 2013 MIAX is owned by [[Miami International Holdings, Inchad captured .]], based 68 percent of the exchange traded equity options volume in Princeton2013. By July 2016, New JerseyMIAX had captured 7.49 percent of equity options marketshare. By November 2018, MIAX's equity options marketshare was 9.25 percent.<ref>{{cite web|url=http://www.bloombergjohnlothiannews.com/news2018/2012-12-04/miamihedge-optionsfund-exchangeking-getsyouve-secnever-approvalheard-willof-starthscei-decvol-7.htmlindex-launch-kolanovic-update/|name=Miami JLN Options Exchange Gets SEC Approval, Will Start Dec. 7: Hedge-Fund King You’ve Never Heard Of; HSCEI Vol Index launch; Kolanovic update|org=BloombergJohn Lothian News|date=December 57, 20122018}}</ref>
Through August In October 2013 MIAX had captured agreed to sell a stake in itself to six of its largest members.68% The deal gave [[Bank of America Merrill Lynch]], [[Morgan Stanley]], [[Wolverine Trading]], [[Interactive Brokers]], [[Susquehanna International Group]] and [[KCG Americas]] the right to purchase up to 19.9 percent each of MIAX's parent company Miami International Holdings over a two-year period in exchange traded equity options for payment of an initial purchase price or the prepayment of certain transaction fees and the achievement of a certain volume of liquidity on the Exchange.<ref>{{cite web|url=http://www.tradersmagazine.com/news/MIAX-Trades-Ownership-Stake-for-Order-Flow-in 2013-Deal-with-Six-Big-Members-111586-1.html?ET=tradersmagazine:e2384:1170180a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=tm_xtra_100213|name=MIAX Trades Ownership Stake for Order Flow in Deal with Six Big Members|org=Traders Magazine|date=October 2, 2013}}</ref>
In October 2013 MIAX Options Exchange agreed to sell a stake in itself to six of its largest members. The That deal gave Bank of America Merrill Lynch, Morgan Stanley, Wolverine, Interactive Brokers, Susquehanna International Group, and KCG Holdings - the right to purchase up to 19.9 percent each of MIAX's parent company Miami International Holdings over a two"2013 Equity Rights Program" -year periodclosed on Sept.<ref>{{cite web|url=http://www.tradersmagazine.com/news/MIAX-Trades-Ownership-Stake-for-Order-Flow-in-Deal-with-Six-Big-Members-111586-1.html?ET=tradersmagazine:e2384:1170180a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=tm_xtra_100213|name=MIAX Trades Ownership Stake for Order Flow in Deal with Six Big Members|org=Traders Magazine|date=October 230, 2013}}</ref> That deal is expected to close in the second quarter of and ran through July 2015.
In On February 2, 2015, the MIAX added two more member firms to Options Exchange (MIAX) closed its rostersecond equity rights transaction, the 2015 Equity Rights Program. The members involved were [[Citadel Securities LLC and ]], KCG Americas, Morgan Stanley, [[Optiver ]] US LLC, Susquehanna Securities, Timber Hill, and agreed to a new deal with its seven member firms that allows them to buy more stock in Miami International Holdings if they increase the amount of trading on the exchangeWolverine Trading. That program ran through June 2017.<ref>{{cite web|url=http://www.wsjmiaxoptions.com/articlescontent/miax-options-exchange-closes-equity-rights-deal-with-seven-firms-1423070419program|name=MIAX Options Exchange Closes Equity Rights Deal With Seven FirmsProgram|org=The Wall Street JournalMIAX|date=February May 4, 2015}}</ref>
The deal allowed those members to buy more stock in Miami International Holdings if they increased the amount of trading on the exchange.<ref>{{cite web|url==John Lothian News Interview http://www.wsj.com/articles/miax-options-exchange-closes-equity-rights-deal-with -seven-firms-1423070419|name=MIAXOptions Exchange Closes Equity Rights Deal With Seven Firms|org=The Wall Street Journal|date=February 4, 2015}}</ref>
Sun rises on Miami MIAX announced its third equity rights program in July 2017. The members involved were [[Barclays]], Citadel Securities, [[IMC]], Morgan Stanley, Optiver US, Susquehanna Securities, Timber Hill and Wolverine Trading.<ref>{{cite web|url=https://www.miaxoptions.com/sites/default/files/press_release-files/MIAX_Press_Release_07102017.pdf|name=MIAX Options Exchange:Enters into 2017 Equity Rights Transaction|org=The Wall Street Journal|date=December 7, 2018}}</ref>
Shelly Brown and Doug Schafer talk about The fourth quarter of 2016 saw the new release of complex order functionality on MIAX.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/miami-international-holdings-files-for-second-exchange-license-to-launch-miax-pearl-closes-30-million-debt-financing-300314038.html|name=Miami Options International Holdings Files for Second ExchangeLicense to Launch MIAX PEARL; Closes $30 Million Debt Financing|org=PR Newswire|date=August 17, 2016}}</ref>
MIAX Options launched its second options exchange, MIAX Pearl, on February 6, 2017, as the 15th US options exchange.<ref>{{cite web|url=http://www.mondovisione.com/media-and-resources/news/occ-welcomes-miax-pearl-options-exchange/|name=OCC Welcomes MIAS PEARL Options Exchange|org=OCC|date=February 8, 2017}}</ref> MIAX Pearl pffers a [[maker-taker]] pricing model, whereas the original MIAX options exchange offers a pro-rata pricing model.<ref>{{cite web|url=http://www.prnewswire.com/news-releases/miax-pearl-successfully-launches-trading-operations-300402833.html|name=MIAX PEARL Successfully Launches Trading Operations|org=MIAX|date=February 8, 2017}}</ref> <ref>{{cite web|url=http://www.johnlothiannews.com/2016/05/room-one-miax-due-open-15th-us-options-exchange/#.VztMBL4XEXi|name=Room For One: MIAX Due To Open 15th US Options Exchange|org=John Lothian News|date=May 17, 2016}}</ref> The exchange launched MIAX Emerald, the 16th U.S. options exchange (and MIAX's third) on March 1, 2019 with the rollout of options on its first symbol, IBM.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/miax-emerald-successfully-launches-trading-operations-300805959.html|name=MIAX Emerald Successfully Launches Trading Operations|org=MIAX via PR Newswire|date=March 4, 2019}}</ref> <ref>{{cite web|url=http://www.miaxoptions.com/sites/default/files/press_release-files/MIAX_Press_Release_04172018.pdf|name=Miami International Holdings to Launch New Options Exchange, MIAX Emerald, in 2019|org=MIAX|date=April 17, 2018}}</ref>  In 2018 MIAX partnered with T3 to launch options on the [[SPIKES Volatility Index]], a measure of the expected 30-day volatility in the [[SPDR S&P 500 ETF]] (SPY). SPIKES is built using the variance swap methodology and uses live SPY option prices to calculate volatility.<ref>{{cite web|url=https://www.miaxoptions.com/sites/default/files/spikes-files/SPIKES_Factsheet_10152018.pdf|name=SPIKES Volatility Options|org=MIAX Options|date=December 7, 2018}}</ref> In September 2019 the company partnered with the [[Minneapolis Grain Exchange]] to list and clear futures on MIAX's SPIKES Volatility Index. The new futures contract is planned to launch on November 18, 2019, trading via the CME Globex platform.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/miax-and-mgex-announce-spikes-futures-launch-date-300923252.html|name=MIAX and MGEX Announce SPIKES® Futures Launch Date |org=Press Release|date=September 24, 2019}}</ref> [[Image:6038.jpg|{{!}}225px]]''MIAX staff during the SPIKES options launch.''  On February 19 2019, MIAX Options launched options trading on the SPIKES Index. The contract features European exercise and is cash-settled. The product is notable as a competing contract to the [[Cboe Global Markets]]' [[VIX]] contract.<ref>{{cite web|url=https://www.miaxoptions.com/sites/default/files/press_release-files/MIAX_Press_Release_2_02052019.pdf|name=1 Volatility Trading to Launch on SPIKES Index|org=MIAX Options|date=February 6, 2019}}</ref> [[Citadel]] Securities is the specialist in SPIKES options.<ref>{{cite web|url=http://www.mondovisione.com/media-and-resources/news/spikes-options-launched-on-miax-miax-options-executes-strategy-to-transform-ma/|name=SPIKES Options Launched on MIAX|org=MIAX|date=February 21, 2019}}</ref><ref>{{cite web|url=https://www.miaxoptions.com/sites/default/files/press_release-files/MIAX_Press_Release_2_02052019.pdf|name=1 Volatility Trading to Launch on SPIKES Index|org=MIAX Options|date=February 6, 2019}}</ref>  == Contract Volume =={| cellpadding="5" cellspacing="1" style="background:#FFFFFF;"|- align="left" style="background:#CCCCCC;"| '''Year'''|'''Total Annual Volume'''* |'''Percent Change'''|- align="left" style="background:#EEEEEE;"|2017|191,153,873|(-)22.6%|- align="left" style="background:#EEEEEE;"|2016|247,112,479|(-)2.2%|- align="left" style="background:#EEEEEE;"|2015|252,605,427|87.8%|- align="left" style="background:#EEEEEE;"|2014|134,535,972|241.2%|- align="left" style="background:#EEEEEE;"|2013|39,430,903| --|}  ==John Lothian News Interviews with MIAX== '''The Options Industry Leader Series 2018 – MIAX’s Shelly Brown''' {{#ev:youtube|6klq8yLKoiw|300}} In this video from the 36th annual Options Industry Conference (OIC) in Amelia Island, Fla., Shelly Brown, MIAX executive vice president, strategic planning and operations, talks about launching MIAX Emerald, its new SPIKES volatility index, and MIAX’s equity ambitions. ++++++ '''The Options Industry Leader Series 2017 - MIAX’s Brown on Number 15 and Complex Order Books''' {{#ev:youtube|zcahraNdggo|300}} In February, MIAX added MIAX PEARL to the options exchange landscape, bringing the total number of exchanges to 15. In this video from the Options Industry Conference in Scottsdale, Ariz., Shelly Brown, executive vice president, strategic planning and operations at MIAX, talks about figuring out PEARL’s fee structure and the group’s focus on continued development of complex order book functionality. ++++++ '''Sun rises on Miami Options Exchange: Shelly Brown and Doug Schafer talk about the new Miami Options Exchange''' The much anticipated MIAX Options Exchange launched December 7, 2013, making it the 11th options exchange in the United States. Jim Kharouf, editor-in-chief of John Lothian News, spoke with [[Shelly Brown]], senior vice president, strategic planning and operations with MIAX Options, and [[Doug Schafer]], executive vice president, chief information officer and director of the exchange at the Options Industry Conference in Las Vegas. They say MIAX’s 72-person team has two things that differentiate it from the pack - speed and a regulator approval-pending order function that’s designed to tighten quotes and reward market makers for tighter quoting. They also touched on its next two exchanges that will be based in Miami, with a Latin American view. [ Click here to read the whole article: http://jlne.ws/1ztuzD1]
== Key People ==
*[[Thomas P. Gallagher]], MIAX's Chairman and Chief Executive Officer
*[[Shelly Brown]], Sr. Vice President, Strategic Planning & Operations
*[[Douglas M. Shafer, Jr.]], Executive Vice President and Chief Information Officer
== References ==
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