MIAX Options Exchange
|MIAX Options Exchange|
|Key People||Thomas P. Gallagher, Chairman and CEO|
|Products||Equity Derivatives Exchange|
The 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. MIAX acts as its own self-regulatory organization.
The national operations center for MIAX is housed at a facility in Princeton, New Jersey. 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 had captured .68% of the exchange traded equity options volume in 2013.
In October 2013 MIAX Options Exchange agreed to sell a stake in itself to six of its largest members. The 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-year period. That deal is expected to close in the second quarter of 2015.
In February 2015, MIAX added two more member firms to its roster, Citadel Securities LLC and Optiver US LLC, 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 exchange.
John Lothian News Interview with MIAX
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. 
- Thomas P. Gallagher, MIAX's Chairman and Chief Executive Officer
- Shelly Brown, Sr. Vice President, Strategic Planning & Operations
- Press Release. PR Newswire.
- Miami Options Exchange Gets SEC Approval, Will Start Dec. 7. Bloomberg.
- MIAX Trades Ownership Stake for Order Flow in Deal with Six Big Members. Traders Magazine.
- MIAX Options Exchange Closes Equity Rights Deal With Seven Firms. The Wall Street Journal.