Miami International Securities Exchange, LLC (the MIAX Options Exchange or MIAX Options) and MIAX PEARL, LLC (MIAX PEARL, and together with MIAX Options, collectively, MIAX) are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH).
MIAX has deep rooted experience in developing, operating and trading on exchanges. The initial focus of MIH was to leverage management’s expertise and relationships in the equity options space to launch the MIAX Options Exchange, a fully electronic options exchange for the trading of OCC issued standardized options on equities and ETFs. Trading on MIAX Options commenced on December 7, 2012 following its approval from the SEC as a National Securities Exchange. MIAX Options now lists and trades options on over 2,600 multi-listed classes.
MIAX PEARL is MIH’s second fully electronic options trading exchange and has leveraged the industry leading technology and infrastructure developed by MIAX to serve as a counterpart to MIAX Options by providing a price-time allocation and maker-taker pricing model. Trading on MIAX PEARL commenced on February 6, 2017 following its approval from the SEC as a National Securities Exchange. MIAX PEARL along with MIAX Options and the MIAX Options Complex Order System now provides members of the MIAX exchange group with access to approximately 75% of the total U.S. options market volume.
The MIAX mission is to provide
- A marketplace that caters to the needs of the customer and trading community
- Competitive pricing based on a low cost operating structure
- Superior customer service
- Outstanding technology
MIH also intends to launch the MIAX Equities Exchange (MIAX Equities) and plans to pursue Latin American equity listings. The vision for MIAX Equities 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. MIH believes that Miami, Florida, 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 MIAX and MIAX Equities because of the company's presence in Miami. The launch of MIAX Equities is subject to SEC approval.
The MIAX Futures Exchange is also planned as a follow-on initiative. The launch of the MIAX Futures Exchange is subject to CFTC approval.
The MIAX trading platform was developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX understands that providing a trading platform with the proper protections, latency, and throughput is essential to the success of the trading community.
The MIAX platform provides:
- Extreme performance and radical scalability designed to match the unique needs of trading differing asset class/market model combination.
- Customer interfaces:
- MIAX FIX gateway for orders
- Ultra-low latency binary interfaces and data feeds with best-in-class wire order determinism and jitter
- Direct or gateway-based access to a Match Engine
- Multicast based top of market and liquidity data feeds
- Clearing trade and order drops
- Automated continuous testing to ensure high reliability
- Advanced monitoring and systems security
- A software architecture that results in minimizing the demands on power, space, and cooling while allowing for rapid scalability, resiliency and fault isolation
- Latency equalized cross-connect availability in both the primary and disaster recovery data centers ensures fair and cost efficient access to the MIAX systems.
Executive offices, technology development center, and the National Operations Center for MIAX are located in Princeton, New Jersey. Additional offices and a multi-purpose training, meeting and conference center are part of MIAX's state-of-the-art facility in Miami, Florida, where MIAX Technology sales and MIAX Equities sales, membership, marketing and listings operations will also be located.