MIAX Options Equity Rights Program

MIAX created an Equity Rights Program to allow MIAX Options Exchange Member firms the opportunity to align themselves as strategic partners with an options exchange known for having one of the most advanced and reliable derivatives trading platforms, as well as to enable MIAX Options to remain competitive with other options exchanges and provide strong markets to the industry. 

The first Equity Rights Program was launched in September 2013 (the 2013 Equity Rights Program) and it ran through June 2015. Following the success of the 2013 Equity Rights Program, a follow-on initiative was launched in February 2015 (the 2015 Equity Rights Program) and it is scheduled to run through June 2017.
 
Both the 2013 and 2015 Equity Rights Programs are similarly structured and provide MIAX Options Exchange Member firms with the right to invest in Miami International Holdings, Inc., the parent holding company of MIAX Options, in exchange for payment of an initial purchase price or the prepayment of certain transaction fees and the achievement of certain liquidity volume thresholds on MIAX Options. 

Seven MIAX Options Exchange Member firms currently participate in the 2015 Equity Rights Program, including five of whom initially participated in the 2013 Equity Rights Program. Six MIAX Options Exchange Member firms participated in the 2013 Equity Rights Program.

Equity Rights Program participants are as follows: 

2015 Equity Rights Program:

The seven MIAX Options Exchange Member firms participating in the 2015 Equity Rights Program are: 

  • Citadel Securities LLC 
  • KCG Americas, LLC 
  • Morgan Stanley & Co. LLC
  • Optiver US LLC
  • Susquehanna Securities
  • Timber Hill LLC
  • Wolverine Trading, LLC 

2013 Equity Rights Program: 

The six MIAX Options Exchange Member firms who participated in the 2013 Equity Rights Program were: 

  • KCG Americas, LLC
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated
  • Morgan Stanley & Co. LLC
  • Susquehanna Securities
  • Timber Hill LLC
  • Wolverine Trading, LLC