MIAX Options Equity Rights Program

MIAX Options created an Equity Rights Program to allow MIAX Options Exchange Member firms the opportunity to align themselves 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, ERP-I, was launched in September 2013. Following the success of ERP-I, a follow-on initiative, ERP-II, was launched in February 2015.  A third Equity Rights Program, ERP-III, was launched in July 2017.

ERP-I, II and III 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. 

Equity Rights Program details and participants are as follows: 

2017 Equity Rights Program III:

July 2017 – December 2020
The eight MIAX Options Exchange Member firms participating in the 2017 Equity Rights Program are: 

  • Barclays Capital Inc.
  • Citadel Securities LLC
  • IMC-Chicago, LLC (d/b/a IMC Financial Markets)
  • Morgan Stanley & Co. LLC
  • Optiver US LLC
  • Susquehanna Securities
  • Timber Hill LLC (in anticipation of transitioning its U.S. market making business to Two Sigma Securities)
  • Wolverine Trading, LLC

    
2015 Equity Rights Program II:

February 2015 – June 2017
The seven MIAX Options Exchange Member firms who participated in the 2015 Equity Rights Program were: 

  • 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 I: 

September 2013 – June 2015
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