PRINCETON, NJ, 25 September 2020 / PRNewswire / – Miami International Holdings, Inc. (MIH), the parent holding company of MIAX®, MIAX PEARL® and MIAX Emerald™ exchange, announced today that it has begun trading all NMS test symbols on MIAX PEARL Equities™, MIH’s first stock exchange. MIAX PEARL Equities will start trading live Tuesday 29 September 2020 with its first NTGR symbol (NETGEAR Inc.) and it will start throwing additional symbols 2 October 2020. With its launch, the MIAX Pearl Equities Exchange joins the current MIAX Options exchanges®, MIAX PEARL and MIAX Emerald as part of the MIAX Exchange Group ™.
Thomas P. Gallagher, President and Chief Executive Officer of MIH, said: “Thanks to the exceptional work done at our options exchanges and our demonstrated ability to manage complex trading initiatives, we have established a level of trust with the trading community that forms the foundation. for the success we expect at MIAX PEARL Equities. We particularly appreciate the involvement of the members who participated in our test environment and look forward to a smooth launch in the coming weeks. “
Gallagher continued, “We are grateful and particularly proud of the work of our dedicated employees in launching our first cash stock exchange despite the daily challenges presented by the impact of the Covid-19 pandemic and our largely remote work environment in the last six months. “
“We are thrilled that MIAX PEARL Equities officially becomes the industry’s newest time-price stock exchange,” he said. Douglas M. Schafer, Jr., Executive Vice President and Director of Information of MIAX PEARL. “Our systems have performed exceptionally well so far during today’s test symbol trading and we will look to finish the rest of the trading day strong. We look forward to our member companies now experiencing the ultra-low latency and exceptional capabilities. equity technology platform returns when live trading starts next week. “
Added Barbara J. Comly, Executive Vice President and General Counsel of MIAX PEARL, “We are delighted to launch the test symbols today and that live trading will commence on 29 September 2020. We would like to thank all SEC Commissioners and Commission staff for their efforts throughout the approval process. “
Earlier this month, MIH announced that it has finalized a strategic transaction with industry leaders to trade on MIAX PEARL Equities. The transaction provides participants with the right to invest in MIH in exchange for the prepayment of certain exchange fees and the achievement of certain liquidity volume thresholds on MIAX PEARL Equities. In the operation, which was fully subscribed, 22 units were offered. If all participants performed fully for the duration of this stock rights program, the market share of MIAX PEARL Equities from these participants would be 5.5% of ADV. Companies participating in the transaction include Citadel Securities, LLC, Hudson River Trading, Jump Trading Group, Simplex Trading, LLC, Susquehanna Securities, LLC and UBS.
Additionally, MIH and the Minneapolis Grain Exchange (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) announced the August 14, 2020 to have entered into a definitive agreement and merger plan under which MIH agreed to acquire MGEX for a combination of cash and MIH common stock following a demutualization of MGEX by its members and the fulfillment of certain closing conditions , including regulatory approval. Over it 4 September 2020, MGEX seat holders voted overwhelmingly to demutualize. As a result, MIH and MGEX are now proceeding with preparations for the merger in accordance with the merger agreement and plan. As a result of the acquisition, MGEX will become a wholly owned subsidiary of MIH and MIH will continue to maintain MGEX’s trading and clearing operations, including its hard red spring wheat contract, adding new futures products. Closing should take place in 4th Quarter 2020.
For more information on the MIAX PEARL Equities interface and connectivity specifications, please visit: Interface Specifications and Connectivity Specifications or contact MIAX Trading Operations at TradingOperations@MIAXEquities.com or Sales at Sales@MIAXEquities.com.
Miami International Holdings, Inc. (MIH) is the parent holding company of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX PEARL®) and MIAX Emerald, LLC (MIAX Emerald ™ and together with MIAX and MIAX PEARL, the MIAX Exchange Group ™), three national stock exchanges. MIH also owns a controlling stake in the Bermuda Stock Exchange.
MIAX, MIAX PEARL and MIAX Emerald stock exchanges leverage MIAX Exchange Group’s industry-leading technology and infrastructure to provide member firms with traditional pricing and proportional allocation (MIAX), maker-taker pricing, and price-time allocation ( MIAX PEARL) structures and a hybrid market structure with maker-taker pricing and pro rata allocation (MIAX Emerald).
MIAX Options acts as the exclusive trading venue for cash settled options on SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
Under the trading license of MIAX PEARL, MIAX PEARL Equities offers its members best-in-class performance through a combination of high determinism, low latency and high throughput. MIAX PEARL Equities has maker-taker pricing and a price-time allocation model.
The executive offices of the MIAX Exchange Group and the National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL.
To find out more about MIH and the MIAX Exchange Group, visit www.MIAXOptions.com.
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SOURCE Miami International Holdings, Inc.