PRINCETON, New Jersey, Aug. 22, 2013 / PRNewswire – The MIAX Options Exchange (“MIAX” or the “Exchange”) announced today that it anticipates implementing an equity rights program for Exchange members (the “Program”). Under the Program, participating Exchange members would be issued units representing the right to acquire equity in the MIAX’s parent holding company, Miami International Holdings, Inc., in exchange for a cash payment and the achievement of certain volume thresholds on the Exchange over a 23 month period. The purpose of the Program is to promote the long-term interests of MIAX by providing incentives designed to encourage MIAX market participants to contribute to the growth and success of MIAX, by being active liquidity providers and takers to provide enhanced levels of trading volume to MIAX’s market, through an opportunity to increase their proprietary interests in MIAX’s enterprise value. The implementation of the Program remains subject to review by the Securities and Exchange Commission and the publishing of a Form 19b-4 filing for notice and comment.
The Exchange plans on commencing the measurement period for the volume thresholds on September 3, 2013. Participation in the Program is open to all members of the Exchange, subject to their satisfaction of eligibility requirements.
Thomas P. Gallagher, MIAX’s Chairman and Chief Executive Officer said, “As of today, a number of Exchange members have expressed strong interest in participating in the Program. In addition, the Program is open to all MIAX market participants generally.” Continued Gallagher, “The implementation of this Program is part of the Exchange’s overall business strategy to create a compelling trading venue and increase its market share in the U.S. equity options space. We are looking forward to the completion of this next major milestone in the development of MIAX as the Exchange approaches its 4th operating quarter since launch in December 2012.”
For further information, please see MIAX Regulatory Circular 2013-52 for the Program available at www.MIAXOptions.com.
About the MIAX Options Exchange
MIAX is a fully electronic options trading exchange. Its trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. The MIAX executive offices and technology development center are located in Princeton, New Jersey. The National Operations Center for the MIAX Options Exchange is also housed at the Princeton facility. Additional executive offices, as well as a multi-purpose training, meeting and conference center will be located in a state-of-the-art facility in Miami, Florida.
MIAX is a wholly-owned subsidiary of Miami International Holdings, Inc. (“MIH”). MIAX has assembled a team with deep rooted experience in developing, operating and trading on options exchanges. The initial focus of MIH has been to leverage management’s expertise and relationships in the equity options space to launch the MIAX Options Exchange. MIAX intends to launch the MIAX Equities Exchange and plans to pursue Latin American equity listings. The launch of the MIAX Equities Exchange is subject to SEC approval. The vision for the MIAX Equities Exchange 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. MIAX believes that Miami 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 the MIAX because of its presence in Miami. The MIAX Futures Exchange is also planned as a follow-on initiative. The launch of the MIAX Futures Exchange is subject to CFTC approval.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of MIH, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the plans, objectives, expectations and intentions and other statements that are not historical or current facts of MIH, together with its subsidiaries, including MIAX (the “Company”). Forward-looking statements include, but are not limited to, statements about the possible or assumed future results of operations of the Company; the competitive position of the Company; potential growth opportunities available to the Company; the expectation with respect to securities, options and future markets and general economic conditions; the effects of competition on the Company’s business; and the impact of future legislation and regulatory changes on the Company’s business. Forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements.
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