PRINCETON, N.J., Nov. 18, 2020 /PRNewswire/ — Miami International Holdings, Inc. (MIH), the parent holding company of MIAX®, MIAX PEARL® and MIAX Emerald® (collectively, the MIAX Exchange Group™), today announced that it is evaluating whether to register as a Competing Consolidator should the Securities and Exchange Commission’s (SEC) proposed Market Data Infrastructure reforms (Proposal) be approved and become effective. As noted in its August 18, 2020 comment letter on the Proposal, MIH is interested in becoming a Competing Consolidator, provided that new entrants can fairly compete against incumbent securities information processors (SIPs) that elect to also become Competing Consolidators. To this end, MIH is actively evaluating this business initiative and potential partnerships with third parties. MIH’s potential registration as a Competing Consolidator is contingent on the SEC’s approval of the Proposal and its ultimate implementation.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH, said, “We are actively monitoring the status of the Proposal and assessing registering as a Competing Consolidator. Should we determine to register, we believe our strong and resilient technology platforms would enable us to provide long needed competition in the market for consolidated data.”
Barbara J. Comly, Executive Vice President and General Counsel of MIH, added, “We believe the Commission can facilitate a level playing field through certain modifications to the Proposal that would mitigate the potential competitive hurdles new entrants may experience as compared to established participants that currently provide consolidated data.”
|Corporate Communications Contact:||Natalie Kay, Karma Agency|
About MIH and the MIAX Exchange Group
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 securities exchanges. MIH also owns a controlling interest in the Bermuda Stock Exchange.
MIAX, MIAX PEARL and MIAX Emerald options exchanges leverage the MIAX Exchange Group’s industry-leading technology and infrastructure to provide their member firms with traditional pricing and pro rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro rata allocation (MIAX Emerald).
MIAX Options® serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
Under MIAX PEARL’s exchange license, MIAX PEARL Equities™ provides its members with 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 MIAX Exchange Group’s executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL.
To learn more about MIH and the MIAX Exchange Group visit www.MIAXOptions.com.
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 Miami International Holdings, Inc. (together with its subsidiaries, the Company), 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. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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