NEW YORK and PRINCETON, NJ – October 4, 2016 – IPC, a leading global provider of secure, compliant communications and networking solutions for the financial markets community, today announced that it continues to grow its equity derivatives marketplace with the addition of the MIAX Options Exchange (MIAX Options) to the IPC Financial Markets Network. MIAX Options is a fully automated electronic options exchange for the trading of OCC issued standardized options on equities and ETFs.
Options play a significant role in risk mitigation, particularly tail risk management, since they can potentially generate substantial returns in times of market duress. The recent volatility in the markets and increasing frequency of black swan events are stoking demand among institutional investors, asset managers, hedge funds and dealers for trading options on equities and ETFs. Reliable and secure connectivity throughout the trade lifecycle and access to an established ecosystem of market participants continue to be pivotal in trading of derivatives in the current market environment.
“MIAX Options is pleased to become part of the network of trading venues offered by IPC to its clients,” said Douglas M. Schafer Jr., Chief Information Officer and EVP at MIAX Options. “IPC’s ability to provide efficient and reliable access to the MIAX Options markets enables its clients to take advantage of the unique functionality, protections and industry leading performance MIAX Options has brought to the equity derivatives marketplace.”
“It is our mission to provide the global buy-side community with reliable and secure access to liquidity venues so that they can successfully generate alpha, manage beta, diversify and protect portfolios,” said David Brown, Senior Vice President and Managing Director, Financial Markets Network, IPC. “We are excited to welcome MIAX Options to our flourishing equity derivatives ecosystem.”
The IPC Financial Markets Network service portfolio includes the Connexus Financial Extranet, Direct Connect and MPLS WAN data services, as well as Trader and Enhanced Voice connectivity services. IPC’s Financial Markets Network interconnects global financial centers and allows access to more than 6,000 market participant locations across 700 cities in more than 60 countries.
MIAX Options is a fully electronic options trading exchange. MIAX Options has assembled a team with deep rooted experience in developing, operating and trading on options exchanges. Its trading platform has been developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX Options now lists and trades options on over 2,400 multi-listed classes. MIAX Options’ unparalleled system throughput is approximately 38 million quotes per second. The average latency for a single quote on MIAX Options is approximately 16.21 microseconds for a full round trip. At the 99th percentile, the latency on MIAX Options is approximately 23.90 microseconds. At the 99.9th percentile, the latency on MIAX Options is approximately 53.71 microseconds. The executive offices and technology development center as well as the National Operations Center for the MIAX Options are located in Princeton, New Jersey.
MIAX Options, Miami International Technologies, LLC (MIAX Technologies), MIAX Global, LLC (MIAX Global) and MIAX PEARL, LLC (MIAX PEARL) are wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH). MIAX Technologies is MIH’s technology subsidiary for the sale and/or license of the trading technology developed by MIAX Options. MIAX Global focuses on merger, acquisition and joint venture activities of MIH. MIAX Global also provides technology and other services outside of North America, with its initial concentration being on Europe and Latin America. MIAX PEARL will be MIH’s second fully electronic options trading exchange and will leverage the industry leading technology and infrastructure developed by MIAX Options to employ a price-time allocation model. MIAX PEARL is expected to launch in the first quarter of 2017, pending approval from the SEC. www.miaxoptions.com
IPC is a technology and service leader that powers financial markets globally. We help clients anticipate change and solve problems, setting the standard with industry expertise, exceptional service and comprehensive technology. With customers first and always, we collaborate with each to understand their individual needs to help make them secure, productive and compliant within our connected community. Through service excellence, long-developed expertise and a focus on innovation and community, we provide agile and efficient ways for our customers to accelerate their ability to adapt to the ever–changing requirements for advanced data networks, compliance and collaboration with all counter-parties across the financial markets. www.ipc.com
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