Several market makers and wholesalers have aligned themselves with the MIAX options exchange toprovide order flow.
The firms, Citadel Securities LLC, KCG Americas LLC, Morgan Stanley & Co. LLC, Optiver US LLC, Susquehanna Securities, Timber Hill LLC, and Wolverine Trading, LLC have closed an equity rights transaction between themselves and MIAX.
This is the second equity rights transaction MIAX has completed.
The structure of the new second transaction provides the MIAX members with the right to invest in the MIAX’s parent holding company Miami International Holdings, Inc. (MIH) 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 the Exchange.
“The launch of this equity rights program is another major milestone for MIAX,” said Thomas Gallagher, MIAX’s chairman and chief executive. “Following the success of our first equity rights program, we wanted to again provide MIAX Exchange Member firms with the ability to acquire an equity interest in MIH through a unique transaction.”
Five of the firms, KCG Americas LLC, Morgan Stanley & Co. LLC, Susquehanna Securities, Timber Hill LLC, and Wolverine Trading all were part of the exchange’s first equity rights program.
