There’s a new options exchange on the block and open for business.
Exchange operator MIAX has launched MIAX PEARL, which began formal operations on Monday. This successful launch brings the total number of U.S. options markets to fifteen.
OCC congratulates the Miami International Securities Exchange on the successful launch of MIAX PEARL, said Craig Donohue, OCC Executive Chairman and CEO. We are pleased to provide central counterparty clearing and settlement services to our newest participant exchange. As a Systemically Important Financial Market Utility and the foundation for secure markets, we look forward to the continued success of MIAX PEARL and the continued growth of the U.S. exchange-traded options industry.”
With the addition of MIAX PEARL, OCC provides central counterparty clearing and settlement services to 20 exchanges and trading platforms for options, security futures, financial and commodity futures, and securities lending transactions. In 2016, OCC cleared volume was 4.17 billion contracts, its fifth-highest annual total ever.
PEARL opened with IBM as its first symbol trading. MIAX PEARL will continue listing options on IBM for its first week of trading and then begin rolling out additional symbols thereafter.
MIAX PEARL is the second exchange of the MIAX exchange group following the launch of MIAX Options in December 2012 by its parent holding company Miami International Holdings, Inc. (MIH). PEARL employs maker-taker priccing scheme.
The successful launch of MIAX PEARL marks a momentous occasion not only for us but also in the history of MIH, which is now the parent holding company of two U.S. equity options exchanges, said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX PEARL. We are excited to be a part of the MIAX exchange group along with MIAX Options, and look forward to helping to grow our exchange groups collective market share by establishing MIAX PEARL as one of the preeminent maker-taker exchanges in the industry.”
MIAX exchange group consisting of two exchanges – MIAX PEARL and MIAX Options – with two different pricing structures and allocation models.
