MIAX Options Reports October 2016 Trading Activity; Remains #1 in Time at NBBO for Both All Option Classes and Penny Pilot Option Classes for September 2016
PRINCETON, New Jersey, Nov. 3, 2016 /PRNewswire/ — MIAX Options Exchange today announced that over 18.7 million contracts were executed on MIAX Options in October 2016, equating to an average daily volume (ADV) of over 890,000 contracts. The October volume represents an 18.5% decrease from the 22.9+ million contracts executed in September 2016 and a 17.5% decrease from the 22.6+ million contracts executed in October 2015. October ADV for the entire U.S. equity options industry decreased approximately 12.5% from September 2016, or from 15+ million contracts to 13+ million contracts.
Additionally, MIAX Options’ year-to-date total as of October 2016 of over 209.8 million contracts represents a 0.2% increase (approximately 474,000 more contracts) over the 209.3+ million contracts achieved in 2015, and its market share increased 4.8% from 6.69% to 7.01% during that same time period. MIAX Options’ October equity options market share of 6.70% represents a 4.3% decrease from the 7.00% achieved in October 2015 and a 6.9% decrease from the 7.20% achieved in September 2016. October ADV for the entire U.S. equity options industry was over 13.2 million contracts during the month’s 21 trading days, or a 9.8% decrease from October 2015 ADV of over 14.7 million contracts during the 22 trading days for that month.
Detailed volume statistics are as follows:
|MIAX Options||Year-to-Date||Current Month|
|MIAX Total Volume||209,867,026||209,392,777||0.2%||18,706,896||22,680,425||-17.5%|
|MIAX Market Share||7.01%||6.69%||4.8%||6.70%||7.00%||-4.3%|
|MIAX Options||Previous Month|
|MIAX Total Volume||18,706,896||22,957,663||-18.5%|
|MIAX Market Share||6.70%||7.20%||-6.9%|
Other achievements include:
- During September 2016, MIAX Options ranked #1 out of all U.S. equity options exchanges in percentage of time at the National Best Bid/Offer (NBBO) in aggregate across all option classes. This marked the fourteenth month in a row that MIAX Options achieved this distinction.
- During September 2016, MIAX Options ranked #1 out of all U.S. equity options exchanges in percentage of time at the NBBO in aggregate across all Penny Pilot option classes. This marked the thirteenth month in a row that MIAX Options achieved this distinction. Statistics for both all option classes and Penny Pilot option classes were provided by the TABB Group.1
|1||The Options Liquidity Matrix is a monthly analysis of options market activity published by TABB Group and Hanweck Associates. The report includes options trading volumes and statistics on execution metrics for each U.S. listed options exchange and the industry using proprietary statistics and methodologies from Hanweck Associates and data from the Options Clearing Corporation. All statistics are derived from direct OPRA data feeds and include all trade activity reported by OPRA for each day. Quote statistics include trading activity during normal trading hours.|
|Percentage of Time at the National Best Bid/Offer: Sum of time the exchange is both best bid and best offer (across only symbols quoted by the exchange) divided by the sum of time those symbols have a best bid/offer during the trading day.|
|Corporate Communications Contact:||Dominique Prunetti-Miller|
About MIAX Options and MIH
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 2,600 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.
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 Options (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.