Miami Options Exchange to Start Operating Friday
Traders Magazine Online News, December 5, 2012
The MIAX Options Exchange plans to start trading on Dec. 7 as the 11th U.S. equity derivatives market.
The Securities and Exchange Commission approved the exchange Monday. Final testing of the exchange’s systems took place Saturday.
"The approval of the MIAX Options Exchange is a significant milestone for MIAX and our parent company Miami International Holdings, Inc.,’’ Thomas P. Gallagher, MIAX's Chairman and Chief Executive Officer said.
The exchange’s chief information officer is Douglas M. Schafer, formerly a vice president of trading systems development at the Nasdaq OMX PHLX options exchange.
The Miami exchange’s executive offices and technology development center are located in Princeton, New Jersey. The National Operations Center for the MIAX Options Exchange will be housed at the Princeton facility. Additional executive offices, as well as a multi-purpose training, meeting and conference center will be located in Miami Florida.
"After extensive mock trading sessions, we are very pleased with the features and performance capabilities of our new platform,," Schafer said, in a statement. "In order to be successful, the trading community needs a trading platform with ultra-low latency, proper protections and exceptional throughput, which we are confident the MIAX Options Exchange trading platform will be able to provide to our users."
The exchange will use Dell computers as well as Cisco Nexus 3000 and Nexus 5000 switches and networking gear. The operation uses automated continuous testing to ensure reliability and advanced monitoring and security.
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