On Friday, OCC and the Miami International Securities Exchange, LLC?announced that the MIAX Options Exchange became an OCC participant exchange.
The MIAX Options Exchange began operations on Friday, December 7.
The launch of the exchange by?Miami International Securities Exchange, LLC brings the total number of U.S. options markets to 11.
Thomas P. Gallagher, MIAX?s Chairman and Chief Executive Officer,?said via a press release?on Friday, ?Today marks a tremendous milestone for MIAX with the launch of our options exchange, and we are excited to commence trading operations on MIAX and become the newest member of OCC.??
Gallagher added, ?We are very impressed with the level of efficiency and professionalism that the OCC team has demonstrated and we thank them for their cooperation during this process.?
?Wayne P. Luthringshausen, OCC Chairman and CEO, said, “As the U.S. options industry continues to expand, we are pleased to welcome the MIAX Options Exchange as a participant exchange. In that role MIAX Options Exchange will be afforded the full range of clearing and risk management services available to all of our other exchanges.”
?OCC operates under the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); it clears and guarantees the trades executed on all U.S. options exchanges. From the MIAX Options Exchange?s affiliation with OCC, the standardized options contracts traded on the MIAX Options Exchange can be offset against the same options contracts traded on the other U.S. options markets, resulting in significant efficiencies for participating member firms.
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