U.S. Options
MIAX® operates three U.S. options exchanges using technology originally built to meet the high-performance quoting demands of the U.S. options trading industry.
MIAX operates three fully automated electronic options exchanges in the U.S., each with a distinct allocation and pricing model designed to meet specific client demands. In 2022, our exchanges accounted for 13.5% of total multi-listed options volume.
MIAX Options® launched in December 2012 with a Pro Rata allocation model and Customer Rebate pricing, with MIAX Pearl® launching in February 2017 with a Price-Time allocation and Maker-Taker fee structure. MIAX Emerald® launched in March 2019 to serve as a counterpart to MIAX Options and MIAX Pearl by using a Pro Rata allocation model and a Maker-Taker fee structure.
MIAX Options
Pro Rata allocation model
Customers receive priority execution in a market designed to incent tight two-sided quotes and larger bid and offer quantities. MIAX Options also supports a fully electronic price improvement auction open to all exchange members.
Proprietary technology
Our in-house built technology is differentiated by our throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
MIAX Pearl
Price-Time market model
Price-Time priority coupled with Maker-Taker pricing encourage members to aggressively quote in the market.
Proprietary technology
Our in-house built technology is differentiated by our throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
MIAX Emerald
Pro Rata allocation and Maker Taker pricing
Pro Rata allocation model encourages market participants to quote in large bid and offer sizes while incenting market participants to aggressively seek out liquidity through a Maker-Taker pricing model.
Proprietary technology
Our in-house built technology is differentiated by our throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
In-house built proprietary technology
The MIAX trading platform was built in-house and designed from the ground up to meet the needs of modern electronic derivatives markets.
Focus on minimizing latency
Our technology platform supports low latency access while providing determinism and high throughput capabilities.
Comprehensive risk controls
Providing strong risk controls has positioned MIAX at the forefront of industry efforts to mitigate risk in today’s electronic markets.
