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MIAX Exchange Group Equity Rights Program

The MIAX Exchange Group created Equity Rights Programs to allow MIAX Options, MIAX Pearl Options and MIAX Pearl Equities Exchange Member firms the opportunity to align themselves with an exchange group known for having one of the most advanced and reliable trading platforms, as well as to enable the MIAX Exchange Group to remain competitive and provide strong markets to the industry. MIAX Options launched its first Equity Rights Program (ERP-I) in September 2013. Following the success of ERP-I, MIAX Options launched two follow-on initiatives, ERP-II and ERP-III in February 2015 and July 2017, respectively. MIAX Pearl launched ERP-IV in May 2018 for MIAX Pearl Options, and ERP-V in January 2021 for MIAX Pearl Equities. All MIAX Exchange Group ERPs were similarly structured by providing participating exchange member firms with the right to invest in Miami International Holdings, Inc., the parent holding company of MIAX Options and MIAX Pearl, in exchange for payment of an initial purchase price or the prepayment of certain exchange fees and the achievement of certain liquidity volume thresholds on MIAX Options, MIAX Pearl Options or MIAX Pearl Equities, as applicable.

Equity Rights Program details and participants are as follows:

2021 Equity Rights Program V: January 2021 – June 2024 MIAX Pearl Equities Exchange Member firms participating in the 2021 Equity Rights Program include:

  • Citadel Securities LLC
  • Hudson River Trading
  • Jump Trading Group
  • Simplex Trading
  • Optiver US LLC
  • Susquehanna Securities
  • UBS Securities

2018 Equity Rights Program IV: May 2018 – December 2020  The ten MIAX Pearl Options Exchange Member firms participating in the 2018 Equity Rights Program were:

  • Citadel Securities LLC
  • IMC-Chicago, LLC (d/b/a IMC Financial Markets)
  • Interactive Brokers Group
  • Morgan Stanley & Co. LLC
  • Optiver US LLC
  • Simplex Trading
  • Susquehanna Securities
  • Two Sigma Securities
  • Virtu Financial
  • Wolverine Trading, LLC

2017 Equity Rights Program III: July 2017 – December 2020  The eight MIAX Options Exchange Member firms participating in the 2017 Equity Rights Program were:

  • Barclays Capital Inc.
  • Citadel Securities LLC
  • IMC-Chicago, LLC (d/b/a IMC Financial Markets)
  • Morgan Stanley & Co. LLC
  • Optiver US LLC
  • Susquehanna Securities
  • Two Sigma Securities
  • Wolverine Trading, LLC

2015 Equity Rights Program II: February 2015 – June 2017  The seven MIAX Options Exchange Member firms who participated in the 2015 Equity Rights Program were:

  • Citadel Securities LLC
  • KCG Americas, LLC
  • Morgan Stanley & Co. LLC
  • Optiver US LLC
  • Susquehanna Securities
  • Timber Hill LLC
  • Wolverine Trading, LLC

2013 Equity Rights Program I: September 2013 – June 2015  The six MIAX Options Exchange Member firms who participated in the 2013 Equity Rights Program were:

  • KCG Americas, LLC
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated
  • Morgan Stanley & Co. LLC
  • Susquehanna Securities
  • Timber Hill LLC
  • Wolverine Trading, LLC