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Tag Archives: MIAX Pearl

The CAT Scratches: Fees for Options Exchanges Blog,Options

I saw a MIAX press release about Consolidated Audit Trail (CAT) fee disputes and it got me thinking why there would be reason for dispute. Please note, I don’t know if the following is on any exchange’s collective mind, but it seems like point of contention. I’ll set the table with this stat from a Reuters story earlier this month – “Options execution venues with more than 1 percent of industry volume will pay $57,615 per quarter and those with less than 1 percent will pay $39,612 per quarter.” “Per venue” means per medallion/exchange. That means that MIAX would pay…

Room For One More: MIAX Due To Open 15th US Options Exchange Blog,Options

MIAX options, the youngest exchange group in the US options industry, announced plans to launch MIAX Pearl in the fourth quarter. The new exchange, introduced at the Options Industry Conference in Palos Verdes, Calif., is pending regulatory approval. MIAX Pearl will offer a maker-taker pricing model. While much is made of the proliferation of US options markets and possible oversaturation of exchanges, MIAX executives believe they need to create the new market to continue their growth. Shelly Brown, senior vice president, strategic planning for MIAX, said MIAX was created in 2012 when 75 percent of the options volume flowed through…