Miami International Securities Exchange, LLC (MIAX) operates a fully electronic options exchange, specializing in the trading of standardized options on equities and ETFs. MIAX serves a diverse range of clients including institutional investors, market makers, and proprietary trading firms. Operating within the highly competitive financial markets, MIAX differentiates itself through its unparalleled system throughput, capable of handling over 38 million quotes per second, and ultra-low latency, with an average round-trip quote latency of 15.89 microseconds. The business model revolves around providing a robust and efficient trading platform, generating revenue through transaction fees, membership fees, and market data sales. MIAX's market protections offer members industry-leading processes to minimize risk exposure, enhancing the trading experience. The company continues to innovate and expand its offerings, maintaining a strong focus on leveraging its management's expertise in the equity options space.

Keywords: electronic options exchange, ultra-low latency, high throughput, risk management, equities, ETFs, institutional investors, market makers, proprietary trading, transaction fees.