Miami International Holdings, Inc.
IndustryBusiness services
Financial services
Financial markets
Technology
Founded2007 (2007)
FounderThomas P. Gallagher
Headquarters
Princeton, New Jersey
,
U.S.
Key people
Thomas P Gallagher
(Chairman and CEO)
ProductsClearing
Exchange Listing
Financial Data
SubsidiariesMIAX
MIAX Pearl
MIAX Emerald
Bermuda Stock Exchange
Minneapolis Grain Exchange
Dorman Trading
Websitewww.miaxglobal.com

Miami International Holdings, Inc. (MIH) is an American company formed in 2007 that operates global financial exchanges and execution services. The company owns several U.S. exchanges for equities, equity options, and commodities. These include the MIAX Exchange Group — which is composed of MIAX, MIAX Pearl, MIAX Pearl Equities, and MIAX Emerald — and the Minneapolis Grain Exchange (MGEX). It also owns the Bermuda Stock Exchange and Dorman Trading, a Futures Commission Merchant. MIH also has a subsidiary, Miami International Technologies, which is focused on the sale and licensing of trading technology developed by MIAX Exchange Group.[1]

History

MIH launched the Miami International Securities Exchange (MIAX) in 2012, after receiving approval from the U.S. Securities and Exchange Commission (SEC).

In 2019, MIH acquired a majority stake in the Bermuda Stock Exchange.

The company received approval from the SEC and launched MIAX Pearl Equities, MIH's first equities exchange, in 2020.[2] MIAX Pearl Equities received backing and support from member firms such as IMC Financial Markets, Susquehanna International Group, Two Sigma Investments, Hudson River Trading, and Chicago Trading Company.[3][4] The exchange also became a participant in the UTP Plan.

In 2022, MIH acquired Dorman Trading, a full-service Futures Commission Merchant registered with the Commodity Futures Trading Commission (CFTC).[5][6] Subsequently, the company filed for a U.S. initial public offering with the SEC.[7] MIH reported that its equities exchange, MIAX Pearl Equities, reached a record market share of 1.42% on April 27, 2022.[8]

On April 25, 2023, MIH entered into an agreement to acquire LedgerX, a subsidiary of FTX and a CFTC-regulated exchange and clearinghouse for Bitcoin and Ethereum options and futures, in connection with the bankruptcy proceedings of FTX.[9]

On October 17, 2023, MIH announced that it had filed the Form 1 application to the SEC to register MIAX Sapphire, a new exchange for U.S. options. The exchange is expected to commence trading operations in the second quarter of 2024.[10]

Awards

In 2023, MIAX was named the "Best Trading Platform" at the Fund Intelligence Operations and Services Awards and selected as one of 40 organizations in the inaugural TabbFORUM's NOVA Awards.[11]

See also

References

  1. ↑ "About MIAX".
  2. ↑ "MIAX PEARL Receives Approval to Operate Equities Exchange; Launch Date Confirmed for September 25, 2020" (Press release).
  3. ↑ Osipovich, Alexander; Banerji, Gunjan (4 March 2019). "As Stock Exchanges Multiply, Miami Wants In on the Game". Wall Street Journal.
  4. ↑ "Miami International to launch cash equities exchange".
  5. ↑ "Miami International Holdings Announces Acquisition of Dorman Trading, a Full-Service FCM" (Press release).
  6. ↑ "Traders Magazine". 24 October 2022.
  7. ↑ "Reuters". 6 May 2022.
  8. ↑ "iami International Holdings Reports Trading Results for December and Full-Year 2022; MIAX Exchanges Set Multiple Volume and Market Share Records" (Press release).
  9. ↑ "Miami International Holdings Announces Execution of Purchase Agreement to Acquire LedgerX" (Press release).
  10. ↑ "Miami International Holdings Announces SEC Publishes Notice of Form 1 Application for New Miami-Based MIAX Sapphire Options Exchange" (Press release).
  11. ↑ "MIAX Wins Multiple Industry Awards for Trading Technology and Innovation" (Press release).
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