PRINCETON, N.J., July 17, 2024 /PRNewswire/ -- Miami International
Holdings, Inc. (MIH), a technology-driven leader in building and
operating regulated financial markets across multiple asset classes
and geographies, today announced the Securities and Exchange
Commission (SEC) has approved MIAX Sapphire LLC's (MIAX Sapphire™)
application for registration as a national securities exchange.
MIAX Sapphire will be MIAX's fourth national securities exchange
for U.S. multi-listed options and will operate both an electronic
exchange and physical trading floor. The electronic exchange is
expected to launch on August 12,
2024, with the opening of the physical trading floor to
follow in 2025. The MIAX Sapphire trading floor will be the first
national securities exchange to establish operations in
Miami, Florida, and will include a
next-generation trading floor, ancillary office space for MIAX
employees and market participants, conference facilities and
broadcast media space.
"The launch of MIAX Sapphire provides our members, liquidity
providers and market makers with a new exchange designed to meet
their evolving demands for improved access to options liquidity,"
said Thomas P. Gallagher, Chairman
and Chief Executive Officer of MIH. "The launch of our fourth U.S.
options exchange also provides our market participants with access
to 100% of the multi-listed options market, all supported by our
proprietary technology designed to enhance liquidity and promote
improved price discovery."
MIAX Sapphire will utilize Taker-Maker pricing and a Price-Time
allocation model while leveraging existing MIAX-based technology
and infrastructure, enabling existing MIAX Exchange members access
to the new exchange with minimal additional technology efforts.
"The SEC's approval of MIAX Sapphire represents a significant
milestone for MIH as we execute on our strategy of operating
exchanges built using our proprietary trading technology designed
to support the high performance demands of the U.S. derivatives
industry," said Douglas M. Schafer
Jr., Executive Vice President and Chief Information Officer
of MIH. "The launch of the MIAX Sapphire electronic exchange will
be followed by the opening of our state-of-the art trading floor in
Miami in 2025. Construction of the
new MIAX facility is well underway and we are excited to showcase
this new facility to the industry when it opens next year."
For more information on MIAX Sapphire, including key milestone
dates, member on-boarding and technology requirements, please visit
miaxglobal.com/markets/us-options/sapphire-options or contact
MIAX Trading Operations at TradingOperations@miaxglobal.com.
About MIAX
MIAX's parent holding company, Miami
International Holdings, Inc., owns Miami International Securities
Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX
Pearl®), MIAX Emerald, LLC (MIAX Emerald®),
MIAX Sapphire LLC (MIAX Sapphire™), Minneapolis Grain Exchange, LLC
(MGEX™), Ledger X LLC d/b/a MIAX Derivatives Exchange (MIAXdx), The
Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman
Trading).
MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national
securities exchanges registered with the Securities and Exchange
Commission that are enabled by MIAX's in-house built, proprietary
technology. MIAX offers trading of options on all three exchanges
as well as cash equities through MIAX Pearl Equities™. The MIAX
trading platform was built to meet the high-performance quoting
demands of the U.S. options trading industry and is differentiated
by throughput, latency, reliability and wire-order determinism.
MIAX also serves as the exclusive exchange venue for cash-settled
options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure
of the expected 30-day volatility in the SPDR® S&P 500® ETF
(SPY).
MGEX is a registered exchange with the Commodity Futures Trading
Commission (CFTC) and offers trading in a variety of products
including Hard Red Spring Wheat Futures. MGEX is a Designated
Contract Market (DCM) and Derivatives Clearing Organization (DCO)
under the CFTC, providing DCM and DCO services in an array of asset
classes.
MIAXdx is a CFTC regulated exchange and clearinghouse and is
registered as a DCM, DCO, and Swap Execution Facility (SEF) with
the CFTC.
BSX is a fully electronic, vertically integrated international
securities market headquartered in Bermuda and organized in 1971. BSX specializes
in the listing and trading of capital market instruments such as
equities, debt issues, funds, hedge funds, derivative warrants, and
insurance linked securities.
Dorman Trading is a full-service Futures Commission Merchant
registered with the CFTC.
MIAX's executive offices and National Operations Center are
located in Princeton, N.J., with
additional U.S. offices located in Chicago, IL and Miami, FL. MGEX offices are located in
Minneapolis, MN. MIAXdx offices
are located in Princeton, N.J. BSX
offices are located in Hamilton,
Bermuda. Dorman Trading offices are located in Chicago, IL.
To learn more about MIAX visit www.miaxglobal.com.
To learn more about MGEX visit www.miaxglobal.com/mgex.
To learn more about MIAXdx visit www.miaxdx.com.
To learn more about BSX visit www.bsx.com.
To learn more about Dorman Trading visit
www.dormantrading.com.
Disclaimer and Cautionary Note Regarding Forward-Looking
Statements
The press release shall not constitute an offer
to sell or a solicitation of an offer to purchase any securities of
Miami International Holdings, Inc. (together with its subsidiaries,
the Company), and shall not constitute an offer, solicitation or
sale in any state or jurisdiction in which such offer; solicitation
or sale would be unlawful. This press release may contain
forward-looking statements, including forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements.
All third-party trademarks (including logos and icons)
referenced by the Company remain the property of their respective
owners. Unless specifically identified as such, the Company's use
of third-party trademarks does not indicate any relationship,
sponsorship, or endorsement between the owners of these trademarks
and the Company. Any references by the Company to third-party
trademarks is to identify the corresponding third-party goods
and/or services and shall be considered nominative fair use under
the trademark law.
Media Contact:
Andy
Nybo, SVP, Chief Communications Officer
(609) 955-2091
anybo@miaxglobal.com
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