PRINCETON, N.J., Aug. 13, 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 successful launch of MIAX
Sapphire™, its fourth national securities exchange for U.S.
multi-listed options, with the rollout of options on its first
symbol, IBM. MIAX Sapphire will begin offering trading in
additional symbols in multiple phases on a weekly schedule
commencing next week and continuing through October 21, 2024.
The launch of the MIAX Sapphire electronic exchange will be
followed by the opening of a physical trading floor in Miami, Florida, in 2025. MIAX Sapphire will be
the first national securities exchange to establish operations in
Miami. This space will include a
next-generation trading floor, ancillary office space for MIAX
employees and market participants, conference facilities and
broadcast media space.
"MIAX's expansion in the U.S. options space has been
accomplished entirely through organic growth and the successful
launch of four options exchanges since 2012 is a significant
achievement for our company. I am grateful to all of the MIAX
teams, especially our business, technology and legal teams, for
enabling us to build and launch all of our exchanges over such a
short period," said Thomas P.
Gallagher, Chairman and Chief Executive Officer of MIH. "The
launch of the MIAX Sapphire electronic exchange is an important
first step towards opening our state-of-the-art physical trading
floor in Miami in 2025, and
further expanding our presence in Florida."
MIAX Sapphire utilizes Taker-Maker pricing and a Price-Time
allocation model while leveraging MIAX-based technology and
infrastructure, a highly resilient platform that has delivered
99.9998% operational uptime since the launch of MIAX Options in
2012.
"MIAX Sapphire provides the industry with a new exchange
designed to meet the high performance demands of the U.S. options
industry," said Shelly Brown,
Executive Vice President, Strategic Planning and Business
Development of MIH. "MIAX Sapphire is built using the same
proprietary technology and infrastructure underpinning other MIAX
exchanges, enabling existing MIAX Exchange members to access the
new exchange with minimal additional technology efforts."
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 four 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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