MIAX Pearl Equities
Type | Stock exchange |
---|---|
Location | Princeton, New Jersey, United States |
Founded | September 2020 |
Owner | Miami International Holdings |
Currency | United States dollar |
Website | MIAX Pearl Equities |
MIAX Pearl Equities (MIAX), is an American stock exchange headquartered in Princeton, New Jersey. The exchange also has offices in Miami, Florida, where its parent company Miami International Holdings is based.
History
In March 2019, financial conglomerate and exchange operator
On August 18, 2020, the
MIAX Pearl Equities was launched in September 2020, in the same month as the
Initially, the exchange raised $22 million by selling prepaid blocks of fees to a group of market makers that included Citadel Securities and UBS. The exchange also waived fees for market data and offered a rebate of 32 cents per 100 shares for market makers to display orders on the platform, a level which sits toward the higher end of what incumbent exchanges such as the New York Stock Exchange and Nasdaq offered,[8] in hopes of gaining market share and trading volume.[9]
The exchange began trading on September 29, 2020, initially offering only a single low-volume symbol, Netgear (NTGR),[10] before gradually expanding to all US listed stocks.
In May 2022, MIAX's parent company Miami International Holdings announced that it had confidentially submitted paperwork with the regulators for a U.S. IPO.[11]
Operations
Fees
MIAX Pearl Equities is positioned as a lower cost alternative to its larger rivals such as NYSE and Nasdaq.[12]
The exchange also incentivizes a group of nine high-speed market makers, using a system of rebates or special fees, to provide liquidity on its platform.[13]
Clearing
As of April 2024, clearing members of the exchange include major banks such as
National Market System
The exchange is a participant of several National Market System plans, including the Consolidated Tape Association, Unlisted Trading Privileges, Consolidated Audit Trail (CTA), and Limit Up-Limit Down (LULD).[15]
Market data
Through its affiliate Bermuda Stock Exchange, MIAX Pearl Equities publishes its market data to the Pyth Network, a decentralized service that provides real-time market data on the Solana blockchain.[16][17][18]
Matching engine
The exchange's trading system is situated in the Equinix NY4 data center in Secaucus, New Jersey.[19]
Products
- Stocks
- Exchange-traded funds (ETFs)
See also
References
- ^ "As Stock Exchanges Multiply, Miami Wants In on the Game". WSJ. Wall Street Journal.
- ^ "MIAX plans September launch of stock trading on Pearl Equities". Nasdaq.
- ^ "MIAX plans September launch of stock trading on Pearl Equities". Reuters.
- ^ "New stock exchange ventures say US market is ripe for disruption". S&P Global.
- ^ "MIAX to launch 16th US stock exchange following SEC approval". S&P Global.
- ^ "Miax joins challengers to dominant US exchange operators". Financial Times.
- ^ "Trading exchange execs ask if tough times are ahead as market-altering rules loom". CNBC. 8 June 2022.
- ^ Henderson, Richard (December 2020). "New exchanges bring ambition to reshape US equity market". Financial Times.
- ^ "New stock exchanges are ready to launch to compete for your trading dollar". CNBC. 9 September 2020.
- ^ "MIAX PEARL Equities Expands Traded Symbols". Traders Magazine. 6 October 2020.
- ^ "MIAX-parent Miami International Holdings confidentially files for U.S. IPO". Reuters.
- ^ Osipovich, Alexander. "Wall Street-Backed Exchange Launches as Rival to NYSE, Nasdaq". WSJ. Wall Street Journal.
- .
- ^ "MIAX Pearl Equities Member Directory" (PDF).
- ^ "MIAX Pearl Equities National Market System Plans".
- ^ "Crypto Market-Data Network Pyth Going Live on Solana Blockchain". Bloomberg.
- ^ "BSX publishes market data to Pyth Network". The Royal Gazette. 22 September 2021.
- ^ "BSX Begins Publishing MIAX Pearl Equities". 21 September 2021.
- ^ "U.S. Equities Connectivity".