Miami International Holdings: Difference between revisions

Add links
Source: Wikipedia, the free encyclopedia.
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
Extended confirmed users
515 edits
→‎See also: Add MIAX Pearl affiliate
AnomieBOT (talk | contribs)
Bots
6,327,280 edits
m Dating maintenance tags: {{Cn}}
 
(28 intermediate revisions by 8 users not shown)
Line 3: Line 3:
{{Infobox company
{{Infobox company
| name = Miami International Holdings, Inc.
| name = Miami International Holdings, Inc.
| logo = Miami International Holdings Logo.png
| logo_size = 150
| logo_size = 150
| foundation = {{start date and age|2007}}
| foundation = {{start date and age|2007}}
Line 11: Line 12:
| industry = {{nowrap|[[Service (economics)|Business services]]}}<br>{{nowrap|[[Financial services]]}}<br>{{nowrap|[[Financial market]]s}}<br>{{nowrap|[[Technology]]}}
| industry = {{nowrap|[[Service (economics)|Business services]]}}<br>{{nowrap|[[Financial services]]}}<br>{{nowrap|[[Financial market]]s}}<br>{{nowrap|[[Technology]]}}
| products = {{nowrap|[[Clearing (finance)|Clearing]]}}<br>{{nowrap|[[Listing (finance)|Exchange Listing]]}}<br>{{nowrap|[[Financial data vendor|Financial Data]]}}
| products = {{nowrap|[[Clearing (finance)|Clearing]]}}<br>{{nowrap|[[Listing (finance)|Exchange Listing]]}}<br>{{nowrap|[[Financial data vendor|Financial Data]]}}
| subsid = {{nowrap|MIAX<br>MIAX Pearl<br>MIAX Emerald<br>Bermuda Stock Exchange<br>[[Minneapolis Grain Exchange]]<br>Dorman Trading}}
| subsid = {{nowrap|MIAX<br>MIAX Pearl<br>[[MIAX Pearl Equities]]<br>MIAX Emerald<br>[[Bermuda Stock Exchange]]<br>[[Minneapolis Grain Exchange]]<br>Dorman Trading}}
| website = {{url|https://www.miaxglobal.com}}
| website = {{url|https://www.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 [[stock market|equities]], [[Option (finance)|equity options]], and [[commodity market|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 [[commodity broker|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.<ref>{{cite web|title=About MIAX|url=https://www.miaxoptions.com/about-miax}}</ref>
'''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 [[stock market|equities]], [[Option (finance)|equity options]], and [[commodity market|commodities]]. These include the MIAX Exchange Group — which is composed of MIAX, MIAX Pearl, [[MIAX Pearl Equities]], MIAX Emerald, and MIAX Sapphire — and the [[Minneapolis Grain Exchange]] (MGEX). It also owns the [[Bermuda Stock Exchange]] and Dorman Trading, a [[commodity broker|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.<ref>{{cite web|title=About MIAX|url=https://www.miaxoptions.com/about-miax|access-date=2023-01-14|archive-date=2023-01-14|archive-url=https://web.archive.org/web/20230114084725/https://www.miaxoptions.com/about-miax|url-status=dead}}</ref>

The firm is also the owner of LedgerX, the first-ever approved exchange and clearinghouse for derivatives contracts in digital currencies in the U.S.<ref>{{cite web|title=LedgerX gets U.S. approval for derivatives on digital currencies
|url=https://www.reuters.com/article/us-usa-cftc-digitalcurrency/ledgerx-gets-u-s-approval-for-derivatives-on-digital-currencies-idUSKBN1A92FZ/|publisher=Reuters}}</ref>

Despite its name, MIH is headquartered in [[Princeton, New Jersey]].<ref name="wsj-01">{{cite news|title=A New Options Trading Floor Could Be Coming to Miami|newspaper=WSJ |url=https://www.wsj.com/livecoverage/stock-market-today-dow-jones-10-17-2023/card/a-new-options-trading-floor-could-be-coming-to-miami-mdMjg6oR7vinKcFXJwkd|publisher=Wall Street Journal}}</ref>


==History==
==History==
MIH launched the Miami International Securities Exchange (MIAX) in 2012, after receiving approval from the [[U.S. Securities and Exchange Commission]] (SEC).
MIH launched the Miami International Securities Exchange (MIAX) in 2012, after receiving approval from the [[U.S. Securities and Exchange Commission]] (SEC).<ref>{{cite web|url=https://www.ft.com/content/1124f55c-c462-11e1-a98c-00144feabdc0|title=ISE files for second US options exchange|publisher=Financial Times}}</ref><ref>{{cite web|url=https://www.ft.com/content/b50b75b2-963e-11e1-a6a0-00144feab49a|title=Nasdaq to launch third options exchange|publisher=Financial Times}}</ref>


In 2019, MIH acquired a majority stake in the Bermuda Stock Exchange.
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.<ref>{{cite press release|url=https://www.prnewswire.com/ae/news-releases/miax-pearl-receives-approval-to-operate-equities-exchange-launch-date-confirmed-for-september-25-2020-814898027.html|title=MIAX PEARL Receives Approval to Operate Equities Exchange; Launch Date Confirmed for September 25, 2020}}</ref> 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]].<ref>{{cite news|title=As Stock Exchanges Multiply, Miami Wants In on the Game|newspaper=Wall Street Journal |date=4 March 2019 |url=https://www.wsj.com/articles/stock-exchange-competition-heats-up-as-miax-eyes-launch-11551704521 |last1=Osipovich |first1=Alexander |last2=Banerji |first2=Gunjan }}</ref><ref>{{cite web|title=Miami International to launch cash equities exchange|url=https://www.thetradenews.com/miami-international-launch-cash-equities-exchange/}}</ref> The exchange also became a participant in the [[Unlisted Trading Privileges|UTP Plan]].
The company received approval from the SEC and launched MIAX Pearl Equities, MIH's first equities exchange, in 2020.<ref>{{cite web|url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/miax-to-launch-16th-us-stock-exchange-following-sec-approval-59984254
|title=MIAX to launch 16th US stock exchange following SEC approval|publisher=S&P Global
}}</ref> 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]].<ref>{{cite news|title=As Stock Exchanges Multiply, Miami Wants In on the Game|newspaper=Wall Street Journal |date=4 March 2019 |url=https://www.wsj.com/articles/stock-exchange-competition-heats-up-as-miax-eyes-launch-11551704521 |last1=Osipovich |first1=Alexander |last2=Banerji |first2=Gunjan }}</ref><ref>{{cite web|title=Miami International to launch cash equities exchange|url=https://www.thetradenews.com/miami-international-launch-cash-equities-exchange/}}</ref> The exchange also became a participant in the [[Unlisted Trading Privileges|UTP Plan]].

⚫
In 2022, MIH acquired Dorman Trading, a full-service Futures Commission Merchant registered with the [[Commodity Futures Trading Commission]] (CFTC).<ref>{{cite web|url=https://financefeeds.com/miax-acquires-cftc-registered-fcm-dorman-trading/|title=MIAX acquires CFTC-registered FCM Dorman Trading|date=24 October 2022 }}</ref><ref>{{cite web|url=https://www.tradersmagazine.com/am/miami-international-holdings-acquires-dorman-trading/|title=Traders Magazine|date=24 October 2022 }}</ref> Subsequently, the company filed for a U.S. initial public offering with the SEC.<ref>{{cite news|title=MIAX-parent Miami International Holdings confidentially files for U.S. IPO|publisher=Reuters|date=6 May 2022 |url=https://www.reuters.com/world/us/miax-parent-miami-international-holdings-confidentially-files-us-ipo-2022-05-06/}}</ref> MIH's equities exchange, MIAX Pearl Equities, reached a market share of 0.99% at the end of the same year.<ref>{{cite web|url=https://www.marketsmedia.com/miax-exchange-group-has-record-volumes/|title=MIAX Exchange Group Has Record Volumes|date=11 January 2023 |publisher=Markets Media Group}}</ref>

⚫
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.{{cn|date=June 2024}}

⚫
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.<ref>{{cite web|url=https://www.federalregister.gov/documents/2023/10/19/2023-23036/miax-sapphire-llc-notice-of-filing-of-application-for-registration-as-a-national-securities-exchange|title=MIAX Sapphire, LLC; Notice of Filing of Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934|publisher=Federal Register}}</ref>

In November 2023, MIH announced plans to open a new options trading pit and offices in Miami's [[Wynwood]] neighborhood, which would house MIH's new trading venue, MIAX Sapphire.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2023-11-28/miami-exchange-preps-trading-floor-in-wynwood-amid-options-boom|publisher=Bloomberg|title=Miami Exchange Preps Trading Floor in Wynwood During Options Boom}}</ref><ref>{{cite web|url=https://www.bizjournals.com/southflorida/news/2023/11/03/miami-securities-exchange-company-miax-leases.html|title=Miami-based securities exchange company secures 38,000-square-foot office in Wynwood|publisher=South Florida Business Journal}}</ref> The new exchange, MIH's fourth options exchange, would include a physical trading floor in Miami, the first of its kind.<ref name="wsj-01" />


In 2024, the firm named former [[Citadel Securities]] executive Troy Kane CEO of its newly-formed futures business, MIAX Futures.<ref>{{cite web|title=Miami Exchange Names Citadel Securities' Kane Head of Futures|url=https://www.bloomberg.com/news/articles/2024-04-09/miami-exchange-names-citadel-securities-kane-head-of-futures|publisher=Bloomberg}}</ref>
⚫
In 2022, MIH acquired Dorman Trading, a full-service Futures Commission Merchant registered with the [[Commodity Futures Trading Commission]] (CFTC).<ref>{{cite press release|url=https://www.prnewswire.com/news-releases/miami-international-holdings-announces-acquisition-of-dorman-trading-a-full-service-fcm-301655997.html|title=Miami International Holdings Announces Acquisition of Dorman Trading, a Full-Service FCM}}</ref><ref>{{cite web|url=https://www.tradersmagazine.com/am/miami-international-holdings-acquires-dorman-trading/|title=Traders Magazine|date=24 October 2022 }}</ref> Subsequently, the company filed for a U.S. initial public offering with the SEC.<ref>{{cite news|title=Reuters|date=6 May 2022 |url=https://www.reuters.com/world/us/miax-parent-miami-international-holdings-confidentially-files-us-ipo-2022-05-06/}}</ref> MIH reported that its equities exchange, MIAX Pearl Equities, reached a record market share of 1.42% on April 27, 2022.<ref>{{cite press release|url=https://www.prnewswire.com/news-releases/miami-international-holdings-reports-trading-results-for-december-and-full-year-2022-miax-exchanges-set-multiple-volume-and-market-share-records-301716553.html|title=iami International Holdings Reports Trading Results for December and Full-Year 2022; MIAX Exchanges Set Multiple Volume and Market Share Records}}</ref>


==SPIKES Volatility Index==
⚫
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.<ref>{{cite press release|url=https://www.prnewswire.com/news-releases/miami-international-holdings-announces-execution-of-purchase-agreement-to-acquire-ledgerx-301807350.html|title=Miami International Holdings Announces Execution of Purchase Agreement to Acquire LedgerX}}</ref>
Through its MIAX options exchanges, MIH also provides the Spikes Volatility Index and Spikes futures, the only other volatility index used to measure US [[stock market]] volatility other than [[Chicago Board Options Exchange|Cboe]]'s [[VIX]] index.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2023-09-13/vix-fear-competitor-gets-three-more-months-to-fight-for-survival|title=VIX Fear Competitor Gets Three More Months to Fight for Survival|publisher=Bloomberg}}</ref>


==Lawsuits==
⚫
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.<ref>{{cite press release|url=https://www.prnewswire.com/news-releases/miami-international-holdings-announces-sec-publishes-notice-of-form-1-application-for-new-miami-based-miax-sapphire-options-exchange-301958948.html|title=Miami International Holdings Announces SEC Publishes Notice of Form 1 Application for New Miami-Based MIAX Sapphire Options Exchange}}</ref>
In 2017, [[Nasdaq]] brought forward a lawsuit against MIH claiming the latter used trade secrets to create MIAX's trading platforms and obtain a patent.<ref>{{cite journal|title=Nasdaq v. IEX Group: Nasdaq sues (again) a fledgling stock-exchange operator
|url=https://jolt.law.harvard.edu/digest/nasdaq-v-iex-group-nasdaq-sues-again-a-fledgling-stock-exchange-operator|journal=Harvard Journal of Law & Technology|date=13 April 2018 }}</ref><ref>{{cite web|url=https://news.bloomberglaw.com/daily-labor-report/nasdaq-avoids-dismissal-of-trade-secrets-suit-against-rival-miax|title=Nasdaq Avoids Dismissal of Trade Secrets Suit Against Rival MIAX|publisher=Bloomberg Law}}</ref> In its suit, Nasdaq alleged that at least 15 of its former employees joined MIH and that three of them had forwarded technical documents to their personal emails before joining the rival firm.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2017-09-01/nasdaq-sues-exchange-rival-alleging-tech-secrets-were-stolen?leadSource=reddit_wall|title=Nasdaq Sues Rival Exchange, Alleging Stolen Tech Secrets|publisher=Bloomberg}}</ref> MIH countered with its own suits, arguing that seven of Nasdaq's existing patents tried asserted claim over the invention of [[Option (finance)|options]] trading.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-04-03/nasdaq-options-trading-patents-challenged-by-rival-miax-exchange|title=Nasdaq Options Trading Patents Challenged by Rival MIAX Exchange|publisher=Bloomberg}}</ref>


In 2020, after the SEC granted MIH to offer its SPIKES futures product on its MIAX options exchanges, rival firm [[Chicago Board Options Exchange|Cboe Global Markets]] sued to stop the product from being listed.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2023-08-31/vix-fear-gauge-s-only-competitor-set-to-vanish-from-the-market|title=VIX Fear Gauge's Only Competitor Set to Vanish From the Market|publisher=Bloomberg}}</ref>
==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.<ref>{{cite press release|title=MIAX Wins Multiple Industry Awards for Trading Technology and Innovation|url=https://www.prnewswire.com/news-releases/miax-wins-multiple-industry-awards-for-trading-technology-and-innovation-301755414.html}}</ref>


==See also==
==See also==

Latest revision as of 16:10, 17 June 2024

Miami International Holdings, Inc.
IndustryBusiness services
Financial services
Financial markets
Technology
Founded2007; 17 years ago (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 Pearl Equities
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, MIAX Emerald, and MIAX Sapphire — 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]

The firm is also the owner of LedgerX, the first-ever approved exchange and clearinghouse for derivatives contracts in digital currencies in the U.S.[2]

Despite its name, MIH is headquartered in Princeton, New Jersey.[3]

History

MIH launched the Miami International Securities Exchange (MIAX) in 2012, after receiving approval from the U.S. Securities and Exchange Commission (SEC).[4][5]

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.

Two Sigma Investments, Hudson River Trading, and Chicago Trading Company.[7][8] 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).[9][10] Subsequently, the company filed for a U.S. initial public offering with the SEC.[11] MIH's equities exchange, MIAX Pearl Equities, reached a market share of 0.99% at the end of the same year.[12]

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.[citation needed]

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.[13]

In November 2023, MIH announced plans to open a new options trading pit and offices in Miami's Wynwood neighborhood, which would house MIH's new trading venue, MIAX Sapphire.[14][15] The new exchange, MIH's fourth options exchange, would include a physical trading floor in Miami, the first of its kind.[3]

In 2024, the firm named former Citadel Securities executive Troy Kane CEO of its newly-formed futures business, MIAX Futures.[16]

SPIKES Volatility Index

Through its MIAX options exchanges, MIH also provides the Spikes Volatility Index and Spikes futures, the only other volatility index used to measure US stock market volatility other than Cboe's VIX index.[17]

Lawsuits

In 2017, Nasdaq brought forward a lawsuit against MIH claiming the latter used trade secrets to create MIAX's trading platforms and obtain a patent.[18][19] In its suit, Nasdaq alleged that at least 15 of its former employees joined MIH and that three of them had forwarded technical documents to their personal emails before joining the rival firm.[20] MIH countered with its own suits, arguing that seven of Nasdaq's existing patents tried asserted claim over the invention of options trading.[21]

In 2020, after the SEC granted MIH to offer its SPIKES futures product on its MIAX options exchanges, rival firm Cboe Global Markets sued to stop the product from being listed.[22]

See also

References

  1. ^ "About MIAX". Archived from the original on 2023-01-14. Retrieved 2023-01-14.
  2. ^ "LedgerX gets U.S. approval for derivatives on digital currencies". Reuters.
  3. ^ a b "A New Options Trading Floor Could Be Coming to Miami". WSJ. Wall Street Journal.
  4. ^ "ISE files for second US options exchange". Financial Times.
  5. ^ "Nasdaq to launch third options exchange". Financial Times.
  6. ^ "MIAX to launch 16th US stock exchange following SEC approval". S&P Global.
  7. ^ Osipovich, Alexander; Banerji, Gunjan (4 March 2019). "As Stock Exchanges Multiply, Miami Wants In on the Game". Wall Street Journal.
  8. ^ "Miami International to launch cash equities exchange".
  9. ^ "MIAX acquires CFTC-registered FCM Dorman Trading". 24 October 2022.
  10. ^ "Traders Magazine". 24 October 2022.
  11. ^ "MIAX-parent Miami International Holdings confidentially files for U.S. IPO". Reuters. 6 May 2022.
  12. ^ "MIAX Exchange Group Has Record Volumes". Markets Media Group. 11 January 2023.
  13. ^ "MIAX Sapphire, LLC; Notice of Filing of Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934". Federal Register.
  14. ^ "Miami Exchange Preps Trading Floor in Wynwood During Options Boom". Bloomberg.
  15. ^ "Miami-based securities exchange company secures 38,000-square-foot office in Wynwood". South Florida Business Journal.
  16. ^ "Miami Exchange Names Citadel Securities' Kane Head of Futures". Bloomberg.
  17. ^ "VIX Fear Competitor Gets Three More Months to Fight for Survival". Bloomberg.
  18. ^ "Nasdaq v. IEX Group: Nasdaq sues (again) a fledgling stock-exchange operator". Harvard Journal of Law & Technology. 13 April 2018.
  19. ^ "Nasdaq Avoids Dismissal of Trade Secrets Suit Against Rival MIAX". Bloomberg Law.
  20. ^ "Nasdaq Sues Rival Exchange, Alleging Stolen Tech Secrets". Bloomberg.
  21. ^ "Nasdaq Options Trading Patents Challenged by Rival MIAX Exchange". Bloomberg.
  22. ^ "VIX Fear Gauge's Only Competitor Set to Vanish From the Market". Bloomberg.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Miami_International_Holdings&oldid=1229583042"