Difference between revisions of "Miami International Holdings, Inc."

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Miami International Holdings announced in May 2019 that it will launch the equity market in Q2 2020. It partnered with [[Hudson River Trading]] and [[CTC Holdings]] on the exchange and also received backing from exchange member firms such as: [[IMC]], [[Simplex Trading]], [[Susquehanna International Group]]'s Susquehanna Trading, and [[Two Sigma Investments, LP]]. The concept for an equities exchange, which was first floated years earlier, is subject to regulatory approval.<ref>{{cite web|url=https://www.wsj.com/articles/stock-exchange-competition-heats-up-as-miax-eyes-launch-11551704521|name=As Stock Exchanges Multiply, Miami Wants In on the Game|org=The Wall Street Journal|date=March 5, 2019}}</ref><ref>{{cite web|url=https://www.thetradenews.com/miami-international-launch-cash-equities-exchange/|name=Miami International to launch cash equities exchange|org=The Trade|date=May 20, 2019}}</ref><ref>{{cite web|url=https://finance.yahoo.com/news/miami-international-holdings-partners-leading-130000359.html|name=Miami International Holdings Partners with Leading Equities Firms to Launch Cash Equities Exchange|org=Press Release|date=May 20, 2019}}</ref>
 
Miami International Holdings announced in May 2019 that it will launch the equity market in Q2 2020. It partnered with [[Hudson River Trading]] and [[CTC Holdings]] on the exchange and also received backing from exchange member firms such as: [[IMC]], [[Simplex Trading]], [[Susquehanna International Group]]'s Susquehanna Trading, and [[Two Sigma Investments, LP]]. The concept for an equities exchange, which was first floated years earlier, is subject to regulatory approval.<ref>{{cite web|url=https://www.wsj.com/articles/stock-exchange-competition-heats-up-as-miax-eyes-launch-11551704521|name=As Stock Exchanges Multiply, Miami Wants In on the Game|org=The Wall Street Journal|date=March 5, 2019}}</ref><ref>{{cite web|url=https://www.thetradenews.com/miami-international-launch-cash-equities-exchange/|name=Miami International to launch cash equities exchange|org=The Trade|date=May 20, 2019}}</ref><ref>{{cite web|url=https://finance.yahoo.com/news/miami-international-holdings-partners-leading-130000359.html|name=Miami International Holdings Partners with Leading Equities Firms to Launch Cash Equities Exchange|org=Press Release|date=May 20, 2019}}</ref>
  
In September 2019 the company partnered with the [[Minneapolis Grain Exchange]] (MGEX) to list and clear futures on the SPIKES Volatility Index. SPIKES, designed by the financial indexing firm, T3 Index, is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively-traded exchange traded fund in the world.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/miax-and-mgex-announce-spikes-futures-launch-date-300923252.html|name=MIAX and MGEX Announce SPIKES® Futures Launch Date |org=Press Release|date=September 24, 2019}}</ref> Trading  
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In September 2019 the company partnered with the [[Minneapolis Grain Exchange]] (MGEX) to list and clear futures on the SPIKES Volatility Index. SPIKES, designed by the financial indexing firm, T3 Index, is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively-traded exchange traded fund in the world.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/miax-and-mgex-announce-spikes-futures-launch-date-300923252.html|name=MIAX and MGEX Announce SPIKES® Futures Launch Date |org=Press Release|date=September 24, 2019}}</ref> Futures trading started on November 18, 2019,<ref>{{cite web|url=http://www.mgex.com/documents/SPIKESFuturesLaunch_003.pdf|name=MGEX Launches SPIKES Futures in Collaboration with MIAX and T3 Index|org=Minneapolis Grain Exchange|date=May 29, 2020}}</ref> but it was abruptly halted on November 29 in light of otherwise undisclosed discussions between MGEX and the Securities and Exchange Commission and the Commodity Futures Trading Commission.<ref>{{cite web|url=http://www.mgex.com/documents/SPIKESSuspensionMemo11-29-19_000.pdf|name=MEMO, Subject: Suspension of SPIKES Futures Trading|org=Minneapolis Grain Exchange|date=May 29, 2020}}</ref> 
  
 
In November 2019, the company acquired a majority stake in the [[Bermuda Stock Exchange]]. MIH cited the digital asset legislation called the Digital Asset Business Act 2018, or Daba as one of the drivers of the deal. Bermuda Stock Exchange offers capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities.<ref>{{cite web|url=http://mobile.royalgazette.com/bermuda-stock-exchange/article/20191106/us-firm-acquires-controlling-interest-in-bsx&template=mobileart|name=US firm acquires controlling interest in BSX |org=Press Release|date=November 7, 2019}}</ref>
 
In November 2019, the company acquired a majority stake in the [[Bermuda Stock Exchange]]. MIH cited the digital asset legislation called the Digital Asset Business Act 2018, or Daba as one of the drivers of the deal. Bermuda Stock Exchange offers capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities.<ref>{{cite web|url=http://mobile.royalgazette.com/bermuda-stock-exchange/article/20191106/us-firm-acquires-controlling-interest-in-bsx&template=mobileart|name=US firm acquires controlling interest in BSX |org=Press Release|date=November 7, 2019}}</ref>

Revision as of 16:05, 29 May 2020

Miami International Holdings, Inc.
MIHI Logo.jpg
Headquarters Princeton, New Jersey
Key People Thomas P. Gallagher, Executive Chairman
Employees 51-200
Products Holding Company
Website www.miaxoptions.com
Releases Company News

Miami International Holdings, Inc. is an exchange holding company for three US equity options exchanges: MIAX Options, launched on December 7, 2012,[1] MIAX Pearl, launched on February 6, 2017 and MIAX Emerald, launched on March 1, 2019. With the launch of MIAX Emerald, the MIAX Exchange Group now has access to approximately 80% of the overall U.S. options market volume.

MIAX Options and MIAX Pearl each list about 2,800 multi-listed classes and run on MIAX's in-house developed trading platforms. It also owns a controlling stake in the Bermuda Stock Exchange, and partnered with the Minneapolis Grain Exchange (MGEX) on a volatility futures product.

float

The MIAX Exchange Group’s executive offices and National Operations Center are located in Princeton, NJ, with a Miami Operations Center, Annual Meeting and Conference Center, and offices for MIAX Technologies and MIAX Global, two other MIH subsidiaries, located in Miami, FL.

Miami International Holdings was ranked 15th in exchanges by volume in the FIA's 2018 Annual Volume Survey, with 421 million contracts traded, up 81% from the previous year.[2]

History

In 2008, Miami International Holdings, Inc. formed a foreign limited liability company called Miami Board of Trade, LLC.[3]

The company had planned to launch a U.S. options exchange as early as July 2009 but did not launch the Miami International Securities Exchange until December 7, 2012, after receiving SEC approval on December 3, 2012. [4]

The initial focus for the company was to establish its options exchange and then add the MIAX Equities Exchange, with plans to pursue Latin American companies as well as the MIAX Futures Exchange, both pending regulatory approval.[5] [6][7] [8][9]

Miami International Holdings announced in May 2019 that it will launch the equity market in Q2 2020. It partnered with Hudson River Trading and CTC Holdings on the exchange and also received backing from exchange member firms such as: IMC, Simplex Trading, Susquehanna International Group's Susquehanna Trading, and Two Sigma Investments, LP. The concept for an equities exchange, which was first floated years earlier, is subject to regulatory approval.[10][11][12]

In September 2019 the company partnered with the Minneapolis Grain Exchange (MGEX) to list and clear futures on the SPIKES Volatility Index. SPIKES, designed by the financial indexing firm, T3 Index, is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively-traded exchange traded fund in the world.[13] Futures trading started on November 18, 2019,[14] but it was abruptly halted on November 29 in light of otherwise undisclosed discussions between MGEX and the Securities and Exchange Commission and the Commodity Futures Trading Commission.[15]

In November 2019, the company acquired a majority stake in the Bermuda Stock Exchange. MIH cited the digital asset legislation called the Digital Asset Business Act 2018, or Daba as one of the drivers of the deal. Bermuda Stock Exchange offers capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities.[16]

Products and Services

On its website, Miami International Holdings states that its mission is to provide:

  • A marketplace that caters to the needs of the customer and trading community
  • Competitive pricing based on a low cost operating structure
  • Superior customer service
  • Outstanding technology

The company has an in-house trading platform. The MIAX platform offers:

  • MIAX FIX gateway for orders
  • MIAX Express Interface (MEI) offers direct connections to the match engine for high-speed mass quoting
  • MIAX Top of Market (ToM) provides low latency access to MIAX market data
  • MIAX Clearing Trade Drop (CTD) provides real-time clearing trade content to firms with the same low latency technology.[17]

Contract Volume

Year Total Annual Volume* Percent Change
2018 421,320,501 81.4%
2017 232,223,967 (-)6.0%
2016 247,112,479 (-)2.2%
2015 252,605,427 87.8%
2014 134,535,972 241.2%
2013 39,430,903 --

Key People

References

  1. MIAX OPTIONS EXCHANGE SUCCESSFULLY LAUNCHES. MIAX.
  2. 2018 Annual Volume Survey. Futures Industry.org.
  3. Foreign Limited Liability Company. Florida Department Of State Division Of Corporations.
  4. (Press Release) US Options Exchanges Battle for Liquidity as Pennies, Internalization and Regulatory Environment Shift Landscape. TABB Group.
  5. About MIAX. MIAX Options.
  6. Miami International to Introduce 10th U.S. Options Exchange. Bloomberg.
  7. Miami International Sees September Launch For Stock-Options Exchange. WSJ.
  8. Debut of new exchanges could hurt options industry. Chicago Tribune.
  9. Miami International Planning U.S. Stock Exchange After Options Launch. Bloomberg.
  10. As Stock Exchanges Multiply, Miami Wants In on the Game. The Wall Street Journal.
  11. Miami International to launch cash equities exchange. The Trade.
  12. Miami International Holdings Partners with Leading Equities Firms to Launch Cash Equities Exchange. Press Release.
  13. MIAX and MGEX Announce SPIKES® Futures Launch Date. Press Release.
  14. MGEX Launches SPIKES Futures in Collaboration with MIAX and T3 Index. Minneapolis Grain Exchange.
  15. MEMO, Subject: Suspension of SPIKES Futures Trading. Minneapolis Grain Exchange.
  16. US firm acquires controlling interest in BSX. Press Release.
  17. About MIAX. MIAX Options.
  18. Management Team. MIAX Options.