Miami International Holdings

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Miami International Holdings, Inc.
MIAX
IndustryBusiness services
Financial services
Financial markets
Technology
Founded2007 (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), trading as MIAX, 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.[6] 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.[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.

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 commenced trading operations in the third 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]

Later in August 2024, MIH secured a $100 million investment from private equity firm Warburg Pincus to fund continued global expansion, including the construction of a physical trading floor in Miami for MIAX Sapphire and the growth of its agricultural and financial futures businesses.[17]

Initial public offering

The company went public on August 14, 2025, listing on the New York Stock Exchange with the ticker symbol "MIAX". Shares of the stock jumped 38% from their IPO price on its debut, valuing the company at about $2.5 billion as it raised $345 million.[18]

Acquisition of MGEX

In 2020, the company acquired MGEX, which was known for its signature wheat contracts. MIH subsequently renamed the market as MIAX Futures Exchange in 2024.[19]

Financial futures

In September 2025, the company announced its plans to launch financial futures on MIAX Futures using its proprietary Onyx trading platform.[20]

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.[21][22] 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.[23] MIH countered with its own suits, arguing that seven of Nasdaq's existing patents tried asserted claim over the invention of options trading.[24]

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.[25]

See also

References

  1. "About MIAX". Archived from the original on January 14, 2023. Retrieved January 14, 2023.
  2. Chavez-Dreyfuss, Gertrude. "LedgerX gets U.S. approval for derivatives on digital currencies". U.S. Reuters.
  3. "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 (March 4, 2019). "As Stock Exchanges Multiply, Miami Wants In on the Game". Wall Street Journal.
  8. "Miami International to launch cash equities exchange". May 20, 2019.
  9. "MIAX acquires CFTC-registered FCM Dorman Trading". October 24, 2022.
  10. "Traders Magazine". October 24, 2022.
  11. "MIAX-parent Miami International Holdings confidentially files for U.S. IPO". Reuters. May 6, 2022.
  12. "MIAX Exchange Group Has Record Volumes". Markets Media Group. January 11, 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. October 19, 2023.
  14. "Miami Exchange Preps Trading Floor in Wynwood During Options Boom". Bloomberg. November 28, 2023.
  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. April 9, 2024.
  17. "MIAX-Parent Miami International Receives $100 Million Investment From Warburg Pincus". Reuters via U.S. News & World Report. August 22, 2024. Retrieved April 14, 2026.
  18. "Exchange operator Miami International soars 38% in debut after $345 million IPO". Reuters. August 14, 2025.
  19. "CME Group challenges Miami exchange with new spring wheat contract". Reuters. January 8, 2025. Retrieved April 14, 2026.
  20. "Miami International Holdings Announces Timeline to Support Trading of Financial Futures on MIAX Futures". PR Newswire. September 23, 2025. Retrieved September 30, 2025.
  21. "Nasdaq v. IEX Group: Nasdaq sues (again) a fledgling stock-exchange operator". Harvard Journal of Law & Technology. April 13, 2018.
  22. "Nasdaq Avoids Dismissal of Trade Secrets Suit Against Rival MIAX". Bloomberg Law.
  23. "Nasdaq Sues Rival Exchange, Alleging Stolen Tech Secrets". Bloomberg. September 2017.
  24. "Nasdaq Options Trading Patents Challenged by Rival MIAX Exchange". Bloomberg. April 3, 2018.
  25. "VIX Fear Gauge's Only Competitor Set to Vanish From the Market". Bloomberg. August 31, 2023.