MIAX's parent holding company, Miami International Holdings, Inc. (MIH), operates and manages Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®) and MIAX Emerald, LLC (MIAX Emerald® and together with MIAX and MIAX Pearl, the MIAX Exchange Group™), the Minneapolis Grain Exchange, LLC, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), and the Bermuda Stock Exchange.
The MIAX Exchange Group has deep rooted experience in developing, operating and trading on exchanges. The initial focus of MIH was to leverage management's expertise and relationships in the equity options space to launch MIAX, a fully electronic options exchange for the trading of OCC-issued standardized options on equities and ETFs. Trading on MIAX commenced on December 7, 2012, following its approval from the SEC as a National Securities Exchange. MIAX now lists and trades options on over 3,500 multi-listed classes.
MIAX Pearl was MIH's second fully electronic options trading exchange and has leveraged the industry leading technology and infrastructure developed by the MIAX Exchange Group to serve as a counterpart to MIAX by providing a price-time allocation and maker-taker pricing model. Trading on MIAX Pearl commenced on February 6, 2017, following its approval from the SEC as a National Securities Exchange.
MIAX Emerald is MIH's third fully electronic options trading exchange and commenced trading on March 1, 2019, following its approval from the SEC as a National Securities Exchange, and leverages that same infrastructure to provide a pro-rata allocation and maker-taker pricing model. With the launch of MIAX Emerald, the MIAX Exchange Group now has access to approximately 80% of the overall U.S. options market volume.
On February 21, 2019, MIAX launched options on the SPIKES® Volatility Index (Ticker: SPIKE). SPIKES® 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, and was developed by T3 Index (T3), a firm that develops proprietary indexes as part of a partnership with MIH.
Under MIAX Pearl's exchange license, MIAX Pearl Equities launched as a cash equities exchange on September 29, 2020. MIAX Pearl Equities was built in partnership with a number of industry-leading liquidity providers and market makers, and provides participants with the right to invest in MIH in exchange for the prepayment of certain transaction fees and the achievement of certain liquidity volume thresholds on MIAX Pearl Equities.
The MIAX trading platform was developed in-house and designed from the ground up for the unique functional and performance demands of derivatives trading. MIAX understands that providing a trading platform with the proper protections, latency, and throughput is essential to the success of the trading community.
The MIAX platform provides:
- Extreme performance and radical scalability designed to match the unique needs of trading differing asset class/market model combination.
- Customer interfaces:
- MIAX FIX gateway for orders
- Ultra-low latency binary interfaces and data feeds with best-in-class wire order determinism and jitter
- Direct or gateway-based access to a Match Engine
- Multicast based top of market and liquidity data feeds
- Clearing trade and order drops
- Automated continuous testing to ensure high reliability
- Advanced monitoring and systems security
- A software architecture that results in minimizing the demands on power, space, and cooling while allowing for rapid scalability, resiliency and fault isolation
- Latency equalized cross-connects in the primary data center ensures fair and cost efficient access to the MIAX systems.
Executive offices, technology development center, and the National Operations Center for MIAX are located in Princeton, New Jersey. Additional offices and a multi-purpose training, meeting and conference center are part of MIAX's state-of-the-art facility in Miami, Florida, where MIAX Technology sales and MIAX Equities sales, membership, marketing and listings operations will also be located.