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About MIAX

MIAX's parent holding company, Miami International Holdings, Inc. (MIH), owns Miami International Securities Exchange, LLC (MIAX®), MIAX Pearl, LLC (MIAX Pearl®) and MIAX Emerald, LLC (MIAX Emerald®), (together the MIAX Exchange Group), Minneapolis Grain Exchange, LLC (MGEX™), The Bermuda Stock Exchange (BSX™) and Dorman Trading LLC (Dorman Trading).

Our Company

MIAX is a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. MIAX Exchange marketplaces are enabled by our in-house built, proprietary technology. The MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. MIAX differentiates its trading platform by its throughput, latency, reliability and wire-order determinism.

MIAX operates markets across a diverse number of asset classes including options, futures and cash equities and are developing a portfolio of proprietary products. These markets include options through MIAX Options, MIAX Pearl, and MIAX Emerald; U.S. equities through MIAX Pearl Equities; U.S. futures and options on futures through MGEX and international listings through BSX.

Our Markets

U.S. Options

MIAX operates three fully automated electronic options exchanges in the United States, each with a distinct allocation and pricing model. MIAX Options launched in December 2012 with a Pro-Rata allocation model with Customer Rebate pricing. MIAX Pearl was launched in February 2017 and offers a Price-Time allocation and Maker-Taker fee structure. MIAX Emerald, our third exchange, was launched in March 2019 to serve as a counterpart to MIAX Options and MIAX Pearl by providing Pro-Rata allocation like MIAX Options and a Maker-Taker fee structure like MIAX Pearl. With the launch of MIAX Emerald, we have access to approximately 88% of the total U.S. options market volume.

U.S. Equities

Under MIAX Pearl's exchange license and leveraging the technology and systems build for our options exchanges, MIAX Pearl Equities™ launched as a cash equities exchange in September 2020. MIAX Pearl Equities is a fully automated electronic equities trading platform that leverages MIAX's technology and infrastructure. The MIAX Options technology was adapted for the unique functional and performance demands of equities trading, which allows us to provide high performance, while taking advantage of the scale associated with a system built for options trading. MIAX Pearl Equities offers trading in all U.S. equity securities designated under the National Market System qualifying for Unlisted Trading Privileges.

U.S. Futures

MGEX is a fully electronic, vertically integrated futures exchange and clearinghouse that was established in 1882 and is licensed by the CFTC as a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO). On December 4, 2020, MIH acquired 100% ownership of MGEX. The acquisition of MGEX provides MIAX with access to the U.S. futures market, positioning MIAX as a multi-asset exchange operator. The MGEX DCO operates on proprietary technology, which we are currently in the process of upgrading to support our growing portfolio of new products and enhance customer experience. The MGEX DCO serves as the exclusive venue for the clearing of products listed on the MGEX DCM.

In October 2022, we acquired Dorman Trading. The licenses held by MGEX, including the DCM and DCO licenses, as well as the FCM license held by Dorman Trading, enable us to offer vertically integrated products and services in futures execution, listing and clearing.

International Listings

BSX is a fully electronic, vertically integrated international securities market, headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and ILS. MIH completed the acquisition of BSX in December 2020. BSX is the global leader in the listing of Insurance Linked Securities (ILS) vehicles, which provide catastrophic peril reinsurance coverage. In addition to gaining access to BSX's existing international market, the acquisition of BSX provides MIAX with access to another vertically integrated market ecosystem.

Our Proprietary Products

In collaboration with T3i Pty LTD (T3), a developer of innovative volatility indexes, we developed and launched the SPIKES® Volatility Index (index symbol: SPIKE) in April 2018. The SPIKES Index is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY). The SPIKES Index uses live SPY options prices to calculate volatility. Pursuant to our license and commercialization agreement with T3, our exchanges are the exclusive venue for the listing and trading of derivatives based on the SPIKES Index.

In February 2019, we launched cash-settled options on the SPIKES Index on the MIAX Options Exchange. In December 2020, we launched cash-settled futures on the SPIKES Index on MGEX, with distribution through CME Globex®. We also collaborated with T3 to establish and launch ConvexityShares™, an exchanged traded product (ETP) issuer that launched two SPIKES-based ETPs (1x and 1.5x long the SPKF Index) on August 16, 2022. These products are organized as commodity pools and are registered with the SEC under the Securities Act of 1933. The products are listed and traded on NYSE Arca. MIAX Futures, LLC has a 51.0% ownership stake in ConvexityShares.

MIAX was launched with a mission to provide:

  • marketplaces that cater to the needs of the customer and trading communities;
  • competitive pricing based on a low-cost operating structure;
  • superior customer service and performance; and
  • outstanding technology, reliability, and risk protections.

Trading Platform

MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX's in-house built, proprietary technology. MIAX offers trading of options on all three exchanges as well as cash equities through MIAX Pearl Equities.

The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism.

MIAX Locations

MIAX's executive offices and the National Operations Center are located in Princeton, NJ with additional offices located in Miami, FL, Minneapolis, MN, Hamilton, Bermuda and Chicago, IL.