The launch date for the electronic market of MIAX Sapphire Exchange has been postponed due to delays in the approval process by the SEC, according to Andy Nybo, Senior Vice President, Chief Communications Officer at MIAX Exchange Group.
The new launch date is currently scheduled for August 12, 2024, pending SEC approval.
MIAX Sapphire will operate both an electronic exchange and physical trading floor.
The physical trading floor will open after the launch of the electronic exchange, Nybo said.
“We will provide more detailed information on the launch date for the physical trading floor once the date has been confirmed,” he said.
The new MIAX Sapphire exchange will be MIAX’s fourth national securities exchange for U.S. multi-listed options and will operate both an electronic exchange and physical trading floor located in Miami, Florida.
According to Nybo, MIAX currently provides access to approximately 88% of total multi-listed options volume through its existing three options exchanges, all of which have different market models and fee schedules.
“The new exchange will allow us to provide access to the remaining 12% of market volume, which consists of volume executed on trading floors and through the Taker/Maker market model,” he told Traders Magazine.
“We plan to offer trading in US multi-listed options including single stock options and ETF options,” he added.
There are currently 17 options exchanges offering trading in US Options, according to Nybo.
He said that options markets have seen considerable volume growth in recent years due to rising demand for risk management tools, new users entering the market, and the introduction of a broad range of new products.
Nybo said that the new exchange will operate using a Taker/Maker market model and will also include a physical trading floor in Miami, Florida.
“Miami’s business-friendly culture, favorable tax environment and emergence as the “Wall Street of the South” make Miami the ideal location to launch the new MIAX Sapphire trading floor,” he commented.
“It will allow MIAX to provide access to the Taker/Maker market model, as well as a physical trading floor that can support large, complex orders that are able to leverage the trading floor to source liquidity,” he added.
The physical trading floor will be located in the 545 Wyn building in Miami’s Wynwood District, and will include a next-generation trading floor, ancillary office space for MIAX employees and market participants, conference facilities and broadcast media space.
“Trading floors in US options markets provide a powerful tool for sourcing liquidity for large-sized trades, as well as providing liquidity support for complex trades that often have unique characteristics including multiple legs or lower market liquidity,” Nybo said.
