Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire, LLC (MIAX SapphireTM), Minneapolis Grain Exchange, LLC (MGEXTM), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX), and Dorman Trading, LLC (Dorman Trading), announced that a notice of its Form 1 application for its newest options exchange has been published by the Securities and Exchange Commission (SEC). MIH filed the Form 1 application to register MIAX Sapphire as a national securities exchange operating both an electronic exchange and physical trading floor for U.S. options.
“MIAX continues to focus on providing our members, liquidity providers and market makers with innovative solutions to meet their demands for improved access to options liquidity,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “The launch of our fourth U.S. options exchange will provide our members with access to a new market segment and a state-of-the-art trading floor designed to enhance liquidity and promote improved price discovery.”
MIAX Sapphire will utilize Taker-Maker pricing and a Price-Time allocation model while leveraging existing MIAX-based technology and infrastructure, enabling existing MIAX Exchange members access to the new exchange with minimal additional technology efforts. The exchange is expected to commence electronic trading operations in the second quarter of 2024, followed by the opening of a physical trading floor in Miami, Florida in the second half of 2024, subject to SEC approval.
“Our new exchange will leverage our proprietary technology, and when combined with a live trading floor, will offer our members an optimized, efficient marketplace that can facilitate the trading of large, complex orders,” said Shelly Brown, Executive Vice President, Strategic Planning and Business Development of MIH. “The opening of a trading floor in Miami advances our goal of creating innovative marketplaces with low cost operating structures, which is further enhanced by Florida’s favorable personal and corporate income tax structure.”
For more information on MIAX Sapphire, including key milestone dates, member on-boarding and technology requirements, please visit miaxglobal.com/markets/us-options/sapphire-options or contact MIAX Trading Operations at TradingOperations@miaxglobal.com.
Source: MIAX
