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 the new MIAX Sapphire options physical trading floor will be located in the 545 Wyn building in Miami’s Wynwood district.
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. The electronic exchange is expected to launch in the second quarter of 2024, with the physical trading going live in the second half of 2024, subject to regulatory approval.
The MIAX Sapphire trading floor will be the first national securities exchange to establish operations in Miami, Florida, and will include a next-generation trading floor, ancillary office space for MIAX employees and market participants, conference facilities and broadcast media space. Additional tenants in the 545 Wyn location include Sony Music and PwC.
“Miami’s business-friendly culture, favorable tax environment and emergence as the ‘Wall Street of the South’ make the Wynwood district the ideal location to launch the new MIAX Sapphire trading floor,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “Mayor Levine Cava’s office and the Miami business community have been very welcoming and receptive to our plans, and we are grateful for their support. We look forward to continued collaboration with the fast-growing Miami financial community as we expand MIAX’s presence in the city.”
“Having worked with MIAX for over 15 years, it is gratifying to see its continued commitment to the State of Florida and the Miami community with the opening of its newest exchange in Wynwood,” said former Florida Governor Jeb Bush. “MIAX’s sustained market share growth since the launch of its first exchange in 2012 is a testament to its management team, dedicated employees and industry leadership.”
“MIAX’s decision to build its newest exchange in Miami reinforces our status as a destination for the global financial industry,” said Miami-Dade County Mayor Daniella Levine Cava. “Being selected as the location for a regulated national securities exchange represents an important milestone for our community and validates our strategy of providing a dynamic business environment for global financial institutions and industry professionals.”
“As the second largest international finance hub on the east coast, Greater Miami is at the forefront of financial services innovation, which is consistent with MIH’s history and culture,” said Rodrick T. Miller, President and Chief Executive Officer, Miami-Dade Beacon Council. “The new MIAX Sapphire trading floor will serve as a key financial tenant for the Wynwood district, tapping into diverse local talent and attracting additional financial firms to our thriving business ecosystem. We are proud to have supported MIAX’s expansion in Miami and will continue to partner with them as they engage with our community.”
Source: MIAX
