Miami International Holdings, Inc. (MIH) announced today that the Securities and Exchange Commission (SEC) has approved MIAX Sapphire LLC’s application for registration as a national securities exchange.
MIAX Sapphire will be MIAX’s fourth national securities exchange for US multi-listed options and will operate both an electronic exchange and a physical trading floor.
The electronic exchange is expected to launch on August 12, 2024, with the opening of the physical trading floor to follow in 2025. The MIAX Sapphire trading floor will be the first national securities exchange to operate in Miami, Florida and include a next-generation trading floor , ancillary office space for MIAX employees and market participants, conference facilities and media broadcast space.
“The launch of MIAX Sapphire provides members, liquidity providers and market makers with a new exchange designed to meet their evolving demands for improved access to options liquidity,” said Thomas P. Gallagher, President and CEO of MIH. “The launch of the fourth US options exchange also gives market participants access to 100% of the multi-listed options market, all supported by our proprietary technology designed to enhance liquidity and promote improved price discovery” .
MIAX Sapphire will use Taker-Maker pricing and a price-time sharing model, leveraging existing MIAX-based technology and infrastructure, allowing existing MIAX Exchange members to access the new hub with minimal additional technology efforts.
“The SEC’s approval of MIAX Sapphire represents a significant milestone for MIH as we execute on our strategy to operate exchanges built using our proprietary trading technology designed to support the high-performance demands of the US derivatives industry,” he said Douglas M. Schafer Jr. MIH Executive Vice President and Chief Information Officer. “The launch of the MIAX Sapphire online exchange will be followed by the opening of our state-of-the-art trading floor in Miami in 2025. Construction of the new MIAX facility is underway and we are excited to introduce this new facility to the industry when it opens next year” .