Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. The company is building and operating regulated financial marketplaces across multiple asset classes and geographies. The company’s MIAX Exchange marketplaces are enabled by its in-house built, proprietary technology.
The company’s MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. T...
Miami International Holdings, Inc., through its subsidiaries, operates various markets across options, futures, and cash equities. The company is building and operating regulated financial marketplaces across multiple asset classes and geographies. The company’s MIAX Exchange marketplaces are enabled by its in-house built, proprietary technology.
The company’s MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. The company maintains a broad portfolio of the U.S. exchange and clearing licenses, in both securities and futures. The company operates markets across a diverse number of asset classes, including options and cash equities as well as futures and options on futures. The company’s markets include: options on its exchanges regulated by the SEC through MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire; U.S. equities through MIAX Pearl Equities — also regulated by the SEC; U.S. futures and options on futures through MIAX Futures, which is regulated by the CFTC; and international listings through BSX, which is regulated by the BMA, and TISEG, which via its subsidiary, TISEA, is regulated by the GFSC. The company also owns Dorman Trading, a full-service FCM registered with the CFTC and the NFA, a full-service FCM registered with the CFTC and the NFA; and MIAXdx, which is regulated by the CFTC, where it has the ability to list for trading fully collateralized U.S. futures and options on futures.
In July 2024, the company entered into the Bloomberg License Agreement with Bloomberg to develop the Bloomberg Products. Pursuant to the Service Schedule under the Bloomberg License Agreement, it has a ten year exclusive license to list futures, options on futures, and cash-settled index options on the B500 Index and the B500 Volatility Index. The company has the right to list these proprietary products on any of its affiliated U.S. exchanges in North and South America.
The first Bloomberg Products the company plans to exclusively list under the Bloomberg License Agreement are futures and cash-settled index options on the B500 Index. The company expects to launch futures on the B500 Index late in the fourth quarter of 2025 or early in the first quarter of 2026 on MIAX Futures, cash-settled index options on the B500 Index in the first half of 2026 on MIAX Options, and options on futures on the B500 Index on MIAX Futures targeted for the second half of 2026, subject to certain regulatory filings. The company plans to have the Bloomberg Products cleared at OCC, also subject to certain regulatory filings.
In January 2025, the company entered into an amendment to the Service Schedule, which added the B100Q Index to the list of exclusively-licensed indexes under the Bloomberg License Agreement. The license terms for the B100Q Index are the same as the license terms for the B500 Index. The company anticipates that the first proprietary product based on the B100Q Index will be the MIAX Tini Bloomberg 100Q Futures, which it plans to launch in the first half of 2026, subject to certain regulatory filings with the CFTC.
The company lists Hard Red Spring Wheat futures and options on futures contracts on MIAX Futures. The company offers clearing services for U.S. futures and options on futures through MIAX Futures Clearing and through MIAXdx Clearing. In addition to the Bloomberg Products, the company is developing other new products for its markets and plan to expand its suite of proprietary and other products on MIAX Futures and MIAXdx, and may enter into additional clearing as a service agreements with other futures markets. New MIAX Futures products will be traded on MIAX Futures Onyx. The company launched MIAX Futures Onyx on June 29, 2025, with the migration of Minneapolis Hard Red Spring Wheat futures that traded on the CME Globex trading platform. The company intends to list other products, such as additional agricultural futures products, and additional financial futures products on the MIAX Futures Onyx trading platform beginning in the second half of 2025, subject to certain regulatory filings and approvals.
Markets
U.S. Options
The company operates four fully automated electronic options exchanges in the United States which are each national securities exchanges regulated by the SEC. The company has traded in excess of 9.5 billion contracts from inception through June 30, 2025 on its options exchanges.
The launch of the MIAX Sapphire electronic exchange provides the company’s market participants with access to approximately 94% of total multi-listed volume, with the remaining approximately 6% being volume traded on exchange floors. In order to have access to the remaining 6% of the multi-listed options market traded on exchange floors, the company plans to launch a trading floor in Miami, Florida in September 2025. In November 2024, the company entered into a Location Agreement with Bloomberg Media, a division of Bloomberg L.P., to provide Bloomberg Media a dedicated broadcast position on the trading floor of MIAX Sapphire. Bloomberg Media intends to use the broadcast position for the purpose of live and pre-recorded reporting and news coverage by Bloomberg Media from the trading floor.
U.S. Equities
Under MIAX Pearl’s national securities exchange license and leveraging the technology and systems built for the company’s options exchanges, 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 the company 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 NMS qualifying for UTP using a Price-Time allocation model and Maker-Taker fee structure. The total addressable market of U.S. equities for the quarter ending June 30, 2025, is broken down into the following: approximately 36% in the Price-Time allocation model, 10% in the pre-market and after hours market, 6% in the opening and closing auction markets and 48% in the trading reporting facilities.
U.S. Futures and Options on Futures
The company operates two futures exchanges and two futures clearing houses in the United States, each regulated by the CFTC, operating with different products and service models. The company’s access to the U.S. futures and options on futures markets positions MIAX as a multi-asset exchange operator.
MIAX Futures: MIAX Futures is a fully electronic, vertically integrated futures exchange and clearing house. It is registered with the CFTC as a DCM and DCO. MIH acquired 100% ownership of MIAX Futures on December 4, 2020. MIAX Futures provides the company with access to the U.S. futures market, positioning MIAX as a multi-asset exchange operator. As of June 30, 2025, the company had 14 MIAX Futures clearing members eligible to clear MIAX Futures products, most of which are FCMs. Additional FCMs access MIAX Futures’ markets through relationships with existing clearing members.
The MIAX Futures DCM offers the company the ability to list its own futures products on the MIAX Futures platform. The MIAX Futures DCM operated on the CME Globex platform as the MIAX Futures trading system until June 27, 2025. The company launched MIAX Futures Onyx on June 29, 2025, with the migration of Minneapolis Hard Red Spring Wheat futures that traded on the CME Globex trading platform.
The MIAX Futures DCO operates on proprietary technology, which the company upgraded in 2023 to support its growing portfolio of new products and to enhance customer experience. The MIAX Futures DCO serves as the exclusive venue for the clearing of agricultural products listed on the MIAX Futures DCM. MIAX Futures also plans to clear the Bloomberg Products that trade on MIAX Futures through OCC.
MIAX Futures has entered into an agreement to provide clearing services to the Intelligent Medicine Exchange (IMX), which is developing a futures marketplace based on multiple aspects of the health care economy, for certain cash settled futures and options on futures contracts. IMX was approved as a DCM by the CFTC in January 2024. Trading operations may launch at IMX between the third quarter of 2025 and the third quarter of 2026.
MIAX Futures only clears futures and options on futures permitted to be cleared by U.S. DCOs registered with the CFTC. Prior to clearing any new product, the DCM would need to submit the product to the CFTC and demonstrate compliance with applicable regulations. Only contracts traded on DCMs and approved by the CFTC are eligible to be cleared by MIAX Futures Clearing.
MIAXdx. MIH acquired MIAXdx on May 19, 2023. MIAXdx is a fully electronic vertically integrated DCM and DCO, with regulatory approval from the CFTC to list and clear fully collateralized futures, options on futures and swaps. Fully collateralized positions are those wherein the DCO holds, at all times, funds or commodities (such as Bitcoin or Ether) in the form of the required payment sufficient to cover the maximum possible obligation or loss that a party or a counterparty could incur upon liquidation or expiration of the contract. MIAXdx obtained approvals on July 6, 2017 (SEF), July 24, 2017 (DCO), and June 24, 2019 (DCM). The DCO Order was amended on September 2, 2020 to remove a provision that limited the products eligible for the DCO to digital assets.
On October 16, 2017, MIAXdx commenced its principal business activities, making it the first federally regulated exchange and clearing house to list and clear fully collateralized, physically settled Bitcoin swaps and options through its SEF. On June 24, 2019, MIAXdx began to list and clear fully collateralized, physically settled Bitcoin derivatives products through its DCM. On June 30, 2021, MIAXdx began to list and clear fully collateralized, physically settled Ether swaps and options.
The company also plans to expand access for participants on MIAXdx in the future, incorporating an intermediated access model through FCMs while keeping direct access for certain participants, and offering margin on cleared products.
The acquisition of MIAXdx provides the company with a second venue in the U.S. futures market, positioning MIAX as a multi-asset exchange operator across multiple venues not only in options and equities but in futures and swaps as well. There were 247 participants on MIAXdx that executed at least one trade in June 2024.
As of July 24, 2024, MIAXdx delisted all of its physically settled products on its DCM and SEF. On March 20, 2025 the MIAXdx DCM executed its latest trade, which was cleared by the MIAXdx DCO the same day. MIAXdx converts Bitcoin and Ether crypto-assets received for the payment of withdrawal and storage fees into fiat currency in a de minimis amount. MIAXdx’s third-party custodian, BitGo Trust, maintains a trading facility (BitGo Prime) that offers institutional trading services for clients whose assets are held in in cold storage with BitGo Trust.
Similar to MIAX Futures, the company offers clearing services for U.S. futures, options and swaps on futures through the MIAXdx derivatives clearing organization (MIAXdx Clearing). Any clearing service MIAXdx provides is regulated under the MIAXdx DCO license. MIAXdx only clears futures, options on futures or swaps permitted to be cleared by U.S. DCOs registered with the CFTC.
MIAXdx operates its own technology stack, which enables vertically integrated matching and clearing. MIAXdx’s proprietary technology stack includes matching, clearing, reporting and supporting software developed by MIAXdx employees and contractors. This software makes use of open-source libraries commonly used in proprietary software. Market surveillance technology is provided by an external vendor. Total volume of futures, options on futures, and swaps on MIAXdx was 593,138 contracts in 2024.
Dorman Trading: On October 19, 2022, MIH acquired all of the issued and outstanding membership interests of Dorman Trading (the Dorman Trading Transaction), and Dorman Trading became a wholly- owned subsidiary of MIH.
Dorman Trading is a Chicago-based FCM registered with the CFTC, providing execution and clearing services for introducing brokers, retail customers, institutional clients and professional traders on a number of futures exchanges.
Dorman Trading is a trading member of the Chicago Mercantile Exchange, Inc. Group of exchanges consisting of the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and the Commodity Exchange Inc. (COMEX) and is a clearing member of CME Clearing for trades executed on the Chicago Mercantile Exchange, Inc. Group of exchanges. Dorman Trading is also a trading member of ICE Futures U.S., a clearing member of ICE Clear U.S. and a clearing member of MIAX Futures. Further, Dorman Trading is a participant firm of Coinbase Derivatives exchange with such trades cleared on Nodal Clear, LLC through Wedbush Securities Inc. Dorman Trading is a Disclosed Client Market Participant of the Eurex Exchange (Germany) with such transactions cleared on Eurex Clearing A.G. through ADMIS International Ltd. Dorman Trading also offers access to certain exchanges through ADM Investor Services U.S., for the Cboe Futures Exchange, LLC, with trades cleared on the OCC, ICE Europe exchange, with trades cleared on ICE Clear Europe; and Euronext exchange with trades cleared on Euronext Clearing.
Dorman Trading’s business involves establishing and carrying open positions for clients on regulated futures exchanges. Dorman Trading is required to post and maintain margin or credit support to clearing houses for these positions. As customers place futures orders, they are required to provide margin to Dorman Trading, which becomes a source of cash flow in the support of initial margin and maintenance margin requirements at the clearing house. The timing of clearing house cash flow requirements is not under the control of Dorman Trading because exchanges mark-to-market daily and require that margins be maintained on a daily basis. If a customer fails to meet a margin call, Dorman Trading is required to fund the customer’s position until margin is provided or the customer’s position is closed out. Dorman Trading manages cash flow liquidity through the implementation of procedures that are designed to minimize unexpected mismatched payments and settlements. The foregoing is applicable to crypto-asset related futures transactions whether financially or physically settled as well as non-crypto asset-related futures transactions.
Dorman Trading has relationships with introducing brokers, both domestic and international, who solicit clients for their execution services. Those introducing brokers work to establish execution and/or clearing accounts with Dorman Trading for those new client relationships, but generally serve as the primary relationship and customer service point of contact for those clients.
Dorman Trading clients may trade cash settled crypto asset-related futures products traded on the U.S. futures exchanges and through September 2023, could trade Bakkt Bitcoin Monthly Futures (ICE Futures U.S.) physically settled crypto asset-related products.
International Listings
BSX is a fully electronic, vertically integrated international securities market, headquartered in Bermuda. BSX specializes in the listing and trading of capital market instruments, such as equities, debt issues, funds, hedge funds, derivative warrants and ILS. MIH initially acquired a majority interest in BSX in October 2019 and completed the acquisition of the remaining shares of BSX in December 2020.
BSX is the global leader in the listing of ILS vehicles which provide catastrophic peril reinsurance coverage. In addition to gaining access to BSX’s existing international market, the acquisition of BSX gives the company access to another vertically integrated market ecosystem that can accelerate its growth strategy. TISE operates across Guernsey, Dublin, Isle of Man, Jersey and London. TISEA is regulated by the GFSC. The company acquired an initial interest in TISEG in 2023 and completed the acquisition of the remaining shares in June 2025.
TISE is best known as one of Europe’s major professional bond markets. TISE’s QIBM is a market in Europe for listing high yield bonds and private equity debt, with more than 2,400 issuers from over 35 countries listing in excess of 4,500 securities on TISE.
The TISE Acquisition provides the company with access to the European and the U.K. markets, as well as giving it access to another vertically integrated market ecosystem that can accelerate its growth strategy. Guernsey also has a favorable regulatory and tax environment with an internationally recognized and robust financial services industry.
Planned Proprietary Products
In July 2024, the company entered into the Bloomberg License Agreement, a license agreement to develop and list the Bloomberg Products. The launch of the Bloomberg Products will require the submission of certain rule filings to, and approvals from, the SEC (for cash-settled index option products), and the submission of certain rule filings to the CFTC (for cash-settled index futures and options on futures products). The clearing of Bloomberg Products at the OCC is also subject to a regulatory filing with the SEC.
The ten-year term under the Service Schedule for the B500 Index and B500 Volatility Index does not expire until the tenth anniversary of the date the first product is listed. The Service Schedule is primarily structured as a revenue sharing arrangement, whereby Bloomberg is paid a portion of the net transaction fees collected for executions in each Bloomberg Product listed and traded on one of the company’s affiliated U.S. exchanges. The revenue share percentages are tiered, based upon the average daily volume of the Bloomberg Products listed and traded on the company’s exchanges, calculated on a quarterly basis. The company has sole discretion to determine the amount of the transaction fees charged to market participants that transact in each of the Bloomberg Products, subject to certain regulatory filings. The Service Schedule also contains joint marketing obligations of the parties, to market and promote the Bloomberg Products and the Bloomberg Indexes. The Service Schedule also provides for automatic three-year renewal terms, provided certain minimum revenue thresholds are met.
The first Bloomberg Products the company plans to exclusively list are futures and cash-settled index options on the B500 Index. The B500 Index employs a transparent, rules-based methodology to track the 500 most highly capitalized U.S.-listed companies. It is designed to provide users with clear, predictive, U.S. large cap exposure, free of undue subjectivity.
In January 2025, the company entered into an amendment to the Service Schedule, which added the B100Q Index to the list of exclusively-licensed indexes under the Bloomberg License Agreement. The license terms for the B100Q Index are the same as the license terms for the B500 Index. The company launched MIAX Futures Onyx on June 29, 2025, with the migration of Minneapolis Hard Red Spring Wheat futures that traded on the CME Globex trading platform.
Growth Strategy
The company is positioned to leverage its competitive strengths to enhance its market position, develop new products and services and continue expanding into new asset classes and geographies. The company focuses on several attractive growth opportunities in MIAX’s core markets and beyond. The key elements of the company’s strategy include continuing to grow its options exchanges; expanding its futures markets; increasing its international presence; creating new product offerings; and further monetizing and enhancing its data and analytics capabilities.
Technology
The company’s MIAX Exchange platform employs monitoring, security and risk management tools that provide significant benefits for market participants trading on the MIAX Exchanges and have become industry standard. The company’s MIAX Emerald Exchange system is extremely deterministic and sequences orders that arrive within as low as eight nanoseconds of each other which is critical to the predictability of execution. The company uses the same base technology across all of its MIAX Exchange equities and options markets, which optimizes efficiency, versatility, resiliency and scalability and allows for uniformity of customer experience. The company also offers a number of customer interfaces, including MIAX Exchange binary interfaces, data feeds and FIX gateway for orders. Latency equalized cross-connects in the primary data center ensures fair and cost-efficient access to the MIAX Exchange systems.
The company’s MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry. The MIAX Exchange platform undergoes continuous automated testing to ensure high reliability together with advanced monitoring and systems security. The company’s exchanges also maintain a geographically diverse disaster recovery center from its primary data centers to ensure continuous operation including systems infrastructure and operations.
The MIAX Exchanges maintain primary and disaster recovery connections to the various National Market System facilities such as CTS, UTP, OCC, DTCC, CAT and FINRA. The company’s MIAX Exchange platform has received numerous recognitions in the industry, including recognition for exceptional customer service and innovative product development.
The MIAX Futures DCO operates on proprietary technology, which the company upgraded in June 2023 to support its growing portfolio of new products and to enhance customer experience. The company launched MIAX Futures Onyx on June 29, 2025 for trading products on the MIAX Futures DCM after coming off the CME Globex platform. MIAX Futures Onyx is an electronic trading platform built on MIAX proprietary technology. This new technology will power multiple platforms to provide for the trading of agricultural and financial futures and options on futures in geographically diverse locations. MIAX Futures Onyx will support both agricultural and financial products, beginning with the MIAX Futures flagship product, Minneapolis Hard Red Spring Wheat Futures, which launched on MIAX Futures Onyx on June 29, 2025.
MIAXdx operates the MIAXdx DCO and DCM on its own technology stack, which enables vertically integrated matching and clearing. MIAXdx’s proprietary technology stack includes matching, clearing, reporting and supporting software developed by MIAXdx employees and contractors. This software makes use of open-source libraries commonly used in proprietary software. Market surveillance technology utilized by MIAXdx is provided by an external vendor.
On March 10, 2025, the company launched its own BSX trading, clearing and settlement system for trading products listed on BSX based on MIAX proprietary technology. The new BSX system includes a trading and market data dissemination system located in Bermuda for BSX listed securities with disaster recovery systems at an off-island location; customized web-based order management system for utilization by the BSX brokerage community; middle office technology to support system configuration, surveillance, reporting and other services required by BSX, as well as a centralized security depository for clearing and management of BSX securities. These are key functions that existed for the prior BSX trading, clearing and settlement systems operated by Nasdaq under a services agreement.
Customers
The company’s equities and options customers are SEC-registered broker-dealers and the sponsored access clients of those broker-dealers. As of June 30, 2025, the MIAX Exchanges had a total of 212 members, including 44 exchange members on MIAX Options, 40 exchange members on MIAX Pearl Options, 36 exchange members on MIAX Emerald, 34 exchange members on MIAX Sapphire and 58 exchange members on MIAX Pearl Equities. The company’s total number of members includes 73 distinct firms. These members include sell side banks, proprietary trading firms and market makers, as well as buy side institutions, hedge funds and retail customers participating via broker-dealers.
MIAX Futures is a DCM and DCO under the jurisdiction of the CFTC, providing DCM and DCO services in an array of asset classes. Customers on MIAX Futures have historically consisted of large agricultural trading firms and other corporate customers. As MIAX Futures has evolved from a predominantly agricultural exchange to a diversified financial futures exchange, the company has attracted several additional broker-dealer customers. As of June 30, 2025, the company had 14 MIAX Futures clearing members eligible to clear MIAX Futures products listed on its DCM, most of which are FCMs. Additional FCMs access MIAX Futures’ markets through relationships with existing clearing members.
MIAXdx is a DCM and DCO under the CFTC, providing DCM and DCO services. Customers on MIAXdx have historically consisted of both retail and institutional investors. There were 247 participants on MIAXdx that executed at least one trade in June 2024. In July 2024, MIAXdx delisted all of its physically settled products.
BSX trading memberships are available to international brokers who meet BSX requirements, without limitation on numbers. International firms wishing to become trading members must incorporate a subsidiary in Bermuda as an exempted company, meet the minimum net capital requirements of BSX, and pay BSX trading membership fees. As of June 30, 2025, BSX had 17 exchange members.
TISE offers three membership options. Category 1 Listing Member, for QIBM, Category 2 Listing Member, for its equity market or a Category 3 Trading Member, for all markets. Each membership criteria has eligibility requirements, as set forth in TISE’s membership rules. As of June 30, 2025, TISE had 44 members.
Dorman Trading provides futures clearing and execution services for introducing brokers, retail customers, international clients and professional traders. The company has developed strong relationships with its core trading firms through its ERPs.
Sales and Marketing Approach
The company’s sales and marketing strategy focuses primarily on educating market participants about its value proposition, services and products, including proprietary products and leading technology. Through targeted communications and meetings, as well as its presence at industry trade conferences and participation in industry forums, the company focuses on educating existing and prospective customers about the benefits of using its markets and products.
Competition
The company competes in the United States in listed equity options against exchanges owned by Cboe, Nasdaq, Intercontinental Exchange, Inc. (ICE), BOX Holdings Group LLC (Box) and MEMX. The company competes in the U.S. listed cash equity securities market against exchanges owned by Cboe, Nasdaq, ICE, IEX, MEMX, LTSE, other regional exchanges and several ATSs.
Competitors to MIAX Futures and MIAXdx in the clearing services space include, among others, companies, such as CME, ICE and the OCC. BSX and TISE compete with other international listing venues, including The London Stock Exchange, the Singapore Stock Exchange and the Hong Kong Exchange for international insurance-linked listings and Euronext, Luxembourg Stock Exchange, the Vienna Stock Exchange, The London Stock Exchange for debt listings. A number of these competitors have greater financial, technical, marketing and other resources than does BSX and TISE. Some of them are larger and better capitalized, have greater name recognition, and have more extensive client bases.
Intellectual Property
The company owns three issued patents in the United States, one issued patent in the Gulf Cooperation Council and one pending application in the Gulf Cooperation Council. These patents cover certain aspects of the company’s technology and services. The company owns many of the product names, trademarks and service marks used in conjunction with its technologies and services. MIAX, MIAX Options, MIAX PRIME, MIAX Technologies, MIAX Pearl, and MIAX Emerald, are its registered U.S. trademarks or service marks. The company has also filed applications to register trademarks in the U.S. that are pending and/or have common law rights. MIAX Sapphire, MIAX Futures and TINI are pending.
The company also uses intellectual property that is owned by third parties pursuant to licenses and services agreements.
In February 2019, the company entered into an exclusive license agreement with T3 and Triple Three Partners Pty LTD (Triple Three Partners) (the T3 Agreement) to create derivative products on certain volatility and other financial indexes owned by T3 (the T3 Indexes). In May 2025, the company purchased of all the intellectual property associated with the T3 Indexes from T3 and Triple Three Partners.
Services Agreements
MIAX Futures had a services agreement with CME for the listing and trading of MIAX Futures contracts on the CME Globex platform, offering access to MIAX Futures-listed products which terminated on June 30, 2025.
MIAX Futures and MIAXdx have services agreements with SMARTS Market Surveillance Pty Ltd (the SMARTS Agreements) for surveillance monitoring of certain data for MIAX Futures and MIAXdx. The SMARTS Agreements expire in 2027, with automatic renewal and standard termination provisions.
The company has a services agreement with Devexperts Inc. for certain market data and index calculation and distribution services which automatically renews on an annual basis. Dorman Trading has a services agreement with FIS Capital Markets US LLC (as amended, the FIS Agreement) for certain back-office clearing and accounting services. The term of the FIS Agreement expires February 1, 2029. IAXdx has a standard services agreement with Amazon Web Services for cloud computing, configurable storage, and network resources and services. The AWS Agreement remains in force unless terminated by either party (upon closing all accounts for MIAXdx and upon thirty days’ notice for AWS).
Regulatory Environment and Compliance
Various aspects of the company’s business are subject to regulation by the SEC, the CFTC, BMA and the GFSC. Each of the MIAX Exchanges, MIAX Futures, MIAXdx, BSX and TISEA has rules pertaining to their respective disciplinary processes. More significant areas of regulation of the company by the SEC, the CFTC, BMA and the GFSC.
The company operates four options markets and one cash equity market in the United States regulated by the SEC. The company operates MIAX Options pursuant to the SRO license of Miami International Securities Exchanges, LLC; MIAX Pearl Options and MIAX Pearl Equities pursuant to the SRO license of MIAX Pearl, LLC; MIAX Emerald pursuant to the SRO license of MIAX Emerald, LLC; and MIAX Sapphire pursuant to the SRO license of MIAX Sapphire, LLC. The company refers to the foregoing collectively as the MIAX Exchanges. As SROs, each entity has separate rules pertaining to its broker-dealer members and to non-members that trade on the MIAX Exchanges. Broker-dealers that choose to become members of its exchanges are subject to the rules of those exchanges. The company also subject to the record keeping requirements of Section 17 of the Exchange Act, including the requirement pursuant to Section 17(b) of the Exchange Act to make records available to the SEC for examination.
History
Miami International Holdings, Inc. was founded in 2007. The company was incorporated in 2007 as a Delaware corporation.
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