Our History of Growth







December 07, 2012

MIAX® Launches its First Fully-Electronic Options Exchange

MIAX launched MIAX Options®, its first fully-electronic options exchange for the trading of OCC-issued standardized options on equities and ETFs.


The approval of the MIAX Options Exchange is a significant milestone,” Thomas P. Gallagher, the company’s chairman and chief executive officer, said in a statement. “We are excited to enter into the U.S. options space and commence trading.

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- Nina Mehta, Bloomberg

February 06, 2017

MIAX Launches MIAX Pearl

Its second fully-electronic options exchange, MIAX Pearl® serves as a counterpart to MIAX Options by providing a price-time allocation and maker-taker pricing model while leveraging our award-winning technology platform.

OCC congratulates the Miami International Securities Exchange on the successful launch of MIAX Pearl,” Craig Donohue, OCC executive chairman and CEO, said. “We are pleased to provide central counterparty clearing and settlement services to our newest participant exchange. As a Systemically Important Financial Market Utility and the foundation for secure markets, we look forward to the continued success of MIAX Pearl and continued growth of the U.S. exchange-traded options industry.

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- Editorial Staff, Traders Magazine

February 21, 2019

MIAX Introduces SPIKES® Options on the SPIKES Volatility Index

MIAX launched its first proprietary product, SPIKES Options on the SPIKES Volatility Index (SPIKE). Created in partnership with T3 Index, SPIKE is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY) and updates every 100 milliseconds.

Wall Street’s wildly popular fear gauge – the VIX – may finally get some real competition.

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- Luke Kawa, Bloomberg

March 01, 2019

MIAX Launches MIAX Emerald

MIAX’s third options exchange, MIAX Emerald®, provides a pro-rata allocation and maker-taker pricing model, and with its launch provides MIAX with access to 88% of total U.S. options market volume.

OCC congratulates the Miami International Securities Exchange on the successful launch of MIAX Emerald.

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- John Davidson, OCC chief executive officer, Press Release, OCC

September 29, 2020

MIAX Expands into Equities with MIAX Pearl Equities Launch

MIAX launched its first equities exchange, MIAX Pearl® Equities, leveraging the technology built for our options exchanges and offering trading in U.S. cash equities with price-time allocation and maker-taking pricing.

This caps an incredibly exciting few weeks that included the announced plan of merger with the Minneapolis Grain Exchange and the successful closing of a strategic equity rights transaction for MIAX Pearl Equities,” Douglas M. Schafer, Jr., executive vice president and chief information officer of MIH, said. “We look forward to our member firms experiencing the performance, reliability, customer service and low-cost that MIAX Pearl Equities brings to the equities marketplace.

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- Press Releases, AP News

December 04, 2020

MIAX Acquires Full Ownership of Minneapolis Grain Exchange (MGEX™)

MIAX acquires a historically-recognized futures exchange, creating new access to clearing house services as a Designated Clearing Organization (DCO) and Derivatives Contract Market (DCM).

When you’re leading an organization that’s been around for nearly 140 years, you do feel a sense of pride in that long history,” said Mark Bagan. “I’m very proud to preserve that.

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- Kavita Kumar, Star Tribune

December 14, 2020

SPIKES Futures Begin Trading on MGEX

 MIAX and MGEX announced a successful first day of futures trading on the SPIKES Volatility Index (SPIKE).

SPIKES Futures are a significant step forward for the volatility marketplace, adding necessary competition, choice and innovation,” said Thomas P. Gallagher, chairman and CEO of MIAX. “With SPIKES Futures, investors have access to an advanced, competitively priced volatility trading product that further rounds out the SPIKES Volatility Products portfolio. We are excited that SPIKES Futures liquidity providers successfully began actively quoting yesterday, providing a tight market for SPIKES Futures right out of the gate.

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Markets Media

December 18, 2020

MIAX Expands Globally through the Acquisition of The Bermuda Stock Exchange

BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

Working alongside the MIH team during the past year has proven highly beneficial for both parties, and MIH’s decision to now acquire 100% ownership of BSX speaks to growth opportunities that MIH sees in our exchange. BSX is excited to add to the company’s bottom line and continued success.

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- Greg Wojciechowski, Bernews

September 22, 2021

MIAX Pearl Equities Begins Publishing U.S. Equities Market Data to the Pyth Network Through The Bermuda Stock Exchange

The Bermuda Stock Exchange begins publishing MIAX Pearl Equities market data for 10 actively traded U.S. companies to the Pyth Network, a decentralized financial market data distribution platform.


BSX is delighted to begin publishing MIAX Pearl Equities market data to the Pyth Network and anticipates we will quickly expand the breadth of data we are publishing to the network,” said Thomas P. Gallagher, chairman of the BSX and chairman and CEO of MIAX. “Publishing high-fidelity U.S. equity market data to the Pyth Network represents a critical initiative to participate in a market data oracle designed to support the DeFi markets of tomorrow.

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Royal Gazette

June 08, 2022

MIAX Enters into Strategic Alliance with Lukka® to Develop and Launch Crypto Derivatives

MIAX and Lukka have entered into a strategic alliance to jointly develop and launch a suite of proprietary crypto derivatives to be traded on MGEX.

Our strategic alliance with Lukka allows us to leverage its institutional-grade crypto data to develop proprietary products in the U.S. and international regulatory frameworks that meet the emerging needs of the crypto-asset ecosystem. Lukka provides us with access to unique data and indexes that will further our objectives to introduce digital assets and products through our global group of exchanges, including futures on MGEX and innovative digital assets on BSX.

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- Thomas P. Gallagher, Chairman and CEO of MIAX, Blockchain.News

August 16, 2022

MIAX and T3 Index Launch ConvexityShares™ SPIKES Futures ETFs

MIAX and T3 Index jointly announced the launch of new ConvexityShares exchange traded funds (ETFs) that provide investors with two new ways to trade volatility.

MIAX and T3 Index have developed a strong partnership as we developed and launched our portfolio of SPIKES Volatility Products. This launch expands our volatility trading ecosystem and showcases our commitment to offer new and innovative products to the trading community.

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- Joseph W. Ferraro III, President of MIAX Futures, PR Newswire

October 21, 2022

MIAX Acquires Dorman Trading, A Full-Service FCM

MIAX expands its U.S. Futures operations with the acquisition of CFTC-registered Futures Commission Merchant, Dorman Trading.

Dorman Trading is proud of the service-oriented, customer-centric business model we have used to provide clearing services to our customers for the past 40 years. We are excited to grow our capabilities and services as we embark on this next step in our history, combining Dorman Trading’s experience as an FCM with MIAX’s resources and vision.

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- Daniel P. Dorman, Senior Vice President and Chief Operating Officer of Dorman Trading, Traders Magazine