Membership on our exchanges

MIAX offers memberships on our U.S. and international exchanges for corporations, partnerships, limited liability companies and sole proprietorships. Membership requirements are different for each exchange and available through a streamlined application process. See below for additional details on becoming an exchange member.

Firms wishing to join MIAX Options, MIAX Pearl Options, MIAX Emerald Options and/or MIAX Pearl Equities exchange should contact the Membership Department to coordinate an introductory meeting, which will lay the groundwork for the Membership and Technical Onboarding Process. Memberships of each exchange are available to corporations, partnerships, limited liability companies or sole proprietorships and must be a broker dealer registered pursuant to Section 15 of the Exchange Act.

International firms wishing to become trading members must 1) incorporate a subsidiary in Bermuda as an exempted company, 2) meet the minimum net capital BSX requirements and 3) pay BSX trading membership fees. Trading memberships are available to international brokers who meet BSX requirements, without limitation on numbers.

Firms interested in becoming a clearing member at MGEX are required to 1) provide a security deposit of $500,000, 2) meet CFTC minimum financial requirements and 3) provide required supporting documents.

The MIAX Equity Rights Program (ERP) strategically aligns industry-leading trading firms, order flow providers and market makers with MIAX.

MIAX has developed strong relationships with our core trading firms through our Equity Rights Programs, which provided program participants the right to invest in Miami International Holdings, Inc. in exchange for payment of an initial purchase price or the prepayment of certain exchange fees and the achievement of certain liquidity volume thresholds. These programs enhanced liquidity and overall levels of trading volume for other participants on our exchanges and provided upfront capital to support the investment in and growth of MIAX. These relationships also provided opportunities for the company to expand into new marketplaces and asset classes.

MIAX Equity Rights Program

2021 Equity Rights Program V

The 2021 ERP Program is MIAX's 5th and only ERP in effect.  ERP V runs from January 2021 to June 2024 with and MIAX Pearl Equities Exchange Member firms participating in the program including:

  • Citadel Securities LLC
  • Hudson River Trading
  • Jump Trading Group
  • Simplex Trading
  • Optiver US LLC
  • Susquehanna Securities
  • UBS Securities