MIAX is set to launch a new US options electronic exchange and physical trading floor, following its application to the US Securities and Exchange Commission (SEC) to become a national securities exchange.
Miami International Holdings (MIH) – MIAX’s parent company – confirmed on Tuesday 17 October that a notice for its Form 1 application for its newest options exchange had been published by the regulator.
Once approved, the new options venue, named MIAX Sapphire, will commence electronic trading operations in the second quarter of 2024 followed by a physical trading floor that is set to be opened in Miami in the second half of the year, pending regulatory approval from the SEC.
MIAX Sapphire will utilise taker-maker pricing and a price-time allocation model, as well as leverage the existing MIAX Exchange technology to minimise additional technology efforts for existing members.
“Our new exchange will leverage our proprietary technology, and when combined with a live trading floor, will offer our members an optimised, efficient marketplace that can facilitate the trading of large, complex orders,” said Shelly Brown, executive vice president, strategic planning and business development of MIH.
“The opening of a trading floor in Miami advances our goal of creating innovative marketplaces with low-cost operating structures, which is further enhanced by Florida’s favourable personal and corporate income tax structure.”