MIAX Sapphire Postpones Launch

The launch date for the electronic market of MIAX Sapphire Exchange has been postponed due to delays in the approval process by the SEC, according to Andy Nybo, Senior Vice President, Chief Communications Officer at MIAX Exchange Group. The new launch date is currently scheduled for August 12, 2024, pending SEC approval.   MIAX Sapphire will operate both an electronic exchange and physical trading floor. The physical trading floor will open after the launch of the electronic exchange, Nybo said. “We will provide more detailed information on the launch date for the physical trading floor once the date has been confirmed,” he said. The new MIAX Sapphire exchange will be MIAX’s fourth national securities exchange for U.S. multi-listed options and will operate both an electronic exchange and physical trading floor located in Miami, Florida. According to Nybo, MIAX currently provides access to approximately 88% of total multi-listed options volume through its existing three options exchanges, all of which have different market models and fee schedules.