MIAX Plans to Launch New Stock Exchange, Acquire Futures Exchange

Miami International Holdings Inc. has received regulatory approval to launch what will be the 16th U.S. stock exchange. The Securities and Exchange Commission approved the option market runner's application to launch an equities exchange. Now, Miami International plans to take the MIAX PEARL Equities exchange live through a phased-in launch with trading expected to begin Sept. 25. In a separate action, Miami International Holdings (MIH), the parent holding company of the MIAX Exchange Group, and the Minneapolis Grain Exchange (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), announced that they have entered into a definitive agreement and plan of merger under which MIH has agreed to acquire MGEX for a combination of cash and MIH common stock following a demutualization of MGEX by its members. As a result of the acquisition, MGEX will become a wholly owned subsidiary of MIH. MIH will continue to maintain the trading and clearing operations of MGEX while adding new futures products. This transaction is expected to close in late 2020.