Miami International Exchange Goes Public

Miami International Holdings, which has built and operates regulated markets in traditional finance, has completed an initial public offering. Miami International Holdings (MIH) has built and operates regulated financial markets powered by proprietary technology which has been built in-house according to a story in MarketsMedia news. The MIAX Exchange trading platform was originally built to meet the high-performance quoting demands of the U.S. options trading industry and the firm argues it is differentiated by its throughput, latency, reliability and wire-order determinism. Thomas Gallagher, chairman and chief executive officer of MIH, said that investors were attracted to the IPO due to the firm’s proprietary technology, which has allowed the group to grow since the pandemic in March 2020. The scalable technology infrastructure allowed MIAX to expand into other asset classes and MIAX Pearl Equities was launched in September 2020. Since launching its first options exchange in 2012, MIAX has grown to be the fourteenth largest global derivatives exchange operator as of 30 June 2025 according to the prospectus. The group operates four fully automated SEC regulated electronic options exchanges in the U.S., each with its own distinct allocation and pricing model. The fourth electronic U.S. equity options exchange, MIAX Sapphire, was launched in August 2024 and accesses approximately 94% of total multi-listed volume. The remaining 6% is traded on exchange floors and MIAX is due to open a trading floor in Miami, Florida in September this year. Gallagher said the firm is obtaining final permits from the Miami authorities, but every customer and their equipment is on the new floor, and mock trading sessions have been held. “We are locked and loaded for September 12, and I’m so excited about it,” said Gallagher.