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Miami International Holdings, Inc. (NYSE: MIAX), a technology-driven operator of regulated financial markets, has launched the MIAX Sapphire options trading floor in Miami, Florida.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX, said the move enables the company to provide market participants with full access to the multi-listed options market.
"The launch of the new MIAX Sapphire trading floor is a pivotal milestone for MIAX, as we are now able to offer our market participants access to 100% of the multi-listed options market,"
"Miami is quickly emerging as a major global financial center as a result of its business climate, favourable tax advantages and an expanding talent pool of financial services professionals. Launching the city's first trading floor reinforces Miami's growing reputation as Wall Street South and greatly expands our presence in our namesake city."
Thomas P. Gallagher, Chairman And Chief Executive Officer, MIAX
MIAX Sapphire is the first national securities exchange to open a trading floor in Miami and only the second open outcry trading floor established in the last 50 years. The 38,400-square-foot facility is located on the ninth floor of the 545 Wyn building in Miami’s Wynwood district, with views of the city’s skyline.
The new trading floor includes a fully equipped trading space, office facilities, conference rooms and a Bloomberg TV broadcast studio. According to the company, the design prioritised acoustics, lighting and sight lines, alongside an optimised layout for market participants.
Douglas M. Schafer, Executive Vice President and Chief Information Officer at MIAX, said the floor was designed in close consultation with member firms.
"We worked closely with our member firms to build a modern trading floor meticulously designed to support the complex needs of the U.S. options industry,"
"MIAX Sapphire is powered by our signature, proprietary technology intended to maximise liquidity and enhance price discovery, while automating many of the manual processes inherent in legacy exchanges to increase efficiency."
Douglas M. Schafer, Executive Vice President And Chief Information Officer, MIAX
MIAX Sapphire is MIAX’s fourth national securities exchange for U.S. multi-listed options. It includes both an electronic exchange, which launched in August 2024, and the newly opened physical trading floor.
MIAX US Options Market Share (Source: MIAX)
Miami International Holdings operates nine exchanges across asset classes including options, futures, equities and international markets. Its portfolio includes MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures, MIAXdx, the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). The group also owns Dorman Trading, a full-service Futures Commission Merchant.
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