initial public offerings (IPOs) trading on American exchanges

Saturday, May 7, 2022

Miami International Holdings confidentially files for U.S. IPO

(Reuters) – Miami International Holdings Inc, which owns the options exchange Miami International Securities Exchange (MIAX), said on Friday it has confidentially submitted paperwork with regulators for a U.S. initial public offering.
  • MIAX Options, MIAX PEARL and MIAX Emerald are fully electronic options trading exchanges and wholly-owned subsidiaries of Miami International Holdings, Inc. (MIH) that comprise the MIAX Exchange Group.  
  • On February 21, 2019 MIAX Options launched options on the SPIKES™ Volatility Index. SPIKES™ is a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), the most actively-traded exchange traded fund in the world. SPIKES™ was developed by T3 Index (T3), a research-driven indexing firm that develops proprietary indexes as part of a partnership with MIH.
  • Founded in 2017
The Princeton, New Jersey-based exchange operator did not share any other details related to the terms of the offering and chose to keep its finances hidden from competition by confidentially filing initial paperwork with the U.S. Securities and Exchange Commission.

Miami International owns three options exchanges including the MIAX Pearl. It also runs the Bermuda Stock Exchange and the Minneapolis Grain Exchange, among others.

The company launched stock trading on the MIAX Pearl in September 2020, looking to grab market share from the likes of its listed peers such as Nasdaq Inc, Intercontinental Exchange Inc owned New York Stock Exchange, Cboe Global Markets and others.

Miami International launched options trading on the MIAX, its first exchange, in December 2012, using management expertise and relationships in the equity options space. It now lists and trades options on over 3,900 multi-listed classes, its website said.

The MIAX Exchange Group’s executive offices and National Operations Center are located in Princeton, NJ, with a Miami Operations Center, Annual Meeting and Conference Center, and offices for MIAX Technologies and MIAX Global, two other MIH subsidiaries, located in Miami, FL.

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