Unlocking the Future: MIAX Futures Exchange Emerges as a Powerhouse in the Derivatives Market

In a strategic move that signals a new era in the derivatives industry, Miami International Holdings, Inc. (MIH) has announced the renaming of its wholly owned subsidiary, Minneapolis Grain Exchange, LLC (MGEX), to MIAX Futures Exchange, LLC. This transition marks a significant milestone for MIH as it expands its footprint in the futures and options markets, positioning the exchange as a key player in the evolving financial landscape.

Redefining the Futures Landscape with Innovation and Expertise

Expanding Horizons: MIAX Futures' Designated Contract Market and Derivatives Clearing Organization

MIAX Futures Exchange, LLC, a subsidiary of MIH, has been granted the status of a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO) by the Commodity Futures Trading Commission (CFTC). This dual designation empowers MIAX Futures to list and trade a diverse range of futures and options on futures products, catering to the evolving needs of the industry.

The exchange's flagship offering, the Hard Red Spring Wheat (HRSW) futures and options, will be rebranded as the Minneapolis Hard Red Spring Wheat futures and options, reflecting the exchange's commitment to maintaining its legacy while embracing a new era of growth and innovation.

Thomas P. Gallagher, the Chairman and Chief Executive Officer of MIH, expressed his enthusiasm for the acquisition of MGEX in 2020, stating, "MIH's acquisition of MGEX marked our entry into the futures industry, and the exchange has served as an important foundation upon which to expand our futures initiatives." This strategic move has paved the way for MIAX Futures to become a key component of MIH's broader strategy, as the exchange aims to offer a wider range of products to the industry, including the highly anticipated equity index products developed in collaboration with Bloomberg Index Services.

Powering the Future: The MIAX Futures Onyx Matching Engine

MIAX Futures is set to unveil its cutting-edge MIAX Futures Onyx matching engine in 2025, a technological advancement that will provide the exchange with a powerful platform to offer innovative agricultural and financial futures products to the marketplace.

Troy Kane, the President of MIAX Futures, emphasized the significance of the name change, stating, "Although MGEX has a successful legacy in the futures industry, the new name reflects our strategy to broaden the range of futures and options products we list on the exchange." This strategic shift underscores MIAX Futures' commitment to expanding its product offerings and catering to the evolving needs of market participants.

The MIAX Futures Onyx matching engine, scheduled for rollout in 2025, will serve as the backbone of the exchange's technological infrastructure. This state-of-the-art system will enable MIAX Futures to offer a diverse range of futures and options products, including both agricultural and financial instruments, to the global marketplace.

A Vertically Integrated Powerhouse: MIAX Futures' Comprehensive Capabilities

MIAX Futures Exchange, LLC, is a fully electronic, vertically integrated futures exchange and clearing house, registered with the CFTC as both a DCM and a DCO. This comprehensive structure allows the exchange to provide a seamless and efficient trading experience for its clients, from order execution to clearing and settlement.

The exchange's origins can be traced back to 1881, when the Minneapolis Grain Exchange was established. MIH's acquisition of MGEX in 2020 marked a significant milestone, as the company solidified its presence in the futures industry and laid the foundation for the creation of MIAX Futures Exchange.

With its robust technological infrastructure, diverse product offerings, and deep industry expertise, MIAX Futures is poised to become a leading force in the global derivatives market. As the exchange continues to evolve and expand its capabilities, it is well-positioned to meet the growing demands of market participants and drive innovation in the futures and options landscape.