Miami International Holdings, a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies, announced the Securities and Exchange Commission has approved MIAX Sapphire LLC’s (MIAX Sapphire™) application for registration as a national securities exchange.

MIAX Sapphire will be MIAX’s fourth national securities exchange for U.S. multi-listed options and will operate both an electronic exchange and physical trading floor. The electronic exchange is expected to launch on August 12, 2024, with the opening of the physical trading floor to follow in 2025. The MIAX Sapphire trading floor will be the first national securities exchange to establish operations in Miami, Florida, and will include a next-generation trading floor, ancillary office space for MIAX employees and market participants, conference facilities and broadcast media space.

“The launch of MIAX Sapphire provides our members, liquidity providers and market makers with a new exchange designed to meet their evolving demands for improved access to options liquidity,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “The launch of our fourth U.S. options exchange also provides our market participants with access to 100% of the multi-listed options market, all supported by our proprietary technology designed to enhance liquidity and promote improved price discovery.”

MIAX Sapphire will utilize Taker-Maker pricing and a Price-Time allocation model while leveraging existing MIAX-based technology and infrastructure, enabling existing MIAX Exchange members access to the new exchange with minimal additional technology efforts.

“The SEC’s approval of MIAX Sapphire represents a significant milestone for MIH as we execute on our strategy of operating exchanges built using our proprietary trading technology designed to support the high performance demands of the U.S. derivatives industry,” said Douglas M. Schafer Jr., Executive Vice President and Chief Information Officer of MIH. “The launch of the MIAX Sapphire electronic exchange will be followed by the opening of our state-of-the art trading floor in Miami in 2025. Construction of the new MIAX facility is well underway and we are excited to showcase this new facility to the industry when it opens next year.”

For more information on MIAX Sapphire, including key milestone dates, member on-boarding and technology requirements, please visit miaxglobal.com/markets/us-options/sapphire-options or contact MIAX Trading Operations at TradingOperations@miaxglobal.com.

Source: MIAX