MIAX Exchange Group

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Miami International Securities Exchange, LLC (MIAX)
Miax options logo-resize-380x300.jpg
Founded 2012
Headquarters Princeton, NJ
Key People Thomas P. Gallagher, Chairman and CEO
Employees 75
Products Equity Derivatives Exchange
LinkedIn Profile
Website MIAX Options Home
Releases Company News

Miami International Securities Exchange, LLC (MIAX) is a U.S. equity derivatives market. It received regulatory approval on Dec. 3, 2012 and began operations on Dec. 7, 2012.[1] MIAX is owned by Miami International Holdings, Inc., based in Princeton, New Jersey and acts as its own self-regulatory organization.[2]


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.

MIAX operates three U.S. options exchanges, MIAX Options, MIAX Pearl, and MIAX Emerald, and is planning to launch a fourth, MIAX Sapphire, on August 12, 2024, pending SEC approval.[3] [4]

The MIAX family of exchanges posted volume of more than 232 million contracts in 2017, making it the 19th largest, according to the Future Industry Association's survey of the world's leading derivatives exchanges. By November 2018, MIAX's equity options market share was 9.25 percent.[5]

With the launch of MIAX Emerald in 2019, the MIAX Exchange Group now has access to approximately 80% of the overall U.S. options market volume.


In October 2013 MIAX agreed to sell a stake in itself to six of its largest members. The deal gave Bank of America Merrill Lynch, Morgan Stanley, Wolverine Trading, Interactive Brokers, Susquehanna International Group and KCG Americas the right to purchase up to 19.9 percent each of MIAX's parent company Miami International Holdings over a two-year period in exchange for payment of an initial purchase price or the prepayment of certain transaction fees and the achievement of a certain volume of liquidity on the Exchange.[6] That deal - the "2013 Equity Rights Program" - closed on Sept. 30, 2013 and ran through July 2015.

On February 2, 2015, the MIAX Options Exchange (MIAX) closed its second equity rights transaction, the 2015 Equity Rights Program. The members involved were Citadel Securities, KCG Americas, Morgan Stanley, Optiver US, Susquehanna Securities, Timber Hill, and Wolverine Trading. That program ran through June 2017.[7] The deal allowed those members to buy more stock in Miami International Holdings if they increased the amount of trading on the exchange.[8]

MIAX announced its third equity rights program in July 2017. The members involved were Barclays, Citadel Securities, IMC, Morgan Stanley, Optiver US, Susquehanna Securities, Timber Hill and Wolverine Trading.[9]

The fourth quarter of 2016 saw the release of complex order functionality on MIAX.[10]

MIAX Options launched its second options exchange, MIAX Pearl, on February 6, 2017, as the 15th US options exchange.[11] MIAX Pearl offers a maker-taker pricing model, whereas the original MIAX options exchange offers a pro-rata pricing model.[12] [13]

The exchange launched MIAX Emerald, the 16th U.S. options exchange (and MIAX's third) on March 1, 2019 with the rollout of options on its first symbol, IBM.[14] [15]

In 2018 MIAX partnered with T3 Index to launch options on the SPIKES Volatility Index, a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY). SPIKES is built using the variance swap methodology and uses live SPY option prices to calculate volatility.[16]

On February 19, 2019, MIAX Options launched options trading on the SPIKES Index. The contract features European exercise and is cash-settled. The product is notable as a competing contract to the Cboe Global Markets' VIX contract.[17] Citadel Securities is the specialist in SPIKES options.[18][19]

In September 2019 the company partnered with the Minneapolis Grain Exchange (MGEX) to list and clear futures on the SPIKES Volatility Index.[20]

In April 2023, FTX agreed to sell LedgerX, its crypto-derivatives platform, to MIAX for about $50 million. LedgerX was one of the few solvent pieces of Sam Bankman-Fried’s former empire. [21]

On October 17, 2023, MIAX announced plans to launch a new US options electronic exchange and physical trading floor, following its application to the US Securities and Exchange Commission (SEC) to become a national securities exchange. Once approved, the new options venue, called MIAX Sapphire, will begin electronic trading operations in the second quarter of 2024. It will then open a physical trading floor in Miami in the second half of the year, pending SEC approval. MIAX Sapphire will use taker-maker pricing and a price-time allocation model.[22]

6038.jpg MIAX staff during the SPIKES options launch.

BRIXX Index Products[edit]

On October 18, 2021 MIAX and Advanced Fundamentals launched BRIXX Retail Futures, offered by MGEX via the CME Globex platform. BRIXX Office Futures launched on November 8, 2021. BRIXX CRE Derivatives allow investors to enter into a long or short position to manage exposure with a lower upfront financial commitment than buying illiquid real estate or equities. The derivative prices are based on the real-time prices sourced from over $750 billion of institutional quality commercial real estate investment holdings.

BRIXX Commercial Real Estate Indexes were created by Advanced Fundamentals. The indexes track real-time changes in real estate valuations across four commercial real estate sectors: residential, retail, office and hospitality, using data that is updated through continuous real-time changes in equity share prices as well as 10Q, 10K, and interim period 8K filings.[23]

BRIXX covers four individual sectors and a composite made up of the four underlying sector returns:

BRIXX Residential Index (BRIXR) priced in $/unit/1000
BRIXX Retail Index (BRIXT) priced in $/square foot
BRIXX Office Index (BRIXO) priced in $/square foot
BRIXX Hospitality Index (BRIXH) priced in $key / 1000
BRIXX Composite Index (BRIXC) <be>

ESG at MIAX[edit]

Information about MIAX's corporate commitment to ESG can be found on its website here.

Contract Volume[edit]

Year Total Annual Volume* Percent Change
2017 191,153,873 (-)22.6%
2016 247,112,479 (-)2.2%
2015 252,605,427 87.8%
2014 134,535,972 241.2%
2013 39,430,903 --

John Lothian News Interviews with MIAX[edit]

The Options Industry Leader Series 2018 – MIAX’s Shelly Brown

In this video from the 36th annual Options Industry Conference (OIC) in Amelia Island, Fla., Shelly Brown, MIAX executive vice president, strategic planning and operations, talks about launching MIAX Emerald, its new SPIKES volatility index, and MIAX’s equity ambitions.


The Options Industry Leader Series 2017 - MIAX’s Brown on Number 15 and Complex Order Books

In February, MIAX added MIAX PEARL to the options exchange landscape, bringing the total number of exchanges to 15. In this video from the Options Industry Conference in Scottsdale, Ariz., Shelly Brown, executive vice president, strategic planning and operations at MIAX, talks about figuring out PEARL’s fee structure and the group’s focus on continued development of complex order book functionality.


Sun rises on Miami Options Exchange: Shelly Brown and Doug Schafer talk about the new Miami Options Exchange

The much anticipated MIAX Options Exchange launched December 7, 2013, making it the 11th options exchange in the United States. Jim Kharouf, editor-in-chief of John Lothian News, spoke with Shelly Brown, senior vice president, strategic planning and operations with MIAX Options, and Doug Schafer, executive vice president, chief information officer and director of the exchange at the Options Industry Conference in Las Vegas. They say MIAX’s 72-person team has two things that differentiate it from the pack - speed and a regulator approval-pending order function that’s designed to tighten quotes and reward market makers for tighter quoting. They also touched on its next two exchanges that will be based in Miami, with a Latin American view.

Click here to read the whole article: http://jlne.ws/1ztuzD1

Key People[edit]


  1. Press Release. PR Newswire.
  2. Miami Options Exchange Gets SEC Approval, Will Start Dec. 7. Bloomberg.
  3. MIAX Sapphire Postpones Launch. Traders Magazine.
  4. MIAX set to launch US options electronic exchange and physical trading floor. The Trade News.
  5. JLN Options: Hedge-Fund King You’ve Never Heard Of; HSCEI Vol Index launch; Kolanovic update. John Lothian News.
  6. MIAX Trades Ownership Stake for Order Flow in Deal with Six Big Members. Traders Magazine.
  7. MIAX Equity Rights Program. MIAX.
  8. MIAX Options Exchange Closes Equity Rights Deal With Seven Firms. The Wall Street Journal.
  9. MIAX Options Exchange Enters into 2017 Equity Rights Transaction. The Wall Street Journal.
  10. Miami International Holdings Files for Second Exchange License to Launch MIAX PEARL; Closes $30 Million Debt Financing. PR Newswire.
  11. OCC Welcomes MIAS PEARL Options Exchange. OCC.
  12. MIAX PEARL Successfully Launches Trading Operations. MIAX.
  13. Room For One: MIAX Due To Open 15th US Options Exchange. John Lothian News.
  14. MIAX Emerald Successfully Launches Trading Operations. MIAX via PR Newswire.
  15. Miami International Holdings to Launch New Options Exchange, MIAX Emerald, in 2019. MIAX.
  16. SPIKES Volatility Options. MIAX Options.
  17. 1 Volatility Trading to Launch on SPIKES Index. MIAX Options.
  18. SPIKES Options Launched on MIAX. MIAX.
  19. 1 Volatility Trading to Launch on SPIKES Index. MIAX Options.
  20. MIAX and MGEX Announce SPIKES® Futures Launch Date. Press Release.
  21. FTX Sells LedgerX to Miami Exchange Owner for $50 Million. Bloomberg.
  22. MIAX set to launch US options electronic exchange and physical trading floor. The Trade News.
  23. BRIXX Overview. MIAX Options.