MIAX has gained approval from the US Securities and Exchange (SEC) for its new US options electronic exchange and physical trading floor, MIAX Sapphire.
Set to launch on 12 August, the new electronic exchange will operate using a taker-maker pricing and price-time allocation model.
The physical trading floor is expected to go live in 2025 and will be the first national securities exchange to be established in Miami, Florida.
“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 Gallagher, chair and chief executive of MIH.
“The launch of our fourth US 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.”
First announced in October last year, the new trading venues will include a “next generation” trading floor, a separate office space for internal employees and market participants, and broadcast media space.
“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 US derivatives industry,” said Douglas 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.”