Miami International Holdings (MIH) announced that the SEC has approved the application for MIAX Sapphire as a national securities exchange.
MIAX Sapphire will be MIAX’s fourth national stock exchange for listed options in multiple U.S. markets and will operate both an electronic exchange and a physical trading floor.
The electronic exchange is expected to launch on August 12, 2024, and the physical trading floor is set to open in 2025, according to the firm’s statement.
The MIAX Sapphire trading floor will be the first national stock exchange to establish operations in Miami, Florida, and will include a state-of-the-art trading floor, additional office space for MIAX employees and market participants, conference facilities, and 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 better access to options liquidity,” said Thomas P. Gallagher, Chairman and CEO of MIH.
This system “also offers our market participants access to 100% of the listed options market in multiple markets, all supported by our proprietary technology designed to enhance liquidity and promote better price discovery,” he added.
MIAX Sapphire will utilize Taker-Maker pricing and a Price-Time allocation model while leveraging existing MIAX-based technology and infrastructure, allowing current MIAX Exchange members to access the new exchange with minimal additional technological effort, the firm explains.
