USA – The Minneapolis Grain Exchange, LLC (MGEX) has officially been renamed MIAX Futures Exchange, LLC (MIAX Futures).
This change, announced by its parent company, Miami International Holdings, Inc. (MIH), on October 3, 2024, broadens the exchange’s product offerings and enhances its operational capabilities.
The rebranding comes as MIH seeks to establish MIAX Futures as a fully electronic, vertically integrated futures exchange and clearing house.
Registered with the Commodity Futures Trading Commission (CFTC) as both a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), MIAX Futures will continue to list and trade futures and options on futures products.
MGEX’s flagship Hard Red Spring Wheat (HRSW) futures and options will now be known as Minneapolis Hard Red Spring Wheat futures and options.
Troy Kane, President of MIAX Futures, emphasized the importance of this transition, 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.”
He further highlighted that the introduction of the new MIAX Futures Onyx matching engine is set for 2025.
“This powerful platform will allow us to offer innovative agricultural and financial futures products to the marketplace,” Kane added.
MIH’s acquisition of MGEX in 2020 was pivotal for the company, marking its entry into the futures industry.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH, noted that this acquisition laid a strong foundation for expanding their futures initiatives.
“MIAX Futures is positioned to be a key part of our strategy as we expand the range of products we offer to the industry,” Gallagher remarked.
He also mentioned plans for new equity index products in collaboration with Bloomberg Index Services.
The rebranding aligns with MIH’s broader vision to enhance its market presence and technological capabilities.
The MIAX trading platform is designed to meet high-performance quoting demands, characterized by its throughput, latency, reliability, and wire-order determinism.
This technological edge is crucial as MIAX seeks to attract a diverse range of traders looking for efficient trading solutions.
Established in 1881, MGEX has long been a cornerstone of agricultural trading in the United States. The transition to MIAX Futures signifies not only a name change but also an evolution in futures trading.
The exchange aims to leverage advanced technology to improve trading efficiency and expand its market offerings.
As this transformation unfolds, stakeholders within the agricultural and financial sectors are closely watching how MIAX Futures will adapt and innovate in response to market demands.
The commitment to integrating cutting-edge technology with traditional trading practices positions MIAX Futures as a competitive player in an increasingly digital marketplace.
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