MINNEAPOLIS and CHICAGO, June 22, 2022 /PRNewswire/ -- Minneapolis Grain Exchange (MGEX™), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), and Intelligent Medicine Exchange (IMX)™, developer of the first dedicated futures marketplace based on multiple aspects of the health care economy, today announced that they have entered into an agreement for MGEX to provide clearing services to IMX for certain cash-settled futures and options on futures contracts. The services will include managing exposures, clearing trades, and collecting and maintaining performance bonds and security deposits for participants.
"We are pleased to be providing clearing services to IMX as MGEX continues to execute on its strategy of providing clearing-as-a-service solutions in futures markets," said Mark G. Bagan, President and CEO of MGEX. "As a DCO with an unrestricted license that allows us to offer margin on cleared positions, we believe this agreement with IMX furthers our strategy to provide innovative products and services to the futures industry."
Earlier this month, IMX announced its plans to launch the first financial exchange focused on the health care economy. The exchange has submitted an application to become a DCM with the Commodity Futures Trading Commission (CFTC) and expects to list a number of contracts that will enable individual and institutional market participants the ability to manage risk and invest in multiple components of the health care ecosystem.
"MGEX is providing critical clearing services as we build out our portfolio of innovative products enabling institutional and individual market participants – and those whose businesses depend on health care – to manage risk and invest in various aspects of the health care ecosystem," said James Plante, IMX CEO and co-founder. "Health care is the number one economic problem facing the country, and we believe our forthcoming suite of health care futures will offer participants a powerful tool to more effectively manage risk and participate in this vital component of the economy."
Minneapolis Grain Exchange (MGEX™) is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a Notice Registered Securities Futures Product Exchange with the Securities and Exchange Commission (SEC). MGEX serves as the exclusive market for a variety of products including Hard Red Spring Wheat, SPIKES® Futures, BRIXX™ Commercial Real Estate Futures and TAX Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and cash market services in an array of asset classes. MGEX is a wholly owned subsidiary of Miami International Holdings, Inc. To learn more about MGEX visit www.mgex.com.
MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), and Bermuda Stock Exchange (BSX™).
MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the SEC that leverage MIAX's industry-leading technology and infrastructure to provide U.S. listed options trading to their member firms. MIAX serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY). In addition to options, MIAX Pearl facilitates the trading of cash equities through MIAX Pearl Equities™.
BSX is a fully electronic, vertically integrated international securities market regulated by the Bermuda Monetary Authority (BMA) specializing in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities. A full member of the World Federation of Exchanges and affiliate member of the International Organization of Securities Commissions, BSX is globally recognized, including by the SEC.
MIAX's executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL, Minneapolis, MN, and Hamilton, Bermuda.
To learn more about MIAX visit www.MIAXOptions.com.
To learn more about BSX visit www.bsx.com.
IMX Health, LLC, also known as Intelligent Medicine Exchange (IMX), a subsidiary of holding company IMX, LLC, is developing the first dedicated futures marketplace based on multiple aspects of the health care economy, which represents nearly 20% of the U.S. GDP. The company, based in Chicago, has filed for regulatory approval with the U.S. Commodity Futures Trading Commission (CFTC) to be a Designated Contract Market (DCM). For more information, visit www.imxhealth.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) or IMX, LLC (together with its subsidiaries, IMX), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company and IMX remain the property of their respective owners. Unless specifically identified as such, the Company's and IMX's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and either of the Company or IMX. Any references by the Company and IMX to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Andy Nybo, SVP, Chief Communications Officer
Ellen G. Resnick, Crystal Clear Communications
(773) 929-9292; (312) 399-9295 (mobile)