PRINCETON, N.J., Oct. 7, 2019 /PRNewswire/ -- Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX®, MIAX PEARL® and MIAX Emerald™ exchanges (collectively, the MIAX Exchange Group), today announced that its Chairman and CEO Thomas P. Gallagher has been elected to serve a two-year term on the Board of Directors of the Minneapolis Grain Exchange, Inc. (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO).
Said Mr. Gallagher, "I am honored to be elected to the Board of Directors of MGEX and thank those who voted in favor of my candidacy. MGEX is poised for growth as a regulated futures exchange, in part due to the partnership between MGEX and MIH to bring SPIKES derivatives products to market, and I look forward to working with the other Board members and management as we seek to expand MGEX's business."
"We are pleased to welcome Tom to our Board of Directors," said Mark Bagan, President and CEO of MGEX. "He and re-elected members Murray Stahl and Albert Cyrlin bring with them a wealth of knowledge and expertise in the exchange arena and will add tremendous value to our company and its growth strategy."
The MIAX Exchange Group and MGEX will serve as the exclusive exchanges for derivatives on the SPIKES® Volatility Index (SPIKES), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY), pursuant to a partnership agreement between MGEX and MIH. SPIKES Options are already available on the MIAX Options Exchange (Ticker: SPIKE), and SPIKES Futures are expected to be available on MGEX via the CME Globex® platform (Ticker: SPK) beginning November 18, 2019, subject to approval from the Commodity Futures Trading Commission.
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Miami International Holdings, Inc. (MIH) is the parent holding company of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX PEARL®) and MIAX Emerald, LLC (MIAX Emerald™ and together with MIAX and MIAX PEARL, the MIAX Exchange Group), three fully electronic options trading exchanges.
MIAX, MIAX PEARL and MIAX Emerald leverage the MIAX Exchange Group's industry-leading technology and infrastructure to provide their member firms with traditional pricing and pro rata allocation (MIAX), maker-taker pricing and price-time allocation (MIAX PEARL) market structures, and a hybrid market structure with maker-taker pricing and pro rata allocation (MIAX Emerald).
MIAX Options 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).
The MIAX Exchange Group's executive offices and National Operations Center are located in Princeton, NJ, with a Miami Operations Center and additional offices located in Miami, FL.
To learn more about MIH and the MIAX Exchange Group visit www.MIAXOptions.com.
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SOURCE Miami International Holdings, Inc.