Miami International Holdings, Inc. (MIH) today announced the renaming of Minneapolis Grain Exchange, LLC (MGEX), a wholly owned subsidiary of MIH, to MIAX Futures Exchange, LLC.
MIAX Futures provides MIH with a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) to list and trade futures and options on futures products. MGEX’s flagship Hard Red Spring Wheat (HRSW) futures and options will be rebranded as Minneapolis Hard Red Spring Wheat futures and options concurrent with the name change to MIAX Futures.
“MIH’s acquisition of MGEX in 2020 marked our entry into the futures industry and the exchange has served as an important foundation upon which to expand our futures initiatives,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. “MIAX Futures is positioned to be a key part of our strategy as we expand the range of products we offer to the industry, including the new equity index products we plan to list in collaboration with Bloomberg Index Services.”
“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,” said Troy Kane, President of MIAX Futures. “The new MIAX Futures Onyx matching engine, which we plan to roll out in 2025, will provide us with a powerful platform to offer innovative agricultural and financial futures products to the marketplace.”
MIAX Futures is a fully electronic, vertically integrated futures exchange and clearing house and is registered with the CFTC as a DCM and DCO. MGEX was established in 1881 and MIH acquired 100% ownership of MGEX on December 4, 2020.
