Description
MIAX operates four U.S. options exchanges (MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire), each offering distinct allocation models and pricing protocols such as Pro-Rata and Price-Time priority to serve different trading strategies and client demands. In U.S. equities, MIAX Pearl Equities offers a fully automated electronic trading platform built on MIAX's core options technology, using a Price-Time allocation model and Maker-Taker fee structure. MIAX Futures provides a vertically integrated futures exchange and clearing platform (a Designated Contract Market and Derivatives Clearing Organization) powered by its proprietary MIAX Futures Onyx trading platform. Internationally, MIAX's group includes the Bermuda Stock Exchange (BSX), which supports trading of cryptocurrency and digital asset products, and The International Stock Exchange (TISE) in Guernsey, known as a leading professional bond market. MIAX also offers members proprietary market data and, in partnership with QUIKOptions, option analytics tools for traders of all levels. Its clients include institutional traders, market makers, broker-dealers, and public and private companies seeking listing and trading services.