Miami International Holdings

Thomas P. Gallagher serves as Chairman and Chief Executive Officer. Gallagher was formerly an executive at the Philadelphia Stock Exchange before founding MIH. The firm operates as a privately held Delaware corporation and does not publicly disclose its full board composition or minority-investor roster.

MIH owns four US options exchanges — MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire — along with MIAX Pearl Equities, an electronic stock exchange. It also owns the Minneapolis Grain Exchange (MGEX) for agricultural futures and, since mid-2024, LedgerX, a CFTC-regulated digital asset futures and options exchange and clearinghouse.

MIAX uses a proprietary matching-engine platform it developed in-house, rather than licensing third-party exchange technology. That technology stack is deployed across multiple distinct venue registrations, each with slightly varying pricing schedules (maker-taker or taker-maker models) designed to attract different types of order flow. Since launching in 2012, MIAX has grown into the largest US options exchange by volume among newer entrants, capturing material market share from CBOE and Nasdaq-owned options markets.

The July 2024 acquisition of LedgerX from FTX's bankruptcy estate gave MIH a fully operational CFTC-regulated designated contract market, derivatives clearing organization, and swap execution facility. This added listed crypto futures and options and an integrated clearing capability to MIH's existing equity and commodity market infrastructure, giving it a regulatory footprint for digital-asset derivatives that differs from most US equity-exchange operators.

MIH is an exchange-operator and market-infrastructure holding company, not a family office or asset manager. It generates revenue from transaction fees, market-data sales, and connectivity charges across its regulated venues. It does not manage third-party capital or run a proprietary trading book.

Following the LedgerX integration, MIH has publicly stated an intention to pursue a US-regulated national securities exchange license for digital asset securities under MIAX's existing exchange-technology and regulatory framework. Specific timeline and SEC approval status have not been publicly confirmed.

MIH is headquartered in Princeton, New Jersey, and operates its primary matching-engine and data-center co-location facilities in the New York-New Jersey metropolitan area. The MGEX operations and some futures-related regulatory functions are historically tied to Minneapolis. MIAX's markets support trading participants connecting from financial centers including Chicago and New York.