# Miami International Holdings

Miami International Holdings is an Asset Manager based in Princeton, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Princeton, United States
- **Region:** North America
- **Address:** Princeton, NJ, United States
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** miamiinternationalholdings.com
- **LinkedIn:** https://www.linkedin.com/company/miami-international-holdings

## Regulatory record

- **Reports private funds:** No

## About

Miami International Holdings is an investment firm. It has made one investment. The firm focuses on the Financial Services sector.

## Sectors

- Financial Services
- FinTech

## People

- Thomas P. Gallagher — Chairman and Chief Executive Officer

## Questions

### Who runs Miami International Holdings, and what is its governance structure?

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.

### What regulated exchanges does MIH own and operate?

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.

### How does MIAX compete against legacy exchanges like NYSE and CBOE?

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.

### What was the significance of acquiring LedgerX in 2024?

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.

### What is MIH's known posture on listing digital asset securities?

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.

### Where is MIH's trading infrastructure physically located, and where do its markets operate?

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.

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Last updated: 2026-06-03T20:00:00.000Z

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