MIAX Pearl Equities: Difference between revisions
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MIAX makes its market data available via [[extranet]] providers such as [[Interactive Data Corporation|ICE Data Services]] and Pico, but also redistributors such as [[Refinitiv]] and Databento.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/databento-launches-the-industrys-first-us-equities-bundle-with-zero-license-fees-301960067.html|title=Databento Launches the Industry's First US Equities Bundle with Zero License Fees|publisher=PR Newswire}}</ref> |
MIAX makes its market data available via [[extranet]] providers such as [[Interactive Data Corporation|ICE Data Services]] and Pico, but also redistributors such as [[Refinitiv]] and Databento.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/databento-launches-the-industrys-first-us-equities-bundle-with-zero-license-fees-301960067.html|title=Databento Launches the Industry's First US Equities Bundle with Zero License Fees|publisher=PR Newswire}}</ref> |
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Through its affiliate [[Bermuda Stock Exchange]], MIAX Pearl Equities publishes its market data to the Pyth Network, a decentralized |
Through its affiliate [[Bermuda Stock Exchange]], MIAX Pearl Equities publishes its market data to the Pyth Network, a decentralized service that provides real-time market data on the [[Solana (blockchain platform) |
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|Solana]] blockchain.<ref>{{Cite web|title=Crypto Market-Data Network Pyth Going Live on Solana Blockchain |
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|url=https://www.bloomberg.com/news/articles/2021-08-25/crypto-market-data-network-pyth-going-live-on-solana-blockchain|publisher=Bloomberg}}</ref><ref>{{cite web|url=https://www.royalgazette.com/international-business/business/article/20210922/bsx-publishes-market-data-to-pyth-network/|title=BSX publishes market data to Pyth Network|publisher=The Royal Gazette}}</ref><ref>{{cite web|url=https://bernews.com/2021/09/bsx-begins-publishing-miax-pearl-equities/|title=BSX Begins Publishing MIAX Pearl Equities}}</ref> |
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===Matching engine=== |
===Matching engine=== |
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Revision as of 13:45, 6 May 2024
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| MIAX | |
| Type | Stock exchange |
|---|---|
| Location | Princeton, New Jersey, United States |
| Founded | September 2020 |
| Owner | Miami International Holdings |
| Currency | United States dollar |
| Website | MIAX Pearl Equities |
MIAX Pearl Equities (MIAX), is an American stock exchange headquartered in Princeton, New Jersey. The exchange also has offices in Miami, Florida, where its parent company Miami International Holdings is based.
History
In March 2019, financial conglomerate and exchange operator Miami International Holdings (MIH), announced plans to launch a new US stock exchange, which would later become MIAX Pearl Equities.[1] Prior to this, MIH had already set up three equity options exchanges in the US.[citation needed] On August 18, 2020, the Securities Exchange Commission approved MIH's filing to register the stock exchange, paving the way for its launch.[2]
MIAX Pearl Equities was launched in September 2020, in the same month as the Long-Term Stock Exchange and Members Exchange. This brought the total number of US stock exchanges at the time to 16, with MIAX Pearl Equities being the latest entrant.[3]
Initially, the exchange raised $22 million by selling prepaid blocks of fees to a group of market makers that included Citadel Securities and UBS. The exchange also waived fees for market data and offered a rebate of 32 cents per 100 shares for market makers to display orders on the platform, a level which sits toward the higher end of what incumbent exchanges such as the New York Stock Exchange and Nasdaq offered,[4] in hopes of gaining market share and trading volume.[citation needed]
The exchange began trading on September 29, 2020, initially offering only a single low-volume symbol, Netgear (NTGR),[5] before gradually expanding to all US listed stocks.
By March 2024, MIAX Pearl Equities had reached a monthly volume of 4.5 billion shares, representing a market share of 1.87% of the US equity market.[6]
Operations
Clearing
As of April 2024, clearing members of the exchange include major banks such as Goldman Sachs and JP Morgan, and also equity market makers such as Jane Street Capital and Hudson River Trading.[7]
National Market System
The exchange is a participant of several National Market System plans, including the Consolidated Tape Association, Unlisted Trading Privileges, Consolidated Audit Trail (CTA), and Limit Up-Limit Down (LULD).[8]
Market data
MIAX makes its market data available via extranet providers such as ICE Data Services and Pico, but also redistributors such as Refinitiv and Databento.[9]
Through its affiliate Bermuda Stock Exchange, MIAX Pearl Equities publishes its market data to the Pyth Network, a decentralized service that provides real-time market data on the [[Solana (blockchain platform) |Solana]] blockchain.[10][11][12]
Matching engine
The exchange's trading system is situated in the Equinix NY4 data center in Secaucus, New Jersey.[13]
Products
See also
References
- ^ "As Stock Exchanges Multiply, Miami Wants In on the Game". Wall Street Journal.
- ^ "MIAX to launch 16th US stock exchange following SEC approval". S&P Global.
- ^ "Miax joins challengers to dominant US exchange operators". Financial Times.
- ^ "New exchanges bring ambition to reshape US equity market". Financial Times.
- ^ "MIAX PEARL Equities Expands Traded Symbols". Traders Magazine.
- ^ "Miami International Holdings Reports Trading Results for March 2024; MIAX Pearl Equities YTD Volumes and Market Share at Record Levels". PR Newswire.
- ^ "MIAX Pearl Equities Member Directory" (PDF).
- ^ "MIAX Pearl Equities National Market System Plans".
- ^ "Databento Launches the Industry's First US Equities Bundle with Zero License Fees". PR Newswire.
- ^ "Crypto Market-Data Network Pyth Going Live on Solana Blockchain". Bloomberg.
- ^ "BSX publishes market data to Pyth Network". The Royal Gazette.
- ^ "BSX Begins Publishing MIAX Pearl Equities".
- ^ "U.S. Equities Connectivity".