#USA #Miami #Futures Trading #Agricultural Futures #MIAX Onyx

Miami International Holdings Unveils MIAX Futures Onyx Trading Platform

In a significant move for the trading industry, Miami International Holdings, Inc. (MIH) has announced the successful launch of the MIAX Futures Onyx, a state-of-the-art trading platform designed specifically for agricultural and financial futures. This new proprietary technology marks a pivotal step in transforming trading experiences across various asset classes, notably benefiting the agricultural sector.

The platform was developed by MIH's talented technology team, utilizing proven systems that have already made significant impacts in their MIAX® exchanges. According to Thomas P. Gallagher, Chairman and CEO of MIH, the new platform is set to redefine the speed and reliability of futures trading technology. In his words, "We believe that the MIAX Futures Onyx technology platform sets a new standard for fast, reliable trading technology for the futures industry."

MIAX’s commitment to advancing the agricultural business is evident in its collaboration with long-standing market participants, particularly from the Minneapolis Hard Red Spring Wheat (HRSW) market. These relationships, nurtured over more than a century, have been fundamental to MIAX’s ethos and operational strategy. As Gallagher notes, this partnership is a testament to MIAX’s enduring support for the agricultural community.

Launched in alignment with MIH's broader strategy, the MIAX Futures Onyx is expected to greatly enhance the product range and clearing services available to its users. As stated in the announcement, key products will soon transition to the new platform, including the Bloomberg 500 Index Futures, which is scheduled to begin trading by the end of 2025, subject to approval from the Commodity Futures Trading Commission (CFTC).

The development of the MIAX Futures Onyx trading platform is a milestone, reflecting a shift toward modernizing the entire MIAX Futures trading and clearing infrastructure. The migration of Minneapolis HRSW Futures trading onto this new platform symbolizes not just a technological upgrade, but a complete modernization following MIAX Futures' acquisition in 2020. This transition allows the company to adapt to the evolving demands of the trading industry, ensuring they remain at the forefront of innovation.

Matthew J. Rotella, Executive Vice President and CTO of MIAX, highlighted the platform's robust architecture, designed to meet the high-performance order processing requirements that are characteristic of the U.S. futures trading market. Rotella emphasized the importance of industry feedback and the scalability of MIAX's technology in the platform's design, further enabling the exchange to enhance its service offerings for market participants.

The roots of MIAX Futures can be traced back to its flagship contract focused on Minneapolis HRSW, a high protein wheat essential for baking goods like bagels, breads, and cereals. Established in 1881, this contract has continuously served as a vital tool for hedging risk exposure within global wheat markets.

MIAX operates a complex network of exchanges including the Miami International Securities Exchange and various associated platforms. By employing a proprietary technology framework across these markets—including the newly launched MIAX Futures Onyx—MIH has fortified its position as a technological leader in regulated financial markets.

In addition to its primary trading functions, MIAX also serves as a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO) under the supervision of the CFTC, further underpinning its regulatory commitments and operational integrity.

About MIAX

MIAX’s parent company, Miami International Holdings, has established a wide range of financial markets and services under its umbrella, including MIAX Pearl, MIAX Emerald, and MIAX Sapphire. These exchanges are tailored to meet the specific needs of market users with various trading instruments, ensuring a comprehensive service that supports both individual investors and institutional participants.

As new opportunities arise in the futures trading landscape, MIAX Futures Onyx stands ready to leverage innovative trading capabilities and unparalleled support for market participants. To learn more about their mission and offerings, visit MIAX Global.