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MIAX PEARL Equities is a new exchange planned for launch on September 25, 2020 by parent company Miami International Holdings. As MIH's first equity exchange, MIAX PEARL Equities aims to break into the market dominated by the NYSE, Nasdaq and Cboe Global Markets.[1] MIH already has three options exchanges, which account for about 15 percent of the US market.

The U.S. Securities and Exchange Commission approved MIAX PEARL's license for an equities exchange on August 18, 2020.[2]

UBS, Citadel Securities and Jump Trading are among its investors. Hudson River Trading, Simplex Trading and Susquehanna Securities have also participated in the fundraising. Miami International Holdings will incentivize those investors plus three others who it has not named, to help boost the exchange’s market share over a 42-month period. Most of the nine investors are high-speed market makers.


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  1. Miax joins challengers to dominant US exchange operators. The Financial Times.
  2. MIAX PEARL Receives Approval to Operate Equities Exchange; Launch Date Confirmed for September 25, 2020. MIAX Press Release.