MIAX Pearl Equities

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MIAX Pearl Equities is a new exchange that went live on September 29, 2020 as the fifteenth U.S. equity exchange.[1] Its parent company is 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.[2] 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.[3]

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 whom 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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