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While applying with the SEC, Gallagher poached talent from Nasdaq and CBOE to come work for his upstart venture. After five long years of work, Gallagher finally won approval for his exchange to launch. He called it the Miami International Securities Exchange - MIAX for short.pic.twitter.com/pJCkLtoDE7
To win market share MIAX tapped an age-old industry tactic - giving equity to top customers in exchange for volume. As customers began opting into the program, MIAX started winning business. As of 2020, they control 12% of the options market and growing:pic.twitter.com/8q0CBJyttJ
MIAX isn't stopping at options. Using cash from their early success, MIAX is casting a broad net of investments to expand influence: LedgerX - crypto MGEX - volatility MIAX Pearl - equities Diamond Standard - diamond exchange Bermuda Stock Exchange - Latin Americapic.twitter.com/gD0VrePy8k
MIAX's LedgerX investment came with some drama - MIAX allegedly tried to stage a hostile takeover as the cofounders were ousted:https://www.theblockcrypto.com/post/51055/board-member-alleges-ledgerx-chaos-as-company-announces-4m-in-new-financing …
Bottom line - don't overlook the upstart exchange from Miami. MIAX won a seat at the table & is now buying their way to global relevance. I'm doing a full profile of MIAX in tomorrow's newsletter - sign up below so you don't miss it:https://frontmonth.substack.com/
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