A major U.S. options platform bets on Miami’s Wynwood neighborhood
In 2023, when Miami International Holdings (MIH) announced that it would debut a 38,400-square-foot facility that includes a trading floor in Miami’s edgy Wynwood neighborhood, investors and financiers took note, albeit with some skepticism. Now, that project is approaching completion.
Initially founded in 2007 (launching its first options exchange in 2012), MIH is currently the owner of Miami International Securities Exchange, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Futures, MIAXdX, and Dorman Trading. MIH also enjoys an international footprint as the owner of the Bermuda Stock Exchange (BSX), which it acquired in 2020. “BSX is our international focus,” says Andy Nybo, senior vice president and chief communications officer at MIAX. “MIAX operates a number of exchanges in the U.S. and we currently account for about 14.2 percent of multi-listed options volume on our four options exchanges, just behind the New York Stock Exchange, Cboe, and NASDAQ.”
Headquartered in Princeton, N.J., MIH employs more than 350 people and has offices in Minneapolis, Chicago, and Hamilton, Bermuda. MIH also operates a small satellite office in Miami’s Brickell district. “MIAX is a technology-driven leader in operating financial markets across various segments,” Nybo explains. “We have assembled a portfolio of exchange licenses across options, equities, and futures, and we’re using that framework and our expertise and technology to operate these financial markets.”
The new MIAX Sapphire trading floor will open in the 545Wyn building, which was developed by Chicago-based Sterling Bay. 545Wyn was designed by the famed San Francisco-based Gensler architectural firm, a decision that made a headline-grabbing statement of dominance. Gensler previously added The New York Times Building and the Shanghai Tower, along with many other global landmarks, to their respective cities’ skylines. Message received: MIAX would be playing in the big financial leagues. As Nybo says, “This will be the first national securities exchange to have operations in Miami.”
A trading floor has different requirements than other kinds of financial spaces, Nybo explains: “Trading floors are facilities requiring clear lines of sight that are conducive to voice trading and groups of people trading in a crowd. The challenge with many newer buildings is that they are center-core buildings with elevator shafts, utilities and structural supports in the middle of the building. If you’re trying to build a trading floor, it’s very hard to design it if you have a big part of the space dedicated to infrastructure in the center of the building.”
545Wyn may not have been conceived as a trading destination, but the neighborhood’s design-forward, human-sensitive sensibility proved fortuitous for MIAX. Nybo says the floor will boast “stellar views from all sides of the building” – a welcome change from the cavernous layouts of old-school trading floors.
The magic will happen on the ninth floor of 545Wyn. “We’re building a next-generation trading floor, as well as office facilities, conference facilities, a media booth for broadcast media, and a bell-ringing stage,” Nybo says. “This will be the newest trading floor in the U.S. multi-listed options market. About 8 percent of total volume in U.S. multi-listed options markets occur on trading floors, so the launch of our trading floor will allow us to compete for order flow in that 8 percent of the marketplace.”
The MIAX Sapphire trading floor is expected to open its doors in the second quarter of 2025.
