MIAX acquires CFTC-registered FCM Dorman Trading
The acquisition of Dorman Trading will expand MIAX’s capabilities in futures trade execution, listing and clearing.
Miami International Holdings, Inc. has completed the acquisition of Dorman Trading, LLC, a full-service Futures Commission Merchant (FCM) registered with the Commodity Futures Trading Commission (CFTC).
The Chicago-based FCM provides execution and clearing services for introducing brokers, retail customers, institutional clients and professional traders.
Like many other FCMs with more than two decades, Dorman Trading has pivoted from primarily a floor clearing business to one focused on clearing electronic trading.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH, said: “The acquisition of Dorman Trading is an important part of our strategy to continue growing the products and services we can offer in futures trade execution, listing and clearing. We are thrilled to complete this acquisition and look forward to supporting Dorman Trading in expanding its capabilities and the services it offers to customers.”
Daniel P. Dorman, Senior Vice President and Chief Operating Officer of Dorman Trading, commented: “Dorman Trading is proud of the service-oriented, customer-centric business model we have used to provide clearing services to our customers for the past 40 years. We are excited to grow our capabilities and services as we embark on this next step in our history, combining Dorman Trading’s experience as an FCM with MIH’s resources and vision.”
The acquisition of Dorman Trading expands the roster of subsidiary firms owned by Miami International Holdings, which also include Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEXTM), and The Bermuda Stock Exchange (BSXTM).
MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC). MIAX offers trading of options on all three exchanges as well as cash equities through MIAX Pearl Equities.
MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES Volatility Index, a measure of the expected 30-day volatility in the SPDR S&P 500 ETF (SPY).
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC.
BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.