MIAX completes $50 million acquisition of LedgerX from FTX
“The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry. We are pleased to complete this acquisition and welcome the LedgerX team to the MIH family as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally.”
Miami International Securities Exchange (MIAX) has completed its acquisition of LedgerX in connection with the bankruptcy proceedings of FTX Trading Ltd. and its affiliated debtors.
LedgerX is a Commodity Futures Trading Commission (CFTC) regulated exchange and clearinghouse and is registered as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF) with the CFTC.
MIAX is a subsidiary of Miami International Holdings, Inc, which is also the owner of MIAX Pearl, MIAX Emerald, MGEXTM, the Bermuda Stock Exchange (BSX), as well as the futures clearing and execution FCM, Dorman Trading LLC.
“Expanding our ability to offer new and innovative products to the swaps and futures industry”
Thomas P. Gallagher, Chairman and CEO of Miami International Holdings, Inc (MIH), said: “The acquisition of LedgerX represents an important part of our growth strategy, expanding our ability to offer new and innovative products to the swaps and futures industry. We are pleased to complete this acquisition and welcome the LedgerX team to the MIH family as we continue to execute on our strategy of operating regulated financial markets both in the U.S. and internationally.”
The deal between FTX and MIAX was reached in late April, with the latter agreeing to pay $50 million for the crypto derivatives platform LedgerX. “We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders”, said FTX CEO John Ray at the time.
The Miami International Securities Exchange (MIAX) is a US-based options exchange that offers trading in equities and exchange-traded funds (ETFs). MIAX was founded in 2012 and is headquartered in Princeton, New Jersey, with additional offices in Miami, Florida.
MIAX has grown rapidly since its launch and has become one of the leading options exchanges in the US. In addition to its options trading platform, the exchange also offers a range of market data and analytics services.
