Miami International Holdings and Lukka Enter into Strategic Alliance to Jointly Develop and Launch Crypto Derivatives
PRINCETON, N.J. and NEW YORK, June 8, 2022 /PRNewswire/ — Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), and Bermuda Stock Exchange (BSX™), and Lukka Inc. (Lukka™) announced today that they have entered into a strategic alliance to jointly develop and launch a suite of proprietary crypto derivatives on MIH exchange platforms based on Lukka-supplied crypto data.
The agreement provides MIH with a multi-year global license to use Lukka data to support its exchange-listed crypto derivative product franchise, to be offered for trading on any MIH-owned or affiliated exchange platform. MIH and Lukka anticipate the first products to be launched will include cash-settled Bitcoin and Ether futures and options, to be listed on MGEX via the CME Globex® trading platform, subject to regulatory approval.
Subsequent products expected to be listed will include Bitcoin Volatility (BitVol) and Ether Volatility (EthVol) futures and options, subject to regulatory approval. BitVol and EthVol futures and options will leverage the same volatility calculation methodology as the SPIKES® Volatility Index (index symbol: SPIKE) products, powered by MIAX partner T3 Indexes, further rounding out the suite of MIAX proprietary volatility products.
“Our strategic alliance with Lukka allows us to leverage its institutional-grade crypto data to develop proprietary products in the U.S. and international regulatory frameworks that meet the emerging needs of the crypto-asset ecosystem,” said Thomas P. Gallagher, Chairman and CEO of MIH. “Lukka provides us with access to unique data and indexes that will further our objectives to introduce digital assets and products through our global group of exchanges, including futures on MGEX and innovative digital assets on BSX.”
“As rapidly evolving crypto markets continue to become a part of the global investment ecosystem, our partnership with MIH brings maturity to crypto innovation,” said Robert Materazzi, CEO of Lukka. “As soon as we began collaborating with the MIH team, we immediately realized that their deep experience with regulated markets combined with Lukka’s institutional quality data would benefit the entire investment community. This partnership is moving fast – we look forward to bringing a broad range of highly innovative investment products to market.”
“MIH is focused on bringing innovative products to the global investment community, and our best-in-class suite of crypto data and indexes are integral to our proprietary product initiatives that we plan to offer through our exchanges,” added Joseph W. Ferraro III, President of MIAX Futures. “Lukka has quickly established itself as one of the largest crypto and digital asset data reporting hubs, with institutions globally relying on Lukka’s valuation and benchmarking services to accurately reflect the prices of their digital assets. We believe that crypto derivatives based on Lukka’s data and indexes will resonate with these institutions for both hedging and speculative purposes.”
MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), and Bermuda Stock Exchange (BSX™).
MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that leverage MIAX’s industry-leading technology and infrastructure to provide U.S. listed options trading to their member firms. MIAX serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY). In addition to options, MIAX Pearl facilitates the trading of cash equities through MIAX Pearl Equities™.
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a Notice Registered Securities Futures Product Exchange with the SEC. MGEX serves as the exclusive market for a variety of products including Hard Red Spring Wheat, SPIKES Futures, BRIXX Commercial Real Estate Futures and TAX Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and cash market services in an array of asset classes.
BSX is a fully electronic, vertically integrated international securities market regulated by the Bermuda Monetary Authority (BMA) specializing in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities. A full member of the World Federation of Exchanges and affiliate member of the International Organization of Securities Commissions, BSX is globally recognized, including by the SEC.
MIAX’s executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL, Minneapolis, MN, and Hamilton, Bermuda.
To learn more about MIAX visit www.MIAXOptions.com.
To learn more about MGEX visit www.mgex.com.
To learn more about BSX visit www.bsx.com.
Founded in 2014, Lukka serves the most risk mature businesses in the world with institutional data and software solutions. Lukka bridges the gap between the complexities of blockchain data and traditional business needs. Its customers include both Traditional and Crypto Asset Exchanges and Trading desks, CPA & Accounting Firms, Fund and Financial Auditors, Fund Administrators, Miners, Protocols, individuals, and any other businesses interacting with crypto assets. All of Lukka’s products are created with institutional standards, such as AICPA SOC Controls, which focus on accuracy and completeness. Lukka is a global company headquartered in the United States.
For information about Lukka, visit https://lukka.tech/
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) or Lukka Inc. (Lukka), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company and Lukka remain the property of their respective owners. Unless specifically identified as such, the Company’s and Lukka’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and either of the Company or Lukka. Any references by the Company and Lukka to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Miami International Holdings, Inc.
Andy Nybo, SVP, Chief Communications Officer