Miami International Holdings, Inc. (MIH) announced the completion of the acquisition of Chicago-based Dorman Trading, a Commodity Futures and Trading Commission-regulated full-service Futures Commission Merchant (FCM).
The acquisition has expanded the portfolio of the holding company, which already owns the Miami International Securities Exchange (MIAX), MIAX Pearl, MIAX Emerald, Minneapolis Grain Exchange (MGEX) and The Bermuda Stock Exchange (BSX).
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), is registered with the US CFTC and offers a range of products, including Hard Red Spring Wheat Futures.
On the other hand, three other platforms, MIAX, MIAX Pearl and MIAX Emerald, are national securities exchanges registered with the Securities and Exchange Commission (SEC ), offering options. Further, BSX, with headquarters in Bermuda, is an electronic international securities market.
Expanding Offerings
“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,” said MIH’s Chairman and CEO, Thomas Gallagher.
“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.”
Indeed, Dorman offers execution and clearing services to introduce brokers, retail customers, institutional clients and professional traders as a regulated FCM. Its business pivoted from being a floor-clearing business to clearing electronic trading as the industry evolved in the past two decades.
Daniel Dorman, the Senior Vice President and COO of Dorman Trading, said: “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.”
