Princeton, NJ and Minneapolis, MN - Nov. 24, 2020 – Miami International Holdings, Inc. (MIH), the parent holding company of the MIAX Exchange Group™, and the Minneapolis Grain Exchange, Inc. (MGEX), a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), today announced that in connection with MIH’s anticipated acquisition of MGEX, the Commodity Futures Trading Commission (CFTC) has approved the transfer of MGEX’s Contract Market Designation to Minneapolis Grain Exchange, LLC, an entity created for purposes of the transaction.
With CFTC approval, MIH’s acquisition of MGEX is now expected to close on December 4, 2020, subject to the satisfaction of customary closing conditions.
Upon closing, MGEX would become a wholly owned subsidiary of MIH.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH, commented, "We are thrilled by the CFTC’s approval and thank all of the CFTC Commissioners for their vote of confidence in the merger between MIH and MGEX.
"We are eager to close in the coming days and begin to pursue the numerous growth opportunities that we have planned for MGEX.”
Added Gallagher, “This transaction would not have been possible without the decision by the MGEX seat holders to first demutualize, and we are grateful for their support.”
MGEX President and Chief Executive Officer Mark G. Bagan said, “We are very pleased that the CFTC has approved the transfer of our Contract Market Designation.
"We would like to thank Chair Tarbert and all of the CFTC Commissioners and Commission Staff for their support throughout the entire approval process.”
Barbara J. Comly, Executive Vice President and General Counsel of MIH, added, “We are appreciative of the CFTC’s approval and the work of the Commissioners and staff. We look forward to working the CFTC following the closing.”
MGEX, established in 1881, is one of the oldest trading venues in America, with more than 400 seats, historically concentrated on trading in agricultural products.
The acquisition of MGEX significantly diversifies MIH’s product portfolio by providing MIH with a futures exchange and clearing facility.
For more information, please contact Jesse Marie Green at 612-321-7122.