Bloomberg Audio Studios, podcasts, radio news, Miami International Holdings making its public market debut this hour. The training gives i'm my AX a market value around two and a half billion dollars. So let's bring in Thomas Gallagher, the company's chair and CEO, life from the New York Stock Exchange and for discisial purposes. Part of collaboration, Bloomberg and my AX intend to launch futures and options and we'll have a dedicated studio on the exchange floor later this year.
That's the Miami Exchange floor. Tom, congratulations, IPO price is twenty three dollars. You went public and open for trading at thirty one sixty five. Bouncing around now, but essentially you raise three hundred and forty five million dollars. Are you happy enough?
I'm very happy. I'm very happy. I'm happy to how the stock opened, I'm happy about the way the whole road show went, and I'm happy about the opportunity that being a publicly traded exchange gives us.
So I'm very excited to today.
Bonnie, Now, you did get a nice bomb. For any concerns that you might have left some money on the table.
No, no, concerns at all.
You know, we've raised a lot of capital prior to going public, and I want our shareholders to enjoy some upside in our stock. So I was very pleased with the pricing, and I think that we got fair value this morning. So I'm very excited and particularly excited about what having this capital on our balance sheet does for us.
Now you have Emerald Sapphire Perl so many different securities and derivative exchanges. Talk to us a little bit about how you plan to broaden your reach, because right now you really do have a nice portion of the derivatives, and it's the options trading if you like, But when it comes to equities and maybe other products, you could do more.
Yes, you know, I'm very proud of the fact that literally in less than a dozen years, we've become the fourteenth largest derivatives exchange operator in the world, and in December of twenty twelve, we didn't exist.
So what I plan to do is to leverage.
The technology, the people, and the relationships with market participants like Citadel and move into other asset classes like futures. And I'm so excited about the long term exclusive licensing agreement that we signed last summer with Bloomberg.
So we're going to launch the.
B five hundred futures on my ex Futures Exchange and also right on the heels of opening up our brand new trading platform on August excuse me, on July first. So we have a whole new acid class in futures and the anchor for this relationship is Bloomberg.
I'm so excited about that.
And then once we get done with the B five hundred futures and options, we're going to move to the B one hundred. So we're really excited about this long term partnership with Bloomberg, particularly the ability to not only have the securities relationship, but also that you folks will be down in Miami with us and have a broadcast facility.
Really exciting.
Hey, listen, I like the sound of that. You are planning on having a piss right, It's going to be the first pit that we've seen since essentially, you know, the last remaining pit cosed in New York a couple of years ago.
Yeah, you know, having a trading floor, we're coming full circle. Some of my team closed trading floors, but the reason we opened the trading floor in Miami is our member firms wanted us to do it. You know, in nineteen eighty eight, there was two phone companies that dominated the flip flows.
It was Motorola and it was Nokia.
Who would have thought twenty years later that the Apple iPhone would become so ubiquitous. So what we've done over the last eighteen months, I put people on the floors of various exchanges see the workflow, and we've automated things even on a manual trading floor that haven't been changed in thirty years. So I'm really excited. The other thing is Miami. Miami is a great place to conduct business.
What started as a pandemic relocation, you know, starting in March of twenty twenty, is now a full fledged exodus from some of the major cities to go into Miami. So to be the first national exchange in the history of our country to open up in Miami, I'm so excited, and to be in partnership with Bloomberg Trump.
Really eating volume has increased three hundred percent from before the pandemic. How much of this is retail, how much of it is like literally Jane Street.
Well, the the real focus of our business is with the people that interact with the retail flow. So in terms of the retail flow, it's very important to the options business. And one of the things that's really leading to this explosive growth is the low cost trading that's happening all around us with people like Robinhood, Wee Bull,
and Ninja, where the customers can trade for free. So what I'm really excited about is leveraging these relationships that we have in multi listed options and moving into futures products like the B five hundred with the Bloomberg team. So and then with that futures exchange that we have, I think we can get that wave of retail futures engagement with the best technology in the world that was only launched thirty days ago.
Tom the exchange area has quite a few players. Now you know Memes obviously, you know nicely where you you are in the NASAC and so on. You know, are some of the older ones. How do you compete? Do you compete on price? Is there a time when it will get saturated?
You know, in the beginning, I competed on price, I competed on access fees, trying to be a low operator because it was all about getting market share the rocket fuel for an exchange's market share.
Unless your exchange.
Group gets the five, six, seven, eight, nine, ten percent of market share, no one wants to connect to you. But once you get them here, My whole idea was get them into our exchange group, get them comfortable, have a great experience, and now I'm not competing.
I'm not competing on price.
I'm not competing because we have equity ownership by some of the largest market makers. When I'm competing on is technology. Everything changed for us on March thirteenth, twenty twenty, when the pandemic hit. President Trump goes out in the Oval Office, comes out on the lawn and say, this is a national pandemic.
Well, guess what.
The market's exploded on March sixteenth. Volatility was all over the place. Well, I built the church for Easter Sunday. We had the infrastructure in place where that volatility was going to hit. The difference between our customers interaction and some of our competing exchanges was game change. From that
day to today, we've grown dramatically. In fact, from the second half of twenty the first half of twenty sixteen to the first half of this year, we've grown over one thousand basis points of market share, and guess who the donors were? The Big three, Nasdaq, Cibo, and some from the New York Stock Exchange. Although I'm so proud to be listening today on the New York Stock Exchange, I have a lot of respect for Lynn Martin. She's been a graciss host today and that's how competition should be.
Should be fierce, but it can be friendly. And I'm very gratified to be here today.
Well, Tom, the Halls of Commerce, thank you so much for granting us your time and congratulations once again. That is Thomas Gallagher, Miami International Holdings Chairman and CEO,