PRINCETON, NJ – April 18, 2024 – Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies, today announced the untimely passing of Mark G. Bagan, MIH Executive Vice President – US Futures Strategy, known and Chief Executive Officer of Minneapolis Grain Exchange (MGEX™).
Mr. Bagan began his career at MGEX in 1987 and held various positions until his appointment as President and Chief Executive Officer in July 2005. During his tenure, Mr. Bagan was instrumental in leading MGEX to record volumes for MGEX's flagship contract Hard Red Spring Wheat and in transitioning MGEX futures contracts to electronic-only trading. In 2020, Mr. Bagan oversaw MIH's acquisition of MGEX on behalf of MGEX and continued to lead MGEX after the transaction was completed until his death.
“We are deeply saddened by the unexpected passing of Mark,” said Thomas P. Gallagher, chairman and chief executive officer of MIH. “Mark has given us a solid foundation for our growth opportunities in the futures markets, and his dedication, wisdom and unwavering commitment to MGEX and the entire MIAX organization have been an inspiration to us all. Our thoughts and prayers are with his wife and family during this difficult time. We will miss him.”
About MIAX
MIAX's parent company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire, LLC (MIAX ). Sapphire™), MIAX Futures Holdco, LLC (MIAX Futures), Minneapolis Grain Exchange, LLC (MGEX™), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).
MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) and based on MIAX's in-house developed, proprietary technology. MIAX offers options trading on all three exchanges as well as cash stocks through MIAX Pearl Equities™. Designed to meet the high-performance offering needs of the US options trading industry, the MIAX trading platform features throughput, latency, reliability and wire order determinism. MIAX also serves as the exclusive exchange for cash-settled options on the SPIKES® Volatility Index (ticker: SPIKE), a measure of expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
MIAX Futures is a newly formed company that will focus on the business strategy and development of the company's futures business.
MGEX is an exchange registered with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC and offers DCM and DCO services across a range of asset classes.
LedgerX is a CFTC-regulated exchange and clearinghouse and is registered with the CFTC as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF).
BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and founded in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt securities, funds, hedge funds, derivative warrants and insurance-linked securities.
Dorman Trading is a full-service futures commissions dealer registered with the CFTC.
MIAX's executive offices and National Operations Center are located in Princeton, New Jersey, with additional U.S. offices in Chicago, Illinois and Miami, Florida. The MGEX offices are located in Minneapolis, MN. LedgerX's offices are located in Princeton, New Jersey. BSX's offices are located in Hamilton, Bermuda. Dorman Trading's offices are located in Chicago, IL.
To learn more about MIAX, visit www.miaxglobal.com.
To learn more about MGEX, visit www.miaxglobal.com/mgex.
To learn more about LedgerX, visit www.ledgerx.com.
To learn more about BSX, visit www.bsx.com.
To learn more about Dorman Trading, visit www.dormantrading.com.
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The press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company) and shall not constitute an offer, solicitation or sale in any state or the jurisdiction in which such offering takes place; Advertising or selling 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”, “anticipated”, “design”, “at some point” or “predicted”. You are cautioned that such statements are subject to a variety 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 risk that actual results may differ materially from those projected The forward-looking statements may differ.
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