MIAX Futures FCM Dorman joins OCC as clearing member

Miami International Holdings (MIAX) on Thursday confirmed its full-service futures commission merchant (FCM), Dorman Trading, has become a clearing member of the Options Clearing Corporation (OCC).

“Through its OCC membership, the FCM is able to provide its clients with significant cost and operational efficiencies when trading our recently-launched Bloomberg equity index futures on MIAX Futures,” said MIAX chairman and chief executive Thomas Gallagher, in a release. “Attaining this membership marks a major milestone, directly supporting our ongoing strategy of reducing operational burdens for clients seeking to trade financial futures on MIAX Futures.”

Gallagher added: “The $40 million (£30 million) in additional net capital for the FCM positions it to accelerate its growth strategy and improve its ability to support an expanded set of clients.”

The exchange operator said the membership will allow Dorman to provide clients with cost and operational efficiencies when trading Bloomberg equity index futures on MIAX Futures.

The development follows MIAX's acquisition of Dorman Trading in 2022, which was intended to support the exchange operator's expansion into futures. MIAX chief executive Thomas Gallagher told FOW in August that securing OCC clearing membership for Dorman was a key part of its strategy to attract retail brokers to its Bloomberg equity index futures market.

MIAX adds $40m capital

MIAX has also injected an additional $40 million into Dorman, taking the FCM's adjusted net capital to approximately $68 million as of August 31.

MIAX Futures began trading its Bloomberg equity index futures on May 17, including Tini B100 Index Futures, Tini B500 Index Futures and B500 Index Futures.

The clearing expansion comes as MIAX's multi-list options average daily volume increased 21.1% year on year to 11.5 million contracts in August, taking its share of the US equity options market to 18.4%, while MIAX Futures recorded average daily volume of 1,557 contracts across its recently launched financial futures products.