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Reuters
an hour ago
- Reuters
Exchange operator Miami International soars 38% in debut after $345 million IPO
NEW YORK, Aug 14 (Reuters) - Shares of Miami International Holdings (MIAX.N), opens new tab jumped 38% from their initial public offering price, valuing the exchange operator at about $2.5 billion on its debut in New York on Thursday. The stock market launch of MIAX, as the company is referred to, marks the first listing of a major U.S. financial exchange in 15 years, as only a handful of exchange operators have gone public since the 2000s. Shares of MIAX, which has been attempting to go public since 2022 when it first filed confidentially for its flotation, opened for trading at $31.65 apiece, above the $23 IPO price. "We thought now is a good time (for us to go public) because of the macro-economic climate. I also thought in mid-August there wouldn't be as much going on in the capital markets with respect to IPOs, and we could get the attention," said Thomas Gallagher, chairman and CEO of MIAX, in an interview with Reuters. The Princeton, New Jersey-based company sold 15 million shares above the marketed range of $19 to $21 apiece to raise $345 million on Wednesday, making it one of the biggest share sales of a U.S. bourse operator. CME Group (CME.O), opens new tab was the first U.S. exchange to go public in 2002, while Cboe Global (CBOE.Z), opens new tab listed in 2010. Exchanges have also thrived this year as heightened market volatility fueled record trading volumes and boosted profits. "It's a niche area, but it's one investors are comfortable with. MIAX is clearly riding some multi-year tailwinds in the options space," said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital. MIAX, which was co-founded by Gallagher, was launched in 2007 after a wave of consolidation amongst equity and options exchanges. MIAX operates nine securities and derivatives exchanges and the majority of its revenues are generated from options trading. The U.S. options market has witnessed explosive growth since the Covid-19 pandemic and the meme-stock frenzy of 2021. The company launched its first options exchange in 2012 and has gained market share from rivals over the past decade. In the first half of 2025, it had a 16% market share in the U.S. options industry, behind only the NYSE, Nasdaq, and Cboe, according to the Options Clearing Corporation. While it currently does not have any products involving crypto futures, MIAX is open to opportunities to expand its offerings to potentially cash in on the demand for crypto. "If a crypto partner comes to me and says, we'd like to do a joint venture to bring a crypto offering, either to your futures exchange or some type of an option on some crypto index, we're open for business," Gallagher said. MIAX counts the likes of private equity firm Warburg Pincus and market-making giant Citadel Securities among its prominent investors. Citadel and other market-making firms like Susquehanna Securities, which are also MIAX's biggest customers, currently hold a roughly 20% stake in the company. MIAX's debut comes a day after a blowout launch for crypto exchange Bullish, whose shares surged 84% after it started trading on Wednesday. JPMorgan Chase, Morgan Stanley, and Piper Sandler were the lead underwriters for MIAX's offering.
Daily Mail
2 hours ago
- Daily Mail
Rodgers urges Celts to move away from bargain buys as boss admits potential doesn't come cheap
Brendan Rodgers believes Arne Engels is walking proof that Celtic have to invest substantial sums of money even to buy players with potential these days. The Parkhead club have been quiet to date in the summer transfer window with the manager making it clear in recent weeks that there are areas of the team which require strengthening. Despite the lack of investment, Celtic still cruised into the quarter-finals of the Premier Sports Cup with a 4-1 over Falkirk. Afterwards, though, Rodgers cited the example of the Belgian international — a record £11million signing from Augsburg last year — as a reason why they club can't always expect to make first-team players from bargain basement signings. 'His attitude is great,' he added after the comprehensive win. 'He tired a little bit so there was a little bit of looseness towards the last five, 10 minutes. But his quality from his set piece and his general work rate and intensity was great. So, no, he's a boy that gives everything. 'And there's a lot on his shoulders as an expensive player. But we bought potential. The club has bought potential many times. And a lot of them aren't here. 'This is a guy who has potential, but it costs a little bit more. 'He's nowhere near the finished article. We've just had to pay more for potential. You can buy potential at a million quid and two million quid. 'And a lot of the time, it doesn't work. Sometimes it does. I will tell you a lot of time it doesn't. 'But him, we've had to pay a little bit more to get the athleticism, to get the physicality that this team needed. And now I've got great options in there. Guys that are physical, but guys that are technical. So, I don't complain.' Although the deadline for signings players for next week's Champions League play-off against Kairat Almaty has passed, the Northern Irishman remains hopeful that he might yet be able to add two wildcards ahead of Wednesday's first leg at Parkhead. 'Hopefully, it would be great,' he said. 'We've obviously named a squad, but right up until just before the game, we can do that. So that would be really good if we can.' Rodgers was delighted with the way his side dismantled the Premiership newcomers with goals from Daizen Maeda, Alistair Johnston, Dane Murray and a Liam Henderson own goal doing the damage before Kennan Adams scored a spectacular consolation. 'I thought the performance was very, very good from the first whistle,' he said. 'You've seen the hunger in the team and the intensity in the team. The first half we were good with the ball, but not so good without it. 'It gave Falkirk a couple of wee opportunities to break through. We weren't aggressive enough and tight enough. When we correct that at half-time, we really dominated the second half. 'So, yeah, very, very pleased. The goals were excellent and I thought we played really, really well.' Rodgers was delighted for defender Murray who netted his fist Celtic goal on the day he signed a new contact until 2028. 'There's areas of the game that he needs to, obviously, work on,' said the manager. 'But he's six foot four. He's quick. He can take the ball. 'He has a comfort with the ball, which aligns with top players. And he just, again, has to work ion concentration as it's something that's key for defenders. But I really, really like him. 'And that's hence the reason we've tied him down. And I think he's got a great future.'
Reuters
3 hours ago
- Reuters
Foreign holdings of US Treasuries climb to record $9.13 trillion in June
NEW YORK, Aug 15 (Reuters) - Foreign holdings of U.S. Treasuries rose to record levels in June, topping $9 trillion for a fourth straight month, data from the Treasury Department showed on Friday. Holdings of U.S. Treasuries climbed to $9.13 trillion in June, up from $9.05 trillion in May. Compared with a year earlier, Treasuries owned by foreigners were up nearly $1 trillion, or 10% higher. However, on a transaction basis, the U.S. experienced outflows of $5 billion after buying roughly $147 billion in Treasuries in May, the largest since August 2022. In April, there was an outflow of $40.8 billion as President Donald Trump's back-and-forth tariff policies roiled markets. Japan remained the largest non-U.S. holder of Treasuries, with a record $1.147 trillion in June, up $12.6 billion from the previous month's $1.134 trillion. UK investors, the second-largest owner of U.S. government debt, raised their pool of Treasuries to another record of$858.1 billion, up 0.6% from $809.4 billion in May. The UK overtook China as the second-largest non-U.S. holder of Treasuries in March. The UK is widely viewed as a custody country, generally a proxy for hedge fund investments. Other countries used by hedge funds for custody services include the Cayman Islands and the Bahamas. Treasury holdings of China, the third-largest owner of U.S. government debt, were little changed at$756.4 billion, compared with $756.3 billion in May, which was the lowest since February 2009 when the country's stock of Treasuries dropped to$744.2 billion. China's holdings were way below their largest level of more than $1.3 trillion held between 2012 and 2016. China, the world's second-largest economy, has been gradually dumping Treasuries to bolster its currency, the yuan. Analysts said a slowing Chinese economy, post-COVID challenges, and trade barriers have diminished China's inflows from exports. Data also showed that other foreign investors in Asia like Hong Kong and India reduced their cache of Treasuries to $242.6 billion and $227.4 billion, respectively. Foreign investors, meanwhile, also poured back into U.S. equities, injecting inflows of $163.1 billion in June that followed $115.8 billion in purchases in May. Data also showed that the net capital inflow into the United States totaled just $77.8 billion, down 75% from the revised$318.1 billion in May, which was the largest since September 2024.
