The company that gave Wall Street a fear gauge now sells the pipes, prices and products behind an increasingly global, nearly round-the-clock market. Its advantage is less a single exchange than a feedback loop: invent the contract, gather the liquidity, distribute the data, then teach the next wave of traders how to use it.
MIAX started as a bet that exchange technology could be faster, more reliable and more attentive to customers. It has since assembled eight marketplaces across options, equities, futures and international listings - and turned the machinery behind a trade into the product.