|National & World Ag News Headlines|
CFTC Approves Acquisition of MGEX by Miami International Holdings
USAgNet – 11/25/2020
Miami International Holdings, Inc., the parent holding company of the MIAX Exchange Group, and the Minneapolis Grain Exchange, Inc. announced that in connection with MIH’s anticipated acquisition of MGEX, the Commodity Futures Trading Commission has approved the transfer of MGEX’s Contract Market Designation to Minneapolis Grain Exchange, LLC, an entity created for purposes of the transaction.
With CFTC approval, MIH’s acquisition of MGEX is now expected to close on December 4, 2020, subject to the satisfaction of customary closing conditions. Upon closing, MGEX would become a wholly owned subsidiary of MIH.
MGEX, established in 1881, is one of the oldest trading venues in America, with more than 400 seats, historically concentrated on trading in agricultural products.
The acquisition of MGEX significantly diversifies MIH’s product portfolio by providing MIH with a futures exchange and clearing facility.