Fintech PR
Miami International Holdings Announces that MGEX has Filed a Petition for Rehearing Following Court’s Decision to Vacate SEC’s Exemptive Order Related to SPIKES Volatility Index Futures
PRINCETON, N.J., Sept. 14, 2023 /PRNewswire/ — Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEXTM), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX), and Dorman Trading LLC today announced that MGEX has filed a petition for panel rehearing and rehearing en banc of the U.S. Court of Appeals for the District of Columbia’s July 28, 2023 decision to vacate the U.S. Security and Exchange Commission’s Exemptive Order related to SPIKES® Volatility Index Futures (the “Order”). The Order permits the listing of SPIKES Futures as a futures contract on MGEX, which serves as the exclusive market for this contract.
As a result of MGEX’s petition, the original date on which the Court’s vacatur was to go into effect – November 1, 2023 – no longer applies. If the petition is denied, then the new date for the vacatur is three months after the end of the month in which such denial is issued. If the petition is granted, then the Order would remain in effect until the Court hears the matter again and/or issues a new opinion. Accordingly, the earliest date on which SPIKES Futures will be required to cease trading on MGEX is January 1, 2024.
“We have worked closely with our market makers and liquidity providers to create a volatility trading ecosystem that offers members competitive alternatives to existing products,” said Thomas P. Gallagher, Chairman and CEO of MIH. “We have strong support from a broad range of market participants seeking greater choice when trading volatility and believe SPIKES Futures meets their needs for an innovative product that can help lower trading costs and enhance their volatility trading strategies. We and our customers are acutely aware that Cboe’s monopoly on volatility products allows it to charge much higher transaction fees for its proprietary products, thereby allowing Cboe to subsidize transaction fees for its multi-list option products.”
Mr. Gallagher added, “The January 2021 lawsuit by Cboe against the SEC’s issuance of the Exemptive Order created market uncertainty and has discouraged the competition expected by the SEC since the launch of SPIKES Futures. Despite the uncertainty, SPIKES Futures trading volume has grown faster in its first two and one-half years than VIX futures volume did in its comparable initial period and we are very proud of this growth.”
“Despite the Order establishing how the product worked and why a limited exemption for it was appropriate, the Court disregarded the SEC’s reasoning and instead became a tool to perpetuate a government sanctioned monopoly. Worse, in doing so, the Court has now created a potential for significant market disruption and investor harm,” said Tyler Gellasch, President and CEO of the Healthy Markets Association.
In discussing the Court’s decision, Mr. Gellasch went on to cite an excerpt from the SEC’s November 24, 2020 Exemptive Order that stated in part the following:
“The Commission believes that permitting the Product to trade as a futures contract, as opposed to as a security future, should foster competition as it could serve as an alternative to the only comparable incumbent volatility product in the market. Facilitating greater competition among these types of products should provide market participants with access to a wider range of financial instruments to trade on and hedge against volatility in the markets, particularly the S&P 500. In addition, the introduction of an additional volatility product in the market should lower transaction costs for market participants. Further, because SPY options are traded on 16 different national securities exchanges, the Commission would expect there to be a large number of market participants able to act as market makers in the Product. Moreover, the fact that SPY options are multi-listed should provide resiliency by reducing the likelihood that a disruption on one or more options exchanges could lead to a disruption in trading in the Product.”
Mr. Gellasch continued, “The team from MIAX and MGEX should be applauded for filing this Petition, but the ball is now also in the SEC’s court. Many investors – including those who aren’t actively trading SPIKES Futures – are depending upon the SEC to move quickly and carefully to consider a new Order to keep these markets functioning properly. The SEC has the information it needs to promote competition and protect investors, and now is the time for it to act.”
About MIAX
MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), 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) that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all three exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures and also serves as the exclusive market for SPIKES Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.
LedgerX is a CFTC regulated exchange and clearinghouse and is registered as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO) and Swap Execution Facility (SEF) with the CFTC.
BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.
Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.
MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Miami, FL. MGEX offices are located in Minneapolis, MN. LedgerX offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.
To learn more about MIAX visit www.miaxglobal.com.
To learn more about MGEX visit www.mgex.com.
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.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase 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 jurisdiction in which such offer; solicitation or sale 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,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude 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 risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Media Contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
[email protected]
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BEIJING, Oct. 22, 2024 /PRNewswire/ — Nium, the leading global infrastructure for real-time cross-border payments, is thrilled to announce its strategic partnership with Doha Bank, a premier financial institution in Qatar. This collaboration marks Nium’s inaugural partnership in Qatar, underscoring its commitment to revolutionizing the landscape of international payments.
Central to this collaboration is the commitment to offer fast, reliable, and cost-effective remittance services to residents of Qatar. By harnessing Nium’s expertise in facilitating seamless cross-border payments, coupled with Doha Bank’s localised insights and market expertise, this partnership aims to introduce real-time payment solutions that set a new standard for efficiency and affordability in the industry.
Through this partnership, customers of Doha Bank will gain access to cutting-edge real-time payment solutions, empowering them to seamlessly transfer funds across borders with speed and efficiency. Leveraging Nium’s advanced technology and Doha Bank’s esteemed reputation and extensive customer base, this initiative promises to redefine the way people in Qatar conduct cross-border transactions.
“Doha Bank is dedicated to delivering innovative financial solutions that cater to the evolving needs of our customers,” said Tarun Minglani, Group Head of Financial Institutions, Syndication & Secondary Markets business at Doha Bank. “We are confident that partnering with Nium, a global leader renowned for its comprehensive suite of services and proven track record with other financial institutions, will enable us to provide unparalleled value to our clients.”
“Enabling individuals to seamlessly transfer money across borders is pivotal in today’s interconnected world,” stated Anupam Pahuja, Executive Vice President and General Manager, for Asia Pacific, Middle East and Africa at Nium. “We are excited to join forces with Doha Bank to address the evolving needs of customers in Qatar, empowering them with the ability to conduct real-time transactions globally. This collaboration exemplifies our shared vision of driving financial inclusion and accessibility through technology.”
About Nium
Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
About Doha Bank
Doha Bank, inaugurated in 1979 and celebrating 45 years of excellence, provides domestic and international banking services for individuals, commercial, corporate, and institutional clients through four business groups – Wholesale Banking, Treasury & Investments, International Banking and Retail Banking. Doha Bank has established overseas branches in United Arab Emirates, Kuwait and India as well as representative offices in Japan, China, Singapore, South Africa, Turkey, United Kingdom, Bangladesh, and Nepal.
Doha Bank has been recognized for its digital innovation, ESG efforts, and CSR initiatives. It was awarded “Best Digital Wallet APP in Qatar“, “Most Innovative Banking Brand Qatar” and “Best ESG Integration”. The Bank believes that ESG is a strategic imperative and is committed to advancing it in the banking sector. It also received the “Market Leader Recognition in Corporate Social Responsibility” from Euromoney.
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View original content:https://www.prnewswire.co.uk/news-releases/doha-bank-and-nium-partner-to-introduce-real-time-cross-border-payments-in-qatar-302281483.html
Fintech PR
Trintech and PRYZM Announce Strategic Partnership to Transform and Automate Finance and Accounting Processes
PRYZM to refer and implement Trintech’s market-leading cloud-based finance and accounting solutions
LONDON, Oct. 22, 2024 /PRNewswire/ — Trintech, a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced a strategic partnership with PRYZM, a leading consultancy specializing in Finance Transformation and Enterprise Performance Management (EPM) solutions. The partnership enables PRYZM to offer and implement Trintech’s market-leading cloud-based finance and accounting solutions to businesses in EMEA and beyond. Companies looking to transform and automate their reconciliation and financial close processes by streamlining work, improving accuracy, and reducing risk, will benefit from the combination of services and solutions PRYZM and Trintech can provide.
“We are excited to formalize our partnership with PRYZM as we continue to expand Trintech’s partner ecosystem across the globe to better serve our new and existing customers,” said Scott Vipond, Managing Director, EMEA of Trintech. “Together, Trintech and PRYZM share a common goal in providing organizations with a holistic business vision and strategy to reduce costs, drive efficiencies and mitigate risk across their reconciliation and financial close processes.”
From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, and close management tasks, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including its Cadency® Platform (for large enterprises) and Adra® Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes.
“At PRYZM, we’re thrilled to partner with Trintech to support our clients’ journey in transforming finance processes,” said Dimitrios Christodoulopoulos, Founder & CEO of PRYZM. “With Trintech’s solutions, we can help companies simplify complex reconciliations, enhance visibility across accounts, and ensure accuracy in financial reporting. As businesses increasingly rely on advanced technology to streamline finance operations, our collaboration with Trintech enables us to provide organizations with precise, automated tools that deliver both control and efficiency across their accounting processes.”
To discover how this strategic partnership can help your organization streamline and accelerate reconciliation and financial close processes, visit www.pryzm.global or contact us for more information.
About PRYZM
PRYZM helps CFOs reimagine their Finance function by solving complex problems and accelerating their digital transformation journey. Through our services, we help organizations harness technology and innovation to shape their visions, execute their strategies and reinvent their businesses in order to achieve exceptional, sustainable value from their technology investments.
Contact:
Dimitrios Christodoulopoulos
Founder & CEO
[email protected]
About Trintech
Trintech gives people time back for what matters most. Our cloud–based platform and solutions enable thousands of clients worldwide to lead productivity transformation across their finance and accounting organizations — driving efficiencies, ensuring accuracy to mitigate risk, and empowering strategic decision-making. Make time count with Trintech.
As the leader in Financial Close Management, Trintech is headquartered in Plano, Texas with offices and strategic resellers across United States, Europe, Australia, South America, Africa, and Asia Pacific. With a strong partner ecosystem, Trintech collaborates with over 100 companies to create a network of interconnected businesses. To learn more about Trintech, visit www.trintech.com.
Media Contact:
Kelli Shoevlin
Director, Global Corporate Marketing & Communications
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/trintech-and-pryzm-announce-strategic-partnership-to-transform-and-automate-finance-and-accounting-processes-302282093.html
Fintech PR
Hyundai Motor Group Executive Chair Euisun Chung Meets with Indian PM Narendra Modi, Discusses EV Ecosystem, Innovation and Investment Plans
- Hyundai Motor Group Executive Chair Euisun Chung met with India’s Prime Minister to discuss cooperation and the development of the Indian mobility industry
- Operating in India since 1996, the Group aims to strengthen its role in the growing mobility market, expanding local production and offering a diverse product lineup
- Executive Chair Chung highlighted the Group’s significant impact on the Indian economy and its commitment to the ‘Make in India‘ initiative
- The Group is accelerating the creation of an electrification ecosystem in India, localizing production of key EV components and expanding the EV charging station network
DELHI, India and SEOUL, South Korea, Oct. 22, 2024 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung met with the Honorable Prime Minister of India, Shri. Narendra Modi. The two engaged in wide-ranging discussions on the future of mobility, with Executive Chair Chung underscoring the Group’s priority of working closely with India thanks to the country’s diverse market conditions and reformist approach.
Executive Chair Chung was in India to review the Group’s mid- to long-term strategy and attended the Hyundai Motor India Limited (HMIL) Stock Exchange Listing Ceremony on October 22, 2024.
Held at the Honorable Prime Minister’s office in Delhi, the meeting was also attended by Mr. Tarun Garg, COO – HMIL. They discussed the development of the Indian mobility industry and potential cooperation between India and Hyundai Motor Group.
Executive Chair Chung invited the Honorable Prime Minister to the opening of HMIL’s plant in Pune, Maharashtra. Investment in this factory will be game-changing for HMIL, supported by the Government of India and Government of Maharashtra.
HMIL will continue to play a key role in the “Make in India” initiative, and as India marches toward its ‘Viksit Bharat 2047’ vision – a strategy for the country’s development by the year 2047, coinciding with the 100th anniversary of India’s independence – Hyundai will stand as a trusted partner on this meaningful journey.
Since entering the Indian market in 1996, Hyundai Motor Group has become one of the top mobility companies in the country, offering innovative products and making significant social contributions.
Executive Chair Chung expressed his respect for India’s heritage and culture during the meeting. He said, “India’s rich history and culture continue to inspire people worldwide. As India and Korea deepen economic collaboration, we can learn much from each other’s cultures and strengthen the foundations of our cooperation.”
He also thanked the Indian government for its continuing support of Hyundai Motor Group, discussed the significance of Hyundai Motor India’s IPO, and outlined plans to build on the Group’s success so far by establishing Hyundai Motor as India’s most trusted mobility company.
“Hyundai Motor has successfully operated in India for over 26 years, becoming the second largest automobile manufacturer thanks to the Indian government’s interest and the Indian people’s support,” said Executive Chair Chung, adding, “Now is the right time to further establish Hyundai as a ‘Home Brand’ and the ‘Most Trusted Brand’ in India.”
Executive Chair Chung expressed his support for the adoption and growth of EVs in India, stating “We will continue our cooperation with the Indian government to establish an EV ecosystem through the release of EV models, construction of EV-charging networks, and localization of parts.”
View original content:https://www.prnewswire.co.uk/news-releases/hyundai-motor-group-executive-chair-euisun-chung-meets-with-indian-pm-narendra-modi-discusses-ev-ecosystem-innovation-and-investment-plans-302282741.html
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