Mark Wetjen, former commissioner of US Commodity Futures Trading Commission (CFTC), has joined Miami International Holdings, Inc. (MIH) to lead expansion of futures and digital securities products at the firm.
According to a press release published on January 27, Mark Wetjen has joined Miami International Holdings (MIH) as Executive Vice President, Futures and Innovative Products of MIH and Executive Regulatory Liaison Officer.
Further, he will serve as chief executive officer (CEO) of Miami International Futures Exchange, LLC, a wholly owned subsidiary of MIH.
Wetjen’s other important roles at the firm include is to head the “projects relating to the futures business as the MIAX Exchange Group expands from electronic trading of options into cash equities, futures and innovative products, including digital securities and crypto assets and derivatives.”
Miami International Holdings (MIH), founded in 2017, is the parent holding company of the MIAX Exchange Group, also called MIAX Options.
This exchange group consists of three fully electronic options trading exchanges that include Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX PEARL®) and MIAX Emerald, LLC.
According to the firm, MIAX, launched in 2012, provides member firms with traditional pricing and pro rata allocation model and is fully electronic options exchange for the trading of OCC issued standardized options on equities and ETFs.
MIAX PEARL, launched in 2017, is MIH’s second fully electronic options trading exchange and serves as a counterpart to MIAX by providing a price-time allocation and maker-taker pricing model.
MIAX Emerald provides a hybrid market structure with maker-taker pricing and pro rata allocation.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH, said:
“We are very pleased to welcome such an experienced industry veteran to our executive team. Mark is a proven leader and his extensive background will be invaluable to MIH as we seek to establish our presence in the U.S. futures market and expand our product offerings.”
In the press release, MIH also announced that it plans to open a Washington, D.C. office in Q1 2020.
Mark Wetjen served as a Commissioner and acting Chairman of the Commodity Futures Trading Commission (CFTC) from 2011 – 2015 under the presidency of Barack Obama.
He, on his new hiring, commented:
“MIAX has a demonstrated commitment to offering disruptive investment products and providing the marketplace with choice and innovation. I’m eager to join this team to help them continue to expand their offerings to better serve their clients and advance the industry.”