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Laxman Pai, Opalesque Asia: Miami International Holdings (MIH), a provider of trading services, has bought Dorman Trading LLC, a futures commission merchant (FCM) registered with the Commodity Futures Trading Commission (CFTC).
MIH is the owner of Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEXTM), and The Bermuda Stock Exchange (BSXTM).
Dorman Trading is a Chicago-based FCM providing execution and clearing services for introducing brokers, retail customers, institutional clients, and professional traders. Over the past 20 years, Dorman Trading has gone from a floor-clearing business to a business focused on clearing electronic trading.
Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH said: "The acquisition of Dorman Trading is an important part of our strategy to continue growing the products and services we can offer in futures trade execution, listing, and clearing."
"Dorman Trading is proud of the service-oriented, customer-centric business model we have used to provide clearing services to our customers for the past 40 years," said Daniel P. Dorman, Senior Vice President and Chief Operating Officer of Dorman Trading. "We are excited to grow our capabilities and services as we embark on this next step in our history, combining Dorman Trading's experience as an FCM with MIH's resources and vision."
Piper Sandler & Co. acted as financial advisor to Miami International Holdings, Inc.
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