[2][3] According to then-Chairman and CEO Tom Gallagher, MIH hoped to complement its options offerings and later break into the listings business.
[6][7] Initially, the exchange raised $22 million by selling prepaid blocks of fees to a group of market makers that included Citadel Securities and UBS.
[9] The exchange began trading on September 29, 2020, initially offering only a single low-volume symbol, Netgear (NTGR),[10] before gradually expanding to all US listed stocks.
[12] The exchange also incentivizes a group of nine high-speed market makers, using a system of rebates or special fees, to provide liquidity on its platform.
[13] As of April 2024, clearing members of the exchange include major banks such as Goldman Sachs and JP Morgan, and also equity market makers such as Jane Street Capital and Hudson River Trading.