MINNEAPOLIS, MINNESOTA, US — With risk management competition set to ramp up this year, Miax Futures has partnered with ION to support the transfer of its flagship product, Minneapolis Hard Red Spring Wheat Futures, to a new platform in the second quarter.

Miax Futures (formerly the Minneapolis Grain Exchange, or MGEX) will migrate its spring wheat futures trading to a new matching engine called Miax Futures Onyx from the CME Global platform. CME early this year announced a plan to launch physically-delivered hard red spring wheat futures and options, giving market participants access to buy and sell futures across all major wheat classes in one clearing house.

Miax said Onyx is built on proprietary technology and will power multiple platforms to provide for trading agricultural and financial futures and options on futures, in diverse locations. Miax said “seamless, day-one connectivity” on the new platform will be supported by ION, a London-based information technology company that consults with banks, governments and corporations via trading and workflow automation software, analytics and insights, Miax said.

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“Miax Futures is committed to providing our clients with efficient and reliable access to our markets,” said Troy Kane, president of Miax. “Through this collaboration with ION, we’re ensuring traders can seamlessly trade the flagship Minneapolis HRSW Futures when it migrates to Miax Futures in the second quarter of 2025 and also have access to new B500 products, which we anticipate launching later this year.”

B500 refers to Bloomberg 500 Index futures, a new product Miax said it will launch in the second half of 2025 pending Commodity Futures Trading Commission filings.

“Miax Futures’ collaboration with ION demonstrates our central role in delivering mission-critical solutions to the cleared derivatives industry,” said Francesco Margini, ION Markets’ chief product officer for cleared derivatives. “Miax Futures members will be able to leverage from launch date the extensive advanced trading capabilities of our global EOMS platform, including our flagship (algorithm) suite.”