00:00Exchange operator MyAx has seen tremendous growth since it was founded over a decade ago.
00:05Total net revenue for the first quarter of 2026 grew 40% year over year.
00:10And for disclosure purposes, as part of a collaboration, Bloomberg and MyAx have launched futures and options.
00:18And Bloomberg has a dedicated television studio on the exchange floor.
00:22That's where we find Bloomberg's Nora Melinda with the MyAx CEO, Thomas Gallagher.
00:26Nora.
00:28Yes, Matt. I'm here with Tom Gallagher at the MyAx trading floor.
00:32We do know we are here in celebration of the launch of Bloomberg 100 Equity Index Futures, a new product
00:38that the company has launched.
00:39Congratulations, Tom. Tell me why now and who do you see as your target audience?
00:44Well, thanks very much, Nora. I'm glad you're down here seeing our new facility.
00:48Our target audience initially is going to be the retail space.
00:51We're so excited about taking our expertise and options and moving it with our new platform, MyAx Onyx Technology, to
00:59retail futures.
01:00And we're going to go after those brokerage firms, those retail firms that are very big on low cost trading,
01:06low cost of execution.
01:07So we're very excited about this partnership with Bloomberg, and we're really excited about the nature of the index and
01:13the methodology of the index because of all the IPOs coming.
01:17Right. And you all just IPO'd back in August of 2025, doing quite well since then.
01:22But we're also seeing a lot of mega IPOs coming out right now.
01:26How do you see mega IPOs being a driver potentially for options volume more broadly?
01:31Great question. Great question.
01:33The more that these companies go public and with large distributions, there's going to be a need to put options
01:40to hedge on those products.
01:42We're in historic times with the likes of a SpaceX IPO, with the size and the market cap of something
01:48like this coming to the market.
01:50It's a perfect time to launch the B100 and then the B500 to take advantage of these newly freshly minted
01:58IPOs that could go into the Bloomberg index, unlike the competition.
02:02I also want to talk a little bit about the wealth migration.
02:05We've been seeing a lot of companies moving toward the south, wealth migrating from maybe New York City as we're
02:11seeing this tax environment, people coming toward the south.
02:14Funnily enough, MyAx is actually based and headquartered in Princeton, New Jersey.
02:18Why this trading floor here in Miami?
02:20Well, that's a great question as well.
02:22We came here because our customers, our market participants, our shareholders wanted us to come here.
02:27And the floor brokers love it down here.
02:30It's a great political environment.
02:31It's a very low tax state.
02:33Miami and Florida has no state income tax.
02:37And there's been a migration which started during the pandemic.
02:40And I look at us as pioneers.
02:43This is the first trading, second trading floor in 50 years in the history of our country.
02:48And the first in Miami and Florida.
02:50So I see this as an opportunity to really anchor Wall Street South.
02:54And do you see that growing, especially as people think about the tax environment in New York City, this migration
02:59to the south?
03:00Do you also see yourself building out more here?
03:02Yes.
03:02Yes.
03:03As people come here for favorable climate, favorable government policies, and also more financial firms coming here, I see us
03:13having no problem recruiting people to come down here and be part of our company and part of other brokerage
03:20firms that are relocating here.
03:21And today's product is just the first of a series of other launches you all have coming in the coming
03:26months.
03:27Anything to preview?
03:28Yes.
03:29So first we have the B100 Teenie, which launched last night and then today.
03:34And then we're launching the B500 Teenie, which is a small size contract to go after that retail engagement.
03:40Then we're going to launch another Bloomberg product, the B500, more for the institutional side.
03:45And then after that's done, we're going to start launching agricultural futures.
03:49We started with options.
03:50We migrated to cash equities.
03:51And now it's all about leveraging our technology to get into these financial futures products.
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