Miami International Holdings, Inc. (MIH), the technology-driven operator of regulated financial markets, has partnered with DataBP, the market data commercialisation and licensing management solutions vendor, to enhance the management of its data licensing processes.
DataBP specialises in solutions that digitise and optimise market data management for exchanges and vendors, providing a unified platform for licensing, reporting, and billing functions. MIH, the parent company of the MIAX group of exchanges—MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire—offers an extensive range of data services, including real-time and historical data feeds with low-latency performance.
The collaboration will see MIH integrate DataBP’s advanced platform to modernise and streamline critical data licensing, vendor reporting, and billing management operations. The implementation aims to simplify complex workflows by automating vendor reporting and providing a user-friendly portal for both clients and vendors. This updated system is expected to improve efficiency in data usage reporting and offer a more seamless overall experience for stakeholders.
“This partnership marks an important milestone for us,” Mark Schaedel, CEO of DataBP tells TradingTech Insight. “Historically, we’ve worked with large, legacy exchanges, but this deal demonstrates our ability to support the needs of regional and next generation players. For us, it’s about expanding into a broader market, while for MIAX, it’s about getting started on their data journey efficiently, avoiding the common pitfall of relying on spreadsheets, which often leads organisations to realise too late that they’ve outgrown their systems.”
One of the standout features of working with challenger exchanges like MIAX is their strong focus on client experience, says Schaedel. “That’s evident in every conversation we’ve had with them, and that focus aligns perfectly with our mission—to transform the often complex and cumbersome market data business into a more efficient and user-friendly experience,” he says. “Having a partner like MIAX, who shares that commitment to enhancing the client experience, makes it much easier to achieve our goals. They’re a great team to work with—dynamic, innovative, and growing quickly. It’s an exciting opportunity for both of us.”
Schaedel sees a trend of regional exchanges, multi-asset exchanges and trading platforms starting to adopt a more strategic approach to data licensing, similar to what the larger equity exchanges have recently done. “The multi-asset platforms are focusing on creating a seamless experience across asset classes and data types, making it much easier for clients to acquire the data they need for their multi-asset strategies,” he says. “Many of these newer exchanges are recognising that their data offerings are becoming a key point of competition. As a result, the commercialisation of their data is increasingly central to their overall strategy. This is particularly important in the context of the growing influence of quantitative and passive investment strategies. By offering high-quality data feeds or products that support automated, data-driven decision-making, exchanges can attract and retain valuable flow. It’s going to be fascinating to see how this next stage of competition among multi-asset platforms unfolds. The ability to innovate in data offerings will likely play a significant role in shaping their success.”
The adoption of DataBP’s platform aligns with MIH’s commitment to delivering high-quality, tailored solutions for its clients across multiple asset classes, according to Doug Schaefer, Executive Vice President and Chief Information Officer of MIH, who commented: “Utilising DataBP’s software supports MIH’s commitment to providing top-tier service for our market data customers by providing our client-services team with a powerful data licensing and reporting platform. DataBP’s market data expertise is invaluable as we meet the needs of our growing client base while optimising our internal processes.”
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