MIAX Loses Board Member Murray Stahl
Event summary
- Murray Stahl, a Board Director for Miami International Holdings (MIAX) since July 2025, has passed away.
- Stahl also served as a director of MIAX Futures™ (since 2013) and the Bermuda Stock Exchange (BSX) Council (since 2014).
- He was the CEO, Chairman, and co-founder of Horizon Kinetics Holding Corporation and CEO of FRMO Corp.
- Stahl’s passing follows a 15-year working relationship with MIAX CEO Thomas Gallagher, who described him as a key supporter.
The big picture
The loss of Murray Stahl, a long-standing board member and CEO of Horizon Kinetics, represents a potential governance risk for MIAX. Stahl’s early support for MIAX suggests a belief in the company’s technology-driven approach to market building, and his departure could introduce uncertainty among investors. Horizon Kinetics' investment strategy often focuses on undervalued companies, and Stahl's insights were likely valuable to MIAX’s strategic decision-making.
What we're watching
- Governance Dynamics
- The timing and process of replacing Stahl will reveal insights into MIAX’s board succession planning and potential influence of major shareholders like Horizon Kinetics.
- Strategic Alignment
- Stahl’s departure may signal a shift in strategic direction or risk appetite, particularly given his long-standing support for the company and his role at Horizon Kinetics.
- Regulatory Scrutiny
- The board’s response to this leadership change, and any subsequent changes in governance practices, will be watched closely by regulators given the company’s position within regulated financial markets.
Related topics