Miami International Holdings Reports Trading Results for August 2025

Rhea-AI Summary

Miami International Holdings (NYSE:MIAX) reported strong trading results for August 2025, with several notable records across its exchange subsidiaries. The MIAX Exchange Group achieved a record average daily volume (ADV) of 9.5 million option contracts in August 2025, marking a significant 59.1% increase from August 2024.

Key achievements include a daily volume record of 14.2 million contracts on August 22, 2025, and a year-to-date market share record of 16.5% of multi-list volume. MIAX Futures demonstrated growth with a record YTD ADV of 15,728 contracts, representing an 18.7% increase from the same period in 2024.

Positive

• Record ADV of 9.5 million option contracts in August 2025, up 59.1% year-over-year
• YTD market share reached record 16.5% of multi-list volume
• Single-day volume record of 14.2 million contracts on August 22, 2025
• MIAX Futures YTD ADV increased 18.7% to 15,728 contracts
• Overall U.S. Equity Options Industry ADV grew 25.5% year-over-year

Negative

• MIAX Pearl equities ADV decreased 7.0% year-over-year to 169 million
• MIAX Pearl market share declined 34.9% year-over-year to 1.0%
• MIAX Futures ADV dropped 34.1% compared to August 2024

Insights

Financial Markets Analyst

MIAX shows remarkable growth with 59.1% increase in options ADV, though experiencing weakness in equities and futures segments.

Miami International Holdings (MIAX) has delivered exceptional growth in its core options business during August 2025, achieving a record average daily volume (ADV) of 9.5 million contracts, representing a 59.1% year-over-year increase. This outperformance is particularly noteworthy considering the broader market growth of 25.5% in U.S. equity options volume during the same period, demonstrating MIAX's ability to capture market share in a competitive landscape.

The company's market share in multi-list options reached 17.3% in August, a substantial improvement from 13.7% a year earlier, reflecting MIAX's strengthening competitive position. The group also set an impressive daily volume record of 14.2 million contracts on August 22, highlighting peak capacity and liquidity.

However, performance across MIAX's business segments shows considerable variation. While options trading thrives, the equities segment has weakened with MIAX Pearl's ADV declining 7.0% year-over-year to 169 million shares, against an industry-wide volume increase of 42.8%. This has resulted in market share erosion to just 1.0%, down from 1.6% a year ago.

Similarly, MIAX Futures experienced a significant 34.1% year-over-year decline in August ADV, though its year-to-date performance remains positive with 18.7% growth. The contrasting performance across business lines suggests MIAX is successfully executing its options strategy while facing challenges in diversifying its business effectively across other asset classes.

09/08/2025 - 09:15 AM

PRINCETON, N.J. and MIAMI, Sept. 8, 2025 /PRNewswire/ -- Miami International Holdings, Inc. (NYSE: MIAX) (MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported August 2025 trading results for its U.S. exchange subsidiaries — MIAX^®, MIAX Pearl^®, MIAX Emerald^® and MIAX Sapphire™ (collectively, the MIAX Exchange Group), and MIAX Futures™.

August 2025 and Year-to-Date Highlights

• MIAX Exchange Group set a record average daily volume (ADV) of 9.5 million option contracts in August 2025, a 59.1% increase from August 2024.
• MIAX Exchange Group set a daily volume record of 14.2 million contracts executed on August 22, 2025.
• MIAX Exchange Group set a year-to-date (YTD) ADV record of 8.8 million contracts through August 2025.
• MIAX Exchange Group set a record YTD market share of 16.5% of multi-list volume through August 2025.
• MIAX Futures reached a record YTD ADV of 15,728 contracts, an 18.7% increase from the same period in 2024.

Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below.

	Average Daily Trading Volume (ADV) (1)					Year-to-Date Comparison
	Aug-25	Aug-24	% Chg	Jul-25	% Chg	Aug-25	Aug-24	% Chg
U.S. Multi-list Options
Trading Days	21	22		22		165	168
U.S. Equity Options Industry ADV (000's)	54,909	43,745	25.5 %	51,516	6.6 %	53,059	43,199	22.8 %
MIAX Exchange Group Options ADV (000's)	9,525	5,987	59.1 %	8,607	10.7 %	8,775	6,434	36.4 %
MIAX Exchange Group Options Market Share	17.3 %	13.7 %	26.8 %	16.7 %	3.8 %	16.5 %	14.9 %	11.0 %
U.S. Equities
U.S. Equities Industry ADV (Millions)	16,379	11,470	42.8 %	17,648	-7.2 %	17,053	11,653	46.3 %
MIAX Pearl ADV (Millions)	169	182	-7.0 %	191	-11.6 %	184	201	-8.4 %
MIAX Pearl Market Share	1.0 %	1.6 %	-34.9 %	1.1 %	-4.8 %	1.1 %	1.7 %	-37.4 %
MIAX Futures Exchange
Trading Days	21	22		22		166	168
MIAX Futures ADV	11,190	16,984	-34.1 %	6,954	60.9 %	15,728	13,253	18.7 %

1)  Calculated as total volume for the period divided by total trading days for the period.

About MIAX
Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX operates nine exchanges across options, futures, equities and international markets including MIAX^® Options, MIAX Pearl^®, MIAX Emerald^®, MIAX Sapphire™, MIAX Pearl Equities™, MIAX Futures™, MIAXdx™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant.

MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX's in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. 

MIAX Futures and MIAXdx are Designated Contract Markets (DCM) and Derivatives Clearing Organizations (DCO) under the jurisdiction of the Commodity Futures Trading Commission, providing DCM and DCO services in an array of asset classes.

BSX is a fully electronic, vertically integrated international securities market that specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

TISE is a leading European stock exchange providing international capital markets participants with a high-quality product and service offering for the listing and trading of securities, including high yield bonds, UK Real Estate Investment Trusts, structured finance products and securitization transactions.  

To learn more about MIAX please visit www.miaxglobal.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Media Contact:
Andy Nybo, SVP, Chief Communications Officer
anybo@miaxglobal.com

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SOURCE MIAX

FAQ

What was MIAX's options trading volume in August 2025?

MIAX Exchange Group reported a record average daily volume (ADV) of 9.5 million option contracts in August 2025, representing a 59.1% increase from August 2024.

How much market share did MIAX Exchange Group capture in options trading?

MIAX Exchange Group achieved a 17.3% market share in August 2025, up from 13.7% in August 2024, and set a year-to-date market share record of 16.5%.

What was MIAX's performance in equities trading for August 2025?

MIAX Pearl reported an ADV of 169 million in equities trading, representing a 7.0% decrease year-over-year, with market share declining to 1.0%.

How did MIAX Futures perform in August 2025?

MIAX Futures recorded an ADV of 11,190 contracts in August 2025, down 34.1% from August 2024, but maintained strong year-to-date performance with ADV up 18.7% at 15,728 contracts.

What was MIAX's highest single-day trading volume in August 2025?

MIAX Exchange Group set a daily volume record of 14.2 million contracts executed on August 22, 2025.