Miami International Holdings Reports Trading Results for November 2025

Miami International Holdings (NYSE: MIAX) reported November 2025 trading results for MIAX exchange subsidiaries and MIAX Futures.

Rhea-AI Summary

Miami International Holdings (NYSE: MIAX) reported November 2025 trading results for MIAX exchange subsidiaries and MIAX Futures. Key year-to-date metrics include a record 17.1% market share for the MIAX Exchange Group through November 2025 (a +14.0% increase vs. 2024) and a record YTD ADV of 9.6 million contracts for the MIAX Exchange Group (+45.0% YoY). MIAX Futures posted a record YTD ADV of 13,772 contracts through November 2025 (+6.4% YoY). November monthly figures include MIAX Exchange Group options ADV of 10.915 million contracts (+33.9% YoY) and MIAX Pearl equities ADV of 181 million shares (-3.9% YoY). Detailed tables and rolling RPC data are available on the company's investor website.

Positive

• YTD market share reached 17.1% through Nov 2025 (+14.0% YoY)
• MIAX Exchange Group YTD ADV 9.6M contracts through Nov 2025 (+45.0% YoY)
• MIAX Futures YTD ADV 13,772 contracts through Nov 2025 (+6.4% YoY)
• Nov 2025 options ADV 10.915M contracts (+33.9% YoY)

Negative

• MIAX Pearl YTD market share 1.1% through Nov 2025 (-36.0% YoY)
• MIAX Pearl ADV 181M shares in Nov 2025 (-3.9% YoY)
• MIAX Futures Nov 2025 ADV 13,153 contracts (-23.2% YoY)

Argus Dec 5 session

-3.08% close to close Open Argus

Details

News Market Reaction – MIAX

On Dec 5, the day this news came out, MIAX closed 3.08% below the previous close.

Data tracked by StockTitan Argus for the Dec 5 session.

Key Figures

YTD options market share: 17.1% YTD options ADV: 9.6 million contracts YTD options ADV growth: 45.0% +5 more

YTD options market share

17.1%

MIAX Exchange Group YTD through November 2025

YTD options ADV

9.6 million contracts

MIAX Exchange Group YTD through November 2025

YTD options ADV growth

45.0%

Increase vs same YTD period in 2024

YTD market share growth

14.0%

Increase vs same YTD period in 2024

MIAX Futures YTD ADV

13,772 contracts

YTD through November 2025

MIAX Futures YTD ADV growth

6.4%

Increase vs same YTD period in 2024

MIAX options ADV

10,915 thousand

November 2025 vs 8,152 thousand in November 2024

MIAX options market share

17.6%

November 2025 vs 16.1% in November 2024

Historical Context

5 past events · Latest: Nov 20

5 events

1. Nov 20

   Risk system launch

   24h Move

   -4.1%

   Deployment of Vermiculus real-time risk management on MIAX Futures.

2. Nov 10

   Leadership changes

   24h Move

   +1.1%

   Expanded executive roles to support MIAX Futures growth and index products.

3. Nov 05

   Q3 2025 earnings

   24h Move

   +3.4%

   Strong revenue growth, higher options volumes, improved adjusted EBITDA.

4. Nov 05

   October trading stats

   24h Move

   +3.4%

   Record October options ADV and market share plus higher MIAX Futures YTD ADV.

5. Oct 21

   Earnings call notice

   24h Move

   -3.7%

   Announcement of Q3 2025 earnings release date and conference call details.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

average daily trading volume (ADV), contracts, revenue per contract, capture rates

4 terms

average daily trading volume (ADV) technical

"Average Daily Trading Volume (ADV) (1) | Year-to-Date Comparison"

Average daily trading volume (ADV) measures the typical number of shares of a security bought and sold each trading day over a set period, usually expressed as a daily average. For investors it signals how easy or hard it is to enter or exit a position—think of a busy market stall where items sell quickly versus a quiet stall where finding a buyer takes time; higher ADV generally means tighter price moves and lower trading costs, while low ADV can increase risk and price impact.

contracts technical

"YTD average daily volume (ADV) record of 9.6 million contracts through November 2025"

A contract is a written or verbal agreement that creates binding promises between parties about goods, services, payments or actions—think of it like a detailed agreement or rental lease that maps who must do what and when. For investors, contracts matter because they translate future business into expected revenue, costs or legal obligations, so new, lost or changed contracts can directly affect a company’s cash flow, risk profile and value.

revenue per contract financial

"rolling three-month average revenue per contract and capture rates are available"

Revenue per contract is the average amount of money a company earns from each customer agreement or service contract over a defined period. Investors use it like an “average ticket price” to judge whether a company is charging enough, keeping costs under control, and growing profit per deal; rising revenue per contract usually signals stronger pricing power or higher-value customers, while declines can warn of discounting or weaker demand.

capture rates financial

"rolling three-month average revenue per contract and capture rates are available"

Capture rates measure the proportion of a defined pool of opportunities that a company, product or program successfully secures or converts — for example, the share of potential customers won, prescriptions written out of eligible patients, or users who adopt a new service. Investors watch capture rates because they show how well a business turns potential demand into real revenue or market share; rising capture rates suggest stronger sales execution or product-market fit, while falling rates warn of competitive pressures or weakening appeal.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PRINCETON, N.J. AND MIAMI, Dec. 5, 2025 /PRNewswire/ -- Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported November 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™.

November 2025 and Year-to-Date Highlights

• MIAX Exchange Group set a year-to-date (YTD) market share record of 17.1% through November 2025, a 14.0% increase from the same period in 2024.
• MIAX Exchange Group reached a YTD average daily volume (ADV) record of 9.6 million contracts through November 2025, a 45.0% increase from the same period in 2024.
• MIAX Futures reached a record YTD ADV of 13,772 contracts through November 2025, a 6.4% 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. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates are available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports.

	Average Daily Trading Volume (ADV) (1)					Year-to-Date Comparison
	Nov-25	Nov-24	% Chg	Oct-25	% Chg	Nov-25	Nov-24	% Chg
U.S. Multi-list Options
Trading Days	19	20		23		228	231
U.S. Equity Options Industry ADV (000's)	62,132	50,547	22.9 %	67,193	-7.5 %	56,000	44,012	27.2 %
MIAX Exchange Group Options ADV (000's)	10,915	8,152	33.9 %	13,057	-16.4 %	9,570	6,600	45.0 %
MIAX Exchange Group Options Market Share	17.6 %	16.1 %	8.9 %	19.4 %	-9.6 %	17.1 %	15.0 %	14.0 %
U.S. Equities
U.S. Equities Industry ADV (Millions)	18,794	14,601	28.7 %	20,996	-10.5 %	17,712	11,927	48.5 %
MIAX Pearl ADV (Millions)	181	188	-3.9 %	218	-16.9 %	189	199	-5.0 %
MIAX Pearl Market Share	1.0 %	1.3 %	-25.3 %	1.0 %	-7.2 %	1.1 %	1.7 %	-36.0 %
MIAX Futures Exchange
Trading Days	19	20		23		229	231
MIAX Futures ADV	13,153	17,117	-23.2 %	7,286	80.5 %	13,772	12,949	6.4 %

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. 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.

Contact:

Investors
investor.relations@miaxglobal.com 

Media
media@miaxglobal.com 

 

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SOURCE MIAX

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was MIAX's year-to-date market share through November 2025 (MIAX)?

MIAX Exchange Group reported a 17.1% YTD market share through November 2025, a +14.0% increase versus 2024.

What was MIAX Exchange Group's YTD average daily volume through November 2025 (MIAX)?

MIAX Exchange Group reported a record YTD ADV of 9.6 million contracts through November 2025 (+45.0% YoY).

How did MIAX Futures perform YTD through November 2025 (MIAX)?

MIAX Futures reached a record YTD ADV of 13,772 contracts through November 2025 (+6.4% YoY).

What was MIAX Exchange Group's options ADV in November 2025 (MIAX)?

MIAX Exchange Group options ADV in November 2025 was 10.915 million contracts (+33.9% YoY).

Did MIAX Pearl equities ADV change in November 2025 (MIAX)?

Yes. MIAX Pearl ADV was 181 million shares in November 2025, a -3.9% decline year-over-year.

Where can investors find detailed MIAX trading volume and RPC data for 2025 (MIAX)?

Detailed trading volume, market share, and rolling three-month revenue-per-contract data are available on MIAX's investor website under volume and RPC reports.