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Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported April 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™.
April 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached a record 191.1 million contracts in April 2025, a 33.8% increase year-over-year (YoY) and bringing total year-to-date (YTD) volume to a record 706.0 million contracts. April 2025 market share reached 16.4%, a 6.3% increase YoY. The MIAX Exchange Group set a new daily volume record of 13.5 million contracts on April 4, 2025.
- MIAX Sapphire reached a record monthly volume of 36.8 million contracts, with April 2025 market share reaching a record 3.2%. MIAX Sapphire launched trading on August 12, 2024 and now has over 3,800 classes available for trading. MIAX Sapphire set a new daily volume record of 3.0 million contracts on April 9, 2025 and a new daily market share record of 4.0% on April 14, 2025.
- MIAX Options reached a record monthly volume of 81.5 million contracts, a 42.0% increase YoY. April 2025 market share reached 7.0%, a 12.8% increase YoY. MIAX Options YTD volume and market share reached record levels at 301.0 million contracts and 6.9%, respectively. MIAX Options set a new daily volume record of 5.9 million contracts on April 4, 2025.
- MIAX Pearl Options reached a monthly volume of 30.8 million contracts, a 38.3% decrease YoY. April 2025 market share reached 2.7%, a 50.9% decrease YoY.
- MIAX Emerald reached a monthly volume of 42.0 million contracts, an 18.3% increase YoY. April 2025 market share reached 3.6%, a 6.0% decrease YoY. MIAX Emerald YTD volume and market share reached record levels at 176.3 million contracts and 4.0%, respectively.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.3 billion shares, a 14.9% decrease YoY and representing a market share of 1.1%, a 49.4% decrease YoY. MIAX Pearl Equities set a new daily volume record of 351.1 million contracts on April 9, 2025.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 375,074 contracts, a 10.3% increase YoY. MIAX Futures YTD volume and average daily volume (ADV) reached record levels at 1.5 million contracts and 17,966 contracts, respectively.
Additional MIAX Exchange Group and MIAX Futures trading volume and market share information are included in the tables below.
|
Multi-Listed Options Trading Volume for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options |
Apr-25 |
Apr-24 |
% Chg |
Mar-25 |
% Chg |
Apr-25 |
Apr-24 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
81 |
83 |
|||
|
U.S. Equity Options Industry |
1,162,132,224 |
923,580,569 |
25.8 % |
1,116,829,888 |
4.1 % |
4,378,365,285 |
3,565,541,087 |
22.8 % |
|
MIAX Exchange Group |
191,086,968 |
142,830,981 |
33.8 % |
173,627,993 |
10.1 % |
705,990,413 |
565,561,950 |
24.8 % |
|
MIAX Options |
81,482,929 |
57,387,191 |
42.0 % |
76,372,997 |
6.7 % |
301,011,287 |
227,664,575 |
32.2 % |
|
MIAX Pearl |
30,839,954 |
49,961,636 |
-38.3 % |
31,361,142 |
-1.7 % |
126,136,381 |
203,496,936 |
-38.0 % |
|
MIAX Emerald |
41,960,966 |
35,482,154 |
18.3 % |
42,508,956 |
-1.3 % |
176,270,134 |
134,400,439 |
31.2 % |
|
MIAX Sapphire |
36,803,119 |
- |
- |
23,384,898 |
57.4 % |
102,572,611 |
- |
- |
|
Multi-Listed Options ADV |
Apr-25 |
Apr-24 |
% Chg |
Mar-25 |
% Chg |
Apr-25 |
Apr-24 |
% Chg |
|
U.S. Equity Options Industry |
55,339,630 |
41,980,935 |
31.8 % |
53,182,376 |
4.1 % |
54,053,892 |
42,958,326 |
25.8 % |
|
MIAX Exchange Group |
9,099,379 |
6,492,317 |
40.2 % |
8,268,000 |
10.1 % |
8,715,931 |
6,813,999 |
27.9 % |
|
MIAX Options |
3,880,139 |
2,608,509 |
48.7 % |
3,636,809 |
6.7 % |
3,716,189 |
2,742,947 |
35.5 % |
|
MIAX Pearl |
1,468,569 |
2,270,983 |
-35.3 % |
1,493,388 |
-1.7 % |
1,557,239 |
2,451,770 |
-36.5 % |
|
MIAX Emerald |
1,998,141 |
1,612,825 |
23.9 % |
2,024,236 |
-1.3 % |
2,176,174 |
1,619,282 |
34.4 % |
|
MIAX Sapphire |
1,752,529 |
- |
- |
1,113,567 |
57.4 % |
1,266,329 |
- |
- |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
Apr-25 |
Apr-24 |
% Chg |
Mar-25 |
% Chg |
Apr-25 |
Apr-24 |
% Chg |
|
MIAX Exchange Group |
16.44 % |
15.46 % |
6.3 % |
15.55 % |
5.8 % |
16.12 % |
15.86 % |
1.7 % |
|
MIAX Options |
7.01 % |
6.21 % |
12.8 % |
6.84 % |
2.5 % |
6.87 % |
6.39 % |
7.7 % |
|
MIAX Pearl |
2.65 % |
5.41 % |
-50.9 % |
2.81 % |
-5.5 % |
2.88 % |
5.71 % |
-49.5 % |
|
MIAX Emerald |
3.61 % |
3.84 % |
-6.0 % |
3.81 % |
-5.1 % |
4.03 % |
3.77 % |
6.8 % |
|
MIAX Sapphire |
3.17 % |
- |
- |
2.09 % |
51.2 % |
2.34 % |
- |
- |
|
(1) MIAX Sapphire launched trading on August 12, 2024, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, 2024. |
|
Equities Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Equities Shares (millions) |
Apr-25 |
Apr-24 |
% Chg |
Mar-25 |
% Chg |
Apr-25 |
Apr-24 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
81 |
83 |
|||
|
U.S. Equities Industry |
405,683 |
241,143 |
68.2 % |
336,175 |
20.7 % |
1,347,371 |
958,929 |
40.5 % |
|
MIAX Pearl Volume |
4,326 |
5,083 |
-14.9 % |
3,427 |
26.2 % |
14,883 |
18,234 |
-18.4 % |
|
MIAX Pearl ADV |
206 |
231 |
-10.8 % |
163 |
26.2 % |
184 |
220 |
-16.4 % |
|
MIAX Pearl Market Share |
1.07 % |
2.11 % |
-49.4 % |
1.02 % |
4.6 % |
1.10 % |
1.90 % |
-41.9 % |
|
Futures and Options Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Futures & Options Contracts |
Apr-25 |
Apr-24 |
% Chg |
Mar-25 |
% Chg |
Apr-25 |
Apr-24 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
82 |
83 |
|||
|
MIAX Futures Volume |
375,074 |
339,956 |
10.3 % |
309,006 |
21.4 % |
1,473,190 |
1,061,210 |
38.8 % |
|
MIAX Futures ADV |
17,861 |
15,453 |
15.6 % |
14,715 |
21.4 % |
17,966 |
12,786 |
40.5 % |
|
MIAX Futures Open Interest |
80,546 |
57,003 |
41.3 % |
95,158 |
-15.4 % |
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