Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported December 2025 and full-year trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX Futures™.
December 2025 and Full-Year 2025 Highlights
- MIAX Exchange Group reached a record average daily volume (ADV) of 11.1 million contracts in Q4 2025, a 46.5% increase year-over-year (YoY) and a 15.3% increase from Q3 2025.
- MIAX Exchange Group reached a record ADV of 9.5 million contracts in 2025, a 42.2% increase YoY.
- MIAX Exchange Group reached a quarterly market share record of 18.2% in Q4 2025, a 14.1% increase YoY and a 5.4% increase from Q3 2025.
- MIAX Exchange Group reached an annual market share record of 17.1% in 2025, a 13.1% increase YoY.
- MIAX Futures reached an annual ADV record of 12,989 contracts in 2025, a 2.7% increase YoY.
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 |
|||||||
|
Dec-25 |
Dec-24 |
% Chg |
Nov-25 |
% Chg |
Dec-25 |
Dec-24 |
% Chg |
|
|
U.S. Multi-list Options |
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|
Trading Days |
22 |
21 |
19 |
250 |
252 |
|||
|
U.S. Equity Options Industry ADV (000's) |
53,703 |
48,189 |
11.4 % |
62,132 |
-13.6 % |
55,798 |
44,360 |
25.8 % |
|
MIAX Exchange Group Options ADV (000's) |
9,201 |
7,885 |
16.7 % |
10,915 |
-15.7 % |
9,538 |
6,707 |
42.2 % |
|
MIAX Exchange Group Options Market Share |
17.1 % |
16.4 % |
4.7 % |
17.6 % |
-2.5 % |
17.1 % |
15.1 % |
13.1 % |
|
U.S. Equities |
||||||||
|
U.S. Equities Industry ADV (Millions) |
15,879 |
14,708 |
8.0 % |
18,794 |
-15.5 % |
17,550 |
12,159 |
44.3 % |
|
MIAX Pearl ADV (Millions) |
120 |
182 |
-34.3 % |
181 |
-33.9 % |
183 |
198 |
-7.4 % |
|
MIAX Pearl Market Share |
0.8 % |
1.2 % |
-39.1 % |
1.0 % |
-21.7 % |
1.0 % |
1.6 % |
-35.9 % |
|
MIAX Futures Exchange |
||||||||
|
Trading Days |
22 |
21 |
19 |
251 |
252 |
|||
|
MIAX Futures ADV |
4,843 |
9,405 |
-48.5 % |
13,153 |
-63.2 % |
12,989 |
12,654 |
2.7 % |
|
1) Calculated as total volume for the period divided by total trading days for the period. |
