Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported February 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™.
February 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 163.9 million contracts in February 2025, a 12.8% increase year-over-year (YoY) and bringing total YTD volume to a record 341.3 million contracts. February 2025 market share reached 15.8%, a 3.3% decrease YoY.
- MIAX Sapphire reached a record monthly volume of 21.8 million contracts, with February 2025 market share reaching a record 2.1%. MIAX Sapphire set a daily volume record of 1.6 million contracts on February 21 and a daily market share record of 2.4% on February 24. MIAX Sapphire launched trading on August 12, 2024 and now has over 3,800 classes available for trading.
- MIAX Options reached a monthly volume of 69.2 million contracts, an 18.6% increase YoY. February 2025 market share reached 6.7%, a 1.7% increase YoY. MIAX Options YTD volume and market share were at record levels, reaching 143.2 million contracts and 6.8%, respectively.
- MIAX Pearl Options reached a monthly volume of 30.5 million contracts, a 42.8% decrease YoY. February 2025 market share reached 2.9%, a 50.9% decrease YoY.
- MIAX Emerald reached a monthly volume of 42.3 million contracts, a 25.9% increase YoY. February 2025 market share reached 4.1%, an 8.0% increase YoY. MIAX Emerald YTD volume and market share were at record levels, reaching 91.8 million contracts and 4.4%, respectively.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 3.2 billion shares, a 20.4% decrease YoY and representing a market share of 1.1%, a 37.1% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 461,996 contracts, a 40.0% increase YoY. Average daily volume (ADV) for futures and options reached a record 24,316 contracts.
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 |
Feb-25 |
Feb-24 |
% Chg |
Jan-25 |
% Chg |
Feb-25 |
Feb-24 |
% Chg |
|
Trading Days |
19 |
20 |
20 |
39 |
41 |
|||
|
U.S. Equity Options Industry |
1,036,704,528 |
888,779,369 |
16.6 % |
1,062,698,645 |
-2.4 % |
2,099,403,173 |
1,780,740,904 |
17.9 % |
|
MIAX Exchange Group |
163,865,848 |
145,254,160 |
12.8 % |
177,409,604 |
-7.6 % |
341,275,452 |
285,779,974 |
19.4 % |
|
MIAX Options |
69,154,854 |
58,313,579 |
18.6 % |
74,000,507 |
-6.5 % |
143,155,361 |
115,168,748 |
24.3 % |
|
MIAX Pearl |
30,512,227 |
53,312,809 |
-42.8 % |
33,423,058 |
-8.7 % |
63,935,285 |
105,244,470 |
-39.3 % |
|
MIAX Emerald |
42,343,906 |
33,627,772 |
25.9 % |
49,456,306 |
-14.4 % |
91,800,212 |
65,366,756 |
40.4 % |
|
MIAX Sapphire |
21,854,861 |
- |
- |
20,529,733 |
6.5 % |
42,384,594 |
- |
- |
|
Multi-Listed Options ADV |
Feb-25 |
Feb-24 |
% Chg |
Jan-25 |
% Chg |
Feb-25 |
Feb-24 |
% Chg |
|
U.S. Equity Options Industry |
54,563,396 |
44,438,968 |
22.8 % |
53,134,932 |
2.7 % |
53,830,851 |
43,432,705 |
23.9 % |
|
MIAX Exchange Group |
8,624,518 |
7,262,708 |
18.8 % |
8,870,480 |
-2.8 % |
8,750,653 |
6,970,243 |
25.5 % |
|
MIAX Options |
3,639,729 |
2,915,679 |
24.8 % |
3,700,025 |
-1.6 % |
3,670,650 |
2,808,994 |
30.7 % |
|
MIAX Pearl |
1,605,907 |
2,665,640 |
-39.8 % |
1,671,153 |
-3.9 % |
1,639,366 |
2,566,938 |
-36.1 % |
|
MIAX Emerald |
2,228,627 |
1,681,389 |
32.5 % |
2,472,815 |
-9.9 % |
2,353,852 |
1,594,311 |
47.6 % |
|
MIAX Sapphire |
1,150,256 |
- |
- |
1,026,487 |
12.1 % |
1,086,784 |
- |
- |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
Feb-25 |
Feb-24 |
% Chg |
Jan-25 |
% Chg |
Feb-25 |
Feb-24 |
% Chg |
|
MIAX Exchange Group |
15.81 % |
16.34 % |
-3.3 % |
16.69 % |
-5.3 % |
16.26 % |
16.05 % |
1.3 % |
|
MIAX Options |
6.67 % |
6.56 % |
1.7 % |
6.96 % |
-4.2 % |
6.82 % |
6.47 % |
5.4 % |
|
MIAX Pearl |
2.94 % |
6.00 % |
-50.9 % |
3.15 % |
-6.4 % |
3.05 % |
5.91 % |
-48.5 % |
|
MIAX Emerald |
4.08 % |
3.78 % |
8.0 % |
4.65 % |
-12.2 % |
4.37 % |
3.67 % |
19.1 % |
|
MIAX Sapphire |
2.11 % |
- |
- |
1.93 % |
9.1 % |
2.02 % |
- |
- |
|
(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) |
Feb-25 |
Feb-24 |
% Chg |
Jan-25 |
% Chg |
Feb-25 |
Feb-24 |
% Chg |
|
Trading Days |
19 |
20 |
20 |
39 |
41 |
|||
|
U.S. Equities Industry |
296,744 |
234,704 |
26.4 % |
308,769 |
-3.9 % |
605,513 |
477,325 |
26.9 % |
|
MIAX Pearl Volume |
3,233 |
4,062 |
-20.4 % |
3,897 |
-17.1 % |
7,130 |
8,667 |
-17.7 % |
|
MIAX Pearl ADV |
170 |
203 |
-16.2 % |
195 |
-12.7 % |
183 |
211 |
-13.5 % |
|
MIAX Pearl Market Share |
1.09 % |
1.73 % |
-37.1 % |
1.26 % |
-13.7 % |
1.18 % |
1.82 % |
-35.1 % |
|
Futures and Options Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Futures & Options Contracts |
Feb-25 |
Feb-24 |
% Chg |
Jan-25 |
% Chg |
Feb-25 |
Feb-24 |
% Chg |
|
Trading Days |
19 |
20 |
21 |
40 |
41 |
|||
|
MIAX Futures Volume |
461,996 |
329,921 |
40.0 % |
327,439 |
41.1 % |
789,110 |
549,947 |
43.5 % |
|
MIAX Futures ADV |
24,316 |
16,496 |
47.4 % |
15,592 |
55.9 % |
19,728 |
13,413 |
47.1 % |
|
MIAX Futures Open Interest |
82,244 |
71,095 |
15.7 % |
106,081 |
-22.5 % |
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