Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported July 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™.
July 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 189.4 million contracts in July 2025, a 37.0% increase year-over-year (YoY). July 2025 market share reached 16.7%, a 21.3% increase YoY. Year-to-date (YTD) volume and market share reached 1.2 billion contracts and 16.4%, respectively.
- MIAX Sapphire reached a monthly volume of 38.3 million contracts, with July 2025 market share reaching 3.4%. 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 84.0 million contracts, a 37.8% increase YoY. July 2025 market share reached 7.4%, a 22.0% increase YoY. YTD volume and market share reached 547.4 million contracts and 7.2%, respectively.
- MIAX Pearl Options reached a monthly volume of 28.0 million contracts, a 17.6% decrease YoY. July 2025 market share reached 2.5%, a 27.0% decrease YoY.
- MIAX Emerald reached a monthly volume of 39.1 million contracts, a 9.7% decrease YoY. July 2025 market share reached 3.5%, a 20.1% decrease YoY. YTD volume reached 289.0 million contracts.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.2 billion shares, a 6.1% increase YoY and representing a market share of 1.1%, a 32.6% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 152,993 contracts, a 32.1% decrease YoY. YTD volume totaled 2.4 million contracts, a 28.2% increase YoY.
Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the tables below.
|
Multi-Listed Options Trading Volume for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options |
Jul-25 |
Jul-24 |
% Chg |
Jun-25 |
% Chg |
Jul-25 |
Jul-24 |
% Chg |
|
Trading Days |
22 |
22 |
20 |
144 |
146 |
|||
|
U.S. Equity Options Industry |
1,133,357,330 |
1,003,350,471 |
13.0 % |
1,011,524,056 |
12.0 % |
7,601,629,825 |
6,295,032,230 |
20.8 % |
|
MIAX Exchange Group |
189,362,259 |
138,203,905 |
37.0 % |
164,364,069 |
15.2 % |
1,247,821,679 |
949,194,837 |
31.5 % |
|
MIAX Options |
84,030,285 |
60,991,448 |
37.8 % |
73,101,694 |
14.9 % |
547,352,505 |
392,444,052 |
39.5 % |
|
MIAX Pearl |
27,977,802 |
33,933,367 |
-17.6 % |
24,637,076 |
13.6 % |
202,631,001 |
312,634,266 |
-35.2 % |
|
MIAX Emerald |
39,085,059 |
43,279,090 |
-9.7 % |
34,244,146 |
14.1 % |
288,951,592 |
244,116,519 |
18.4 % |
|
MIAX Sapphire |
38,269,113 |
- |
- |
32,381,153 |
18.2 % |
208,886,581 |
- |
- |
|
Multi-Listed Options ADV |
Jul-25 |
Jul-24 |
% Chg |
Jun-25 |
% Chg |
Jul-25 |
Jul-24 |
% Chg |
|
U.S. Equity Options Industry |
51,516,242 |
45,606,840 |
13.0 % |
50,576,203 |
1.9 % |
52,789,096 |
43,116,659 |
22.4 % |
|
MIAX Exchange Group |
8,607,375 |
6,281,996 |
37.0 % |
8,218,203 |
4.7 % |
8,665,428 |
6,501,335 |
33.3 % |
|
MIAX Options |
3,819,558 |
2,772,339 |
37.8 % |
3,655,085 |
4.5 % |
3,801,059 |
2,687,973 |
41.4 % |
|
MIAX Pearl |
1,271,718 |
1,542,426 |
-17.6 % |
1,231,854 |
3.2 % |
1,407,160 |
2,141,331 |
-34.3 % |
|
MIAX Emerald |
1,776,594 |
1,967,231 |
-9.7 % |
1,712,207 |
3.8 % |
2,006,608 |
1,672,031 |
20.0 % |
|
MIAX Sapphire |
1,739,505 |
- |
- |
1,619,058 |
7.4 % |
1,450,601 |
- |
- |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
Jul-25 |
Jul-24 |
% Chg |
Jun-25 |
% Chg |
Jul-25 |
Jul-24 |
% Chg |
|
MIAX Exchange Group |
16.71 % |
13.77 % |
21.3 % |
16.25 % |
2.8 % |
16.42 % |
15.08 % |
8.9 % |
|
MIAX Options |
7.41 % |
6.08 % |
22.0 % |
7.23 % |
2.6 % |
7.20 % |
6.23 % |
15.5 % |
|
MIAX Pearl |
2.47 % |
3.38 % |
-27.0 % |
2.44 % |
1.4 % |
2.67 % |
4.97 % |
-46.3 % |
|
MIAX Emerald |
3.45 % |
4.31 % |
-20.1 % |
3.39 % |
1.9 % |
3.80 % |
3.88 % |
-2.0 % |
|
MIAX Sapphire |
3.38 % |
- |
- |
3.20 % |
5.5 % |
2.75 % |
- |
- |
|
(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) |
Jul-25 |
Jul-24 |
% Chg |
Jun-25 |
% Chg |
Jul-25 |
Jul-24 |
% Chg |
|
Trading Days |
22 |
22 |
20 |
144 |
146 |
|||
|
U.S. Equities Industry |
388,259 |
246,723 |
57.4 % |
364,909 |
6.4 % |
2,469,834 |
1,705,404 |
44.8 % |
|
MIAX Pearl Volume |
4,211 |
3,970 |
6.1 % |
3,734 |
12.8 % |
26,861 |
29,817 |
-9.9 % |
|
MIAX Pearl ADV |
191 |
180 |
6.1 % |
187 |
2.5 % |
187 |
204 |
-8.7 % |
|
MIAX Pearl Market Share |
1.08 % |
1.61 % |
-32.6 % |
1.02 % |
6.0 % |
1.09 % |
1.75 % |
-37.8 % |
|
Futures and Options Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Futures & Options Contracts |
Jul-25 |
Jul-24 |
% Chg |
Jun-25 |
% Chg |
Jul-25 |
Jul-24 |
% Chg |
|
Trading Days |
22 |
22 |
20 |
145 |
146 |
|||
|
MIAX Futures Volume |
152,993 |
225,249 |
-32.1 % |
470,612 |
-67.5 % |
2,375,900 |
1,852,777 |
28.2 % |
|
MIAX Futures ADV |
6,954 |
10,239 |
-32.1 % |
23,531 |
-70.4 % |
16,386 |
12,690 |
29.1 % |
|
MIAX Futures Open Interest |
69,860 |
85,383 |
-18.2 % |
63,880 |
9.4 % |
|||
