Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported June 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™.
June 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 164.4 million contracts in June 2025, a 42.9% increase year-over-year (YoY), bringing total year-to-date (YTD) volume to a record 1.1 billion contracts. June 2025 market share reached 16.2%, an 18.4% increase YoY. MIAX Exchange Group volume and market share reached record quarterly levels in Q2 2025 at 543.6 million contracts and 16.7%, respectively.
- MIAX Sapphire reached a monthly volume of 32.4 million contracts, with June 2025 market share reaching 3.2%. Volume and market share reached record levels in Q2 2025 at 104.8 million contracts and 3.2%, respectively. 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 73.1 million contracts, a 42.7% increase YoY. June 2025 market share reached 7.2%, an 18.2% increase YoY. YTD volume and market share reached record levels at 463.3 million contracts and 7.2%, respectively.
- MIAX Pearl Options reached a monthly volume of 24.6 million contracts, a 23.4% decrease YoY. June 2025 market share reached 2.4%, a 36.5% decrease YoY.
- MIAX Emerald reached a monthly volume of 34.2 million contracts, an 8.3% increase YoY. June 2025 market share reached 3.4%, a 10.3% decrease YoY. YTD volume and market share reached record levels at 249.9 million contracts and 3.9%, respectively.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 3.7 billion shares, a 23.6% increase YoY and representing a market share of 1.0%, a 23.6% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 470,612 contracts, a 36.0% increase YoY. YTD volume totaled a record 2.2 million contracts, a 36.6% 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 |
Jun-25 |
Jun-24 |
% Chg |
May-25 |
% Chg |
Jun-25 |
Jun-24 |
% Chg |
|
Trading Days |
20 |
19 |
21 |
122 |
124 |
|||
|
U.S. Equity Options Industry |
1,011,524,056 |
837,628,620 |
20.8 % |
1,078,383,154 |
-6.2 % |
6,468,272,495 |
5,291,681,759 |
22.2 % |
|
MIAX Exchange Group |
164,364,069 |
114,989,271 |
42.9 % |
188,104,938 |
-12.6 % |
1,058,459,420 |
810,990,932 |
30.5 % |
|
MIAX Options |
73,101,694 |
51,218,895 |
42.7 % |
89,209,239 |
-18.1 % |
463,322,220 |
331,452,604 |
39.8 % |
|
MIAX Pearl |
24,637,076 |
32,151,900 |
-23.4 % |
23,879,742 |
3.2 % |
174,653,199 |
278,700,899 |
-37.3 % |
|
MIAX Emerald |
34,244,146 |
31,618,476 |
8.3 % |
39,352,253 |
-13.0 % |
249,866,533 |
200,837,429 |
24.4 % |
|
MIAX Sapphire |
32,381,153 |
- |
- |
35,663,704 |
-9.2 % |
170,617,468 |
- |
- |
|
Multi-Listed Options ADV |
Jun-25 |
Jun-24 |
% Chg |
May-25 |
% Chg |
Jun-25 |
Jun-24 |
% Chg |
|
U.S. Equity Options Industry |
50,576,203 |
44,085,717 |
14.7 % |
51,351,579 |
-1.5 % |
53,018,627 |
42,674,853 |
24.2 % |
|
MIAX Exchange Group |
8,218,203 |
6,052,067 |
35.8 % |
8,957,378 |
-8.3 % |
8,675,897 |
6,540,249 |
32.7 % |
|
MIAX Options |
3,655,085 |
2,695,731 |
35.6 % |
4,248,059 |
-14.0 % |
3,797,723 |
2,673,005 |
42.1 % |
|
MIAX Pearl |
1,231,854 |
1,692,205 |
-27.2 % |
1,137,131 |
8.3 % |
1,431,584 |
2,247,588 |
-36.3 % |
|
MIAX Emerald |
1,712,207 |
1,664,130 |
2.9 % |
1,873,917 |
-8.6 % |
2,048,086 |
1,619,657 |
26.5 % |
|
MIAX Sapphire |
1,619,058 |
- |
- |
1,698,272 |
-4.7 % |
1,398,504 |
- |
- |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
Jun-25 |
Jun-24 |
% Chg |
May-25 |
% Chg |
Jun-25 |
Jun-24 |
% Chg |
|
MIAX Exchange Group |
16.25 % |
13.73 % |
18.4 % |
17.44 % |
-6.8 % |
16.36 % |
15.33 % |
6.8 % |
|
MIAX Options |
7.23 % |
6.11 % |
18.2 % |
8.27 % |
-12.6 % |
7.16 % |
6.26 % |
14.4 % |
|
MIAX Pearl |
2.44 % |
3.84 % |
-36.5 % |
2.21 % |
10.0 % |
2.70 % |
5.27 % |
-48.7 % |
|
MIAX Emerald |
3.39 % |
3.77 % |
-10.3 % |
3.65 % |
-7.2 % |
3.86 % |
3.80 % |
1.8 % |
|
MIAX Sapphire |
3.20 % |
- |
- |
3.31 % |
-3.2 % |
2.64 % |
- |
- |
|
(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) |
Jun-25 |
Jun-24 |
% Chg |
May-25 |
% Chg |
Jun-25 |
Jun-24 |
% Chg |
|
Trading Days |
20 |
19 |
21 |
122 |
124 |
|||
|
U.S. Equities Industry |
364,909 |
225,690 |
61.7 % |
369,294 |
-1.2 % |
2,081,575 |
1,458,681 |
42.7 % |
|
MIAX Pearl Volume |
3,734 |
3,022 |
23.6 % |
4,033 |
-7.4 % |
22,651 |
25,847 |
-12.4 % |
|
MIAX Pearl ADV |
187 |
159 |
17.4 % |
192 |
-2.8 % |
186 |
208 |
-10.9 % |
|
MIAX Pearl Market Share |
1.02 % |
1.34 % |
-23.6 % |
1.09 % |
-6.3 % |
1.09 % |
1.77 % |
-38.6 % |
|
Futures and Options Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Futures & Options Contracts |
Jun-25 |
Jun-24 |
% Chg |
May-25 |
% Chg |
Jun-25 |
Jun-24 |
% Chg |
|
Trading Days |
20 |
19 |
21 |
123 |
124 |
|||
|
MIAX Futures Volume |
470,612 |
346,016 |
36.0 % |
279,105 |
68.6 % |
2,222,907 |
1,627,528 |
36.6 % |
|
MIAX Futures ADV |
23,531 |
18,211 |
29.2 % |
13,291 |
77.0 % |
18,072 |
13,125 |
37.7 % |
|
MIAX Futures Open Interest |
63,880 |
79,968 |
-20.1 % |
92,726 |
-31.1 % |
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