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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 March 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™.
March 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 173.6 million contracts in March 2025, a 26.8% increase year-over-year (YoY) and bringing total year-to-date (YTD) volume to a record 514.9 million contracts. March 2025 market share reached 15.6%, a 2.2% decrease YoY.
- MIAX Sapphire reached a record monthly volume of 23.4 million contracts, with March 2025 market share reaching 2.1%. MIAX Sapphire launched trading on August 12, 2024 and now has over 3,800 classes available for trading.
- MIAX Options reached a record monthly volume of 76.4 million contracts, a 38.6% increase YoY. March 2025 market share reached 6.8%, a 6.9% increase YoY. MIAX Options YTD volume and market share reached record levels at 219.5 million contracts and 6.8%, respectively.
- MIAX Pearl Options reached a monthly volume of 31.4 million contracts, a 35.1% decrease YoY. March 2025 market share reached 2.8%, a 49.9% decrease YoY.
- MIAX Emerald reached a monthly volume of 42.5 million contracts, a 26.7% increase YoY. March 2025 market share reached 3.8%, a 2.3% decrease YoY. MIAX Emerald YTD volume and market share reached record levels at 134.3 million contracts and 4.2%, respectively.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 3.4 billion shares, a 23.6% decrease YoY and representing a market share of 1.0%, a 45.3% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 309,006 contracts, an 80.4% increase YoY. MIAX Futures YTD volume reached a record 1.1 million contracts in Q1 2025.
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 |
Mar-25 |
Mar-24 |
% Chg |
Feb-25 |
% Chg |
Mar-25 |
Mar-24 |
% Chg |
|
Trading Days |
21 |
20 |
19 |
60 |
61 |
|||
|
U.S. Equity Options Industry |
1,116,829,888 |
861,219,614 |
29.7 % |
1,036,704,528 |
7.7 % |
3,216,233,061 |
2,641,960,518 |
21.7 % |
|
MIAX Exchange Group |
173,627,993 |
136,950,995 |
26.8 % |
163,865,848 |
6.0 % |
514,903,445 |
422,730,969 |
21.8 % |
|
MIAX Options |
76,372,997 |
55,108,636 |
38.6 % |
69,154,854 |
10.4 % |
219,528,358 |
170,277,384 |
28.9 % |
|
MIAX Pearl |
31,361,142 |
48,290,830 |
-35.1 % |
30,512,227 |
2.8 % |
95,296,427 |
153,535,300 |
-37.9 % |
|
MIAX Emerald |
42,508,956 |
33,551,529 |
26.7 % |
42,343,906 |
0.4 % |
134,309,168 |
98,918,285 |
35.8 % |
|
MIAX Sapphire |
23,384,898 |
- |
- |
21,854,861 |
7.0 % |
65,769,492 |
- |
- |
|
Multi-Listed Options ADV |
Mar-25 |
Mar-24 |
% Chg |
Feb-25 |
% Chg |
Mar-25 |
Mar-24 |
% Chg |
|
U.S. Equity Options Industry |
53,182,376 |
43,060,981 |
23.5 % |
54,563,396 |
-2.5 % |
53,603,884 |
43,310,828 |
23.8 % |
|
MIAX Exchange Group |
8,268,000 |
6,847,550 |
20.7 % |
8,624,518 |
-4.1 % |
8,581,724 |
6,930,016 |
23.8 % |
|
MIAX Options |
3,636,809 |
2,755,432 |
32.0 % |
3,639,729 |
-0.1 % |
3,658,806 |
2,791,433 |
31.1 % |
|
MIAX Pearl |
1,493,388 |
2,414,542 |
-38.2 % |
1,605,907 |
-7.0 % |
1,588,274 |
2,516,972 |
-36.9 % |
|
MIAX Emerald |
2,024,236 |
1,677,576 |
20.7 % |
2,228,627 |
-9.2 % |
2,238,486 |
1,621,611 |
38.0 % |
|
MIAX Sapphire |
1,113,567 |
- |
- |
1,150,256 |
-3.2 % |
1,096,158 |
- |
- |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
Mar-25 |
Mar-24 |
% Chg |
Feb-25 |
% Chg |
Mar-25 |
Mar-24 |
% Chg |
|
MIAX Exchange Group |
15.55 % |
15.90 % |
-2.2 % |
15.81 % |
-1.6 % |
16.01 % |
16.00 % |
0.1 % |
|
MIAX Options |
6.84 % |
6.40 % |
6.9 % |
6.67 % |
2.5 % |
6.83 % |
6.45 % |
5.9 % |
|
MIAX Pearl |
2.81 % |
5.61 % |
-49.9 % |
2.94 % |
-4.6 % |
2.96 % |
5.81 % |
-49.0 % |
|
MIAX Emerald |
3.81 % |
3.90 % |
-2.3 % |
4.08 % |
-6.8 % |
4.18 % |
3.74 % |
11.5 % |
|
MIAX Sapphire |
2.09 % |
- |
- |
2.11 % |
-0.7 % |
2.04 % |
- |
- |
|
(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) |
Mar-25 |
Mar-24 |
% Chg |
Feb-25 |
% Chg |
Mar-25 |
Mar-24 |
% Chg |
|
Trading Days |
21 |
20 |
19 |
60 |
61 |
|||
|
U.S. Equities Industry |
336,175 |
240,460 |
39.8 % |
296,744 |
13.3 % |
941,688 |
717,786 |
31.2 % |
|
MIAX Pearl Volume |
3,427 |
4,485 |
-23.6 % |
3,233 |
6.0 % |
10,557 |
13,152 |
-19.7 % |
|
MIAX Pearl ADV |
163 |
224 |
-27.2 % |
170 |
-4.1 % |
176 |
216 |
-18.4 % |
|
MIAX Pearl Market Share |
1.02 % |
1.87 % |
-45.3 % |
1.09 % |
-6.4 % |
1.12 % |
1.83 % |
-38.8 % |
|
Futures and Options Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Futures & Options Contracts |
Mar-25 |
Mar-24 |
% Chg |
Feb-25 |
% Chg |
Mar-25 |
Mar-24 |
% Chg |
|
Trading Days |
21 |
20 |
19 |
61 |
61 |
|||
|
MIAX Futures Volume |
309,006 |
171,307 |
80.4 % |
461,996 |
-33.1 % |
1,098,116 |
721,254 |
52.3 % |
|
MIAX Futures ADV |
14,715 |
8,565 |
71.8 % |
24,316 |
-39.5 % |
18,002 |
11,824 |
52.3 % |
|
MIAX Futures Open Interest |
95,158 |
75,737 |
25.6 % |
82,244 |
15.7 % |
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