Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported January 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™.
January 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached a record 177.4 million contracts in January 2025, a 26.2% increase year-over-year (YoY). January 2025 market share reached 16.7%, a 6.0% increase YoY. MIAX Exchange Group also set a daily volume record of 12.0 million contracts on January 31.
- MIAX Sapphire reached a record monthly volume of 20.5 million contracts, with January 2025 market share reaching a record 1.9%. MIAX Sapphire reached a daily volume record of 1.3 million contracts on January 10, as well as a daily market share record of 2.1% on January 27. 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 74.0 million contracts, a 30.2% increase YoY. January 2025 market share reached 7.0%, a 9.2% increase YoY. MIAX Options reached a daily volume record of 5.1 million contracts on January 31.
- MIAX Emerald reached a record monthly volume of 49.5 million contracts, a 55.8% increase YoY. January 2025 market share reached 4.7%, a 30.8% increase YoY.
- MIAX Pearl Options reached a monthly volume of 33.4 million contracts, a 35.6% decrease YoY. January 2025 market share reached 3.2%, a 46.0% decrease YoY.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 3.9 billion shares, a 15.4% decrease YoY and representing a market share of 1.3%, a 33.5% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 327,114 contracts, a 48.7% increase YoY. Open interest reached 106,081 contracts at the end of January 2025, a 31.5% increase YoY.
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 |
Jan-25 |
Jan-24 |
% Chg |
Dec-24 |
% Chg |
Jan-25 |
Jan-24 |
% Chg |
Trading Days |
20 |
21 |
21 |
20 |
21 |
|||
U.S. Equity Options Industry |
1,062,698,645 |
891,961,535 |
19.1 % |
1,011,972,009 |
5.0 % |
1,062,698,645 |
891,961,535 |
19.1 % |
MIAX Exchange Group |
177,409,604 |
140,525,814 |
26.2 % |
165,584,587 |
7.1 % |
177,409,604 |
140,525,814 |
26.2 % |
MIAX Options |
74,000,507 |
56,855,169 |
30.2 % |
63,396,610 |
16.7 % |
74,000,507 |
56,855,169 |
30.2 % |
MIAX Pearl |
33,423,058 |
51,931,661 |
-35.6 % |
31,298,746 |
6.8 % |
33,423,058 |
51,931,661 |
-35.6 % |
MIAX Emerald |
49,456,306 |
31,738,984 |
55.8 % |
52,472,586 |
-5.7 % |
49,456,306 |
31,738,984 |
55.8 % |
MIAX Sapphire(1) |
20,529,733 |
0.0 % |
- |
18,416,645 |
11.5 % |
20,529,733 |
- |
- |
Multi-Listed Options ADV |
Jan-25 |
Jan-24 |
% Chg |
Dec-24 |
% Chg |
Jan-25 |
Jan-24 |
% Chg |
U.S. Equity Options Industry |
53,134,932 |
42,474,359 |
25.1 % |
48,189,143 |
10.3 % |
53,134,932 |
42,474,359 |
25.1 % |
MIAX Exchange Group |
8,870,480 |
6,691,705 |
32.6 % |
7,884,980 |
12.5 % |
8,870,480 |
6,691,705 |
32.6 % |
MIAX Options |
3,700,025 |
2,707,389 |
36.7 % |
3,018,886 |
22.6 % |
3,700,025 |
2,707,389 |
36.7 % |
MIAX Pearl |
1,671,153 |
2,472,936 |
-32.4 % |
1,490,416 |
12.1 % |
1,671,153 |
2,472,936 |
-32.4 % |
MIAX Emerald |
2,472,815 |
1,511,380 |
63.6 % |
2,498,695 |
-1.0 % |
2,472,815 |
1,511,380 |
63.6 % |
MIAX Sapphire(1) |
1,026,487 |
- |
- |
876,983 |
17.0 % |
1,026,487 |
- |
- |
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
Multi-Listed Options Market |
Jan-25 |
Jan-24 |
% Chg |
Dec-24 |
% Chg |
Jan-25 |
Jan-24 |
% Chg |
MIAX Exchange Group |
16.69 % |
15.75 % |
6.0 % |
16.36 % |
2.0 % |
16.69 % |
15.75 % |
6.0 % |
MIAX Options |
6.96 % |
6.37 % |
9.2 % |
6.26 % |
11.2 % |
6.96 % |
6.37 % |
9.2 % |
MIAX Pearl |
3.15 % |
5.82 % |
-46.0 % |
3.09 % |
1.7 % |
3.15 % |
5.82 % |
-46.0 % |
MIAX Emerald |
4.65 % |
3.56 % |
30.8 % |
5.19 % |
-10.2 % |
4.65 % |
3.56 % |
30.8 % |
MIAX Sapphire(1) |
1.93 % |
- |
- |
1.82 % |
6.2 % |
1.93 % |
- |
- |
(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 MIAX Pearl Equities, Current Month |
Year-to-Date Comparison |
|||||||
Equities Shares (millions) |
Jan-25 |
Jan-24 |
% Chg |
Dec-24 |
% Chg |
Jan-25 |
Jan-24 |
% Chg |
Trading Days |
20 |
21 |
21 |
20 |
21 |
|||
U.S. Equities Industry |
308,769 |
242,622 |
27.3 % |
308,866 |
0.0 % |
308,769 |
242,622 |
27.3 % |
MIAX Pearl Volume |
3,897 |
4,604 |
-15.4 % |
3,827 |
1.8 % |
3,897 |
4,604 |
-15.4 % |
MIAX Pearl ADV |
195 |
219 |
-11.1 % |
182 |
6.9 % |
195 |
219 |
-11.1 % |
MIAX Pearl Market Share |
1.26 % |
1.90 % |
-33.5 % |
1.24 % |
1.9 % |
1.26 % |
1.90 % |
-33.5 % |
Futures and Options Trading Volume and Open Interest for MIAX |
Year-to-Date Comparison |
|||||||
Futures & Options Contracts |
Jan-25 |
Jan-24 |
% Chg |
Dec-24 |
% Chg |
Jan-25 |
Jan-24 |
% Chg |
Trading Days |
21 |
21 |
21 |
21 |
21 |
|||
MIAX Futures Volume |
327,114 |
220,026 |
48.7 % |
197,513 |
65.6 % |
327,114 |
220,026 |
48.7 % |
MIAX Futures ADV |
15,577 |
10,477 |
48.7 % |
9,405 |
65.6 % |
15,577 |
10,477 |
48.7 % |
MIAX Futures Open Interest |
106,081 |
80,674 |
31.5 % |
96,634 |
9.8 % |