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Miami International Holdings Reports Trading Results For January 2025 - MIAX Exchange Group Options Volume Jumps 26.2% To Record Level With MIAX Futures Volume Surging 48.7%

Date 07/02/2025

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
Contracts

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
Share

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
Futures, Current Month

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 %