Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported September 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™.
September 2025 and Year-to-Date Highlights
- MIAX launched the MIAX Sapphire options trading floor in Miami on September 12, 2025, providing its market participants access to 100% of the multi-listed U.S. options market across the MIAX Exchange Group.
- MIAX Exchange Group set a number of volume and market share records in September 2025 including:
- Daily market share record of 20.0% on September 23, 2025
- Monthly market share record of 17.6% in September 2025
- Year-to-date (YTD) market share record of 16.7%
- Monthly average daily volume (ADV) record of 10.8 million contracts, a 73.1% increase from September 2024
- YTD ADV record of 9.0 million contracts, a 40.4% increase from the same period in 2024
- MIAX Futures reached a record YTD ADV of 14,633 contracts through September 2025, a 14.1% increase from the same period in 2024.
Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below.
|
Average Daily Trading Volume (ADV) (1) |
Year-to-Date Comparison |
|||||||
|
Sep-25 |
Sep-24 |
% Chg |
Aug-25 |
% Chg |
Sep-25 |
Sep-24 |
% Chg |
|
|
U.S. Multi-list Options |
||||||||
|
Trading Days |
21 |
20 |
21 |
186 |
188 |
|||
|
U.S. Equity Options Industry ADV (000's) |
61,299 |
43,955 |
39.5 % |
54,909 |
11.6 % |
53,989 |
43,279 |
24.7 % |
|
MIAX Exchange Group Options ADV (000's) |
10,787 |
6,230 |
73.1 % |
9,525 |
13.2 % |
9,002 |
6,412 |
40.4 % |
|
MIAX Exchange Group Options Market Share |
17.6 % |
14.2 % |
24.2 % |
17.3 % |
1.4 % |
16.7 % |
14.8 % |
12.5 % |
|
U.S. Equities |
||||||||
|
U.S. Equities Industry ADV (Millions) |
18,309 |
11,858 |
54.4 % |
16,379 |
11.8 % |
17,195 |
11,675 |
47.3 % |
|
MIAX Pearl ADV (Millions) |
205 |
203 |
0.9 % |
169 |
20.9 % |
187 |
201 |
-7.4 % |
|
MIAX Pearl Market Share |
1.1 % |
1.7 % |
-34.7 % |
1.0 % |
8.2 % |
1.1 % |
1.7 % |
-37.1 % |
|
MIAX Futures Exchange |
||||||||
|
Trading Days |
21 |
20 |
21 |
187 |
188 |
|||
|
MIAX Futures ADV |
5,973 |
9,260 |
-35.5 % |
11,190 |
-46.6 % |
14,633 |
12,828 |
14.1 % |
|
1) Calculated as total volume for the period divided by total trading days for the period. |
