Miami International Holdings Reports Trading Results for July 2025

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August 7, 2025 9:15 AM EDT

PRINCETON, N.J. and MIAMI, Aug. 7, 2025 /PRNewswire/ -- Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported July 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™.

July 2025 Trading Volume and Market Share Highlights

  • Total multi-listed options volume for the MIAX Exchange Group reached 189.4 million contracts in July 2025, a 37.0% increase year-over-year (YoY). July 2025 market share reached 16.7%, a 21.3% increase YoY. Year-to-date (YTD) volume and market share reached 1.2 billion contracts and 16.4%, respectively.
  • MIAX Sapphire reached a monthly volume of 38.3 million contracts, with July 2025 market share reaching 3.4%. 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 84.0 million contracts, a 37.8% increase YoY. July 2025 market share reached 7.4%, a 22.0% increase YoY. YTD volume and market share reached 547.4 million contracts and 7.2%, respectively.
  • MIAX Pearl Options reached a monthly volume of 28.0 million contracts, a 17.6% decrease YoY. July 2025 market share reached 2.5%, a 27.0% decrease YoY.
  • MIAX Emerald reached a monthly volume of 39.1 million contracts, a 9.7% decrease YoY. July 2025 market share reached 3.5%, a 20.1% decrease YoY. YTD volume reached 289.0 million contracts.  
  • In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.2 billion shares, a 6.1% increase YoY and representing a market share of 1.1%, a 32.6% decrease YoY.
  • In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 152,993 contracts, a 32.1% decrease YoY. YTD volume totaled 2.4 million contracts, a 28.2% 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
Contracts

Jul-25

Jul-24

% Chg

Jun-25

% Chg

Jul-25

Jul-24

% Chg

Trading Days

22

22


20


144

146


U.S. Equity Options Industry

1,133,357,330

1,003,350,471

13.0 %

1,011,524,056

12.0 %

7,601,629,825

6,295,032,230

20.8 %

MIAX Exchange Group

189,362,259

138,203,905

37.0 %

164,364,069

15.2 %

1,247,821,679

949,194,837

31.5 %

MIAX Options

84,030,285

60,991,448

37.8 %

73,101,694

14.9 %

547,352,505

392,444,052

39.5 %

MIAX Pearl

27,977,802

33,933,367

-17.6 %

24,637,076

13.6 %

202,631,001

312,634,266

-35.2 %

MIAX Emerald

39,085,059

43,279,090

-9.7 %

34,244,146

14.1 %

288,951,592

244,116,519

18.4 %

MIAX Sapphire

38,269,113

-

-

32,381,153

18.2 %

208,886,581

-

-

Multi-Listed Options ADV

Jul-25

Jul-24

% Chg

Jun-25

% Chg

Jul-25

Jul-24

% Chg

U.S. Equity Options Industry

51,516,242

45,606,840

13.0 %

50,576,203

1.9 %

52,789,096

43,116,659

22.4 %

MIAX Exchange Group

8,607,375

6,281,996

37.0 %

8,218,203

4.7 %

8,665,428

6,501,335

33.3 %

MIAX Options

3,819,558

2,772,339

37.8 %

3,655,085

4.5 %

3,801,059

2,687,973

41.4 %

MIAX Pearl

1,271,718

1,542,426

-17.6 %

1,231,854

3.2 %

1,407,160

2,141,331

-34.3 %

MIAX Emerald

1,776,594

1,967,231

-9.7 %

1,712,207

3.8 %

2,006,608

1,672,031

20.0 %

MIAX Sapphire

1,739,505

-

-

1,619,058

7.4 %

1,450,601

-

-


Multi-Listed Options Market Share for

MIAX Exchange Group, Current Month

Year-to-Date Comparison

Multi-Listed Options Market
Share

Jul-25

Jul-24

% Chg

Jun-25

% Chg

Jul-25

Jul-24

% Chg

MIAX Exchange Group

16.71 %

13.77 %

21.3 %

16.25 %

2.8 %

16.42 %

15.08 %

8.9 %

MIAX Options

7.41 %

6.08 %

22.0 %

7.23 %

2.6 %

7.20 %

6.23 %

15.5 %

MIAX Pearl

2.47 %

3.38 %

-27.0 %

2.44 %

1.4 %

2.67 %

4.97 %

-46.3 %

MIAX Emerald

3.45 %

4.31 %

-20.1 %

3.39 %

1.9 %

3.80 %

3.88 %

-2.0 %

MIAX Sapphire

3.38 %

-

-

3.20 %

5.5 %

2.75 %

-

-

(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)

Jul-25

Jul-24

% Chg

Jun-25

% Chg

Jul-25

Jul-24

% Chg

Trading Days

22

22


20


144

146


U.S. Equities Industry

388,259

246,723

57.4 %

364,909

6.4 %

2,469,834

1,705,404

44.8 %

MIAX Pearl Volume

4,211

3,970

6.1 %

3,734

12.8 %

26,861

29,817

-9.9 %

MIAX Pearl ADV

191

180

6.1 %

187

2.5 %

187

204

-8.7 %

MIAX Pearl Market Share

1.08 %

1.61 %

-32.6 %

1.02 %

6.0 %

1.09 %

1.75 %

-37.8 %




Futures and Options Trading Volume for
MIAX Futures, Current Month

Year-to-Date Comparison

Futures & Options Contracts

Jul-25

Jul-24

% Chg

Jun-25

% Chg

Jul-25

Jul-24

% Chg

Trading Days

22

22


20


145

146


MIAX Futures Volume

152,993

225,249

-32.1 %

470,612

-67.5 %

2,375,900

1,852,777

28.2 %

MIAX Futures ADV

6,954

10,239

-32.1 %

23,531

-70.4 %

16,386

12,690

29.1 %

MIAX Futures Open Interest

69,860

85,383

-18.2 %

63,880

9.4 %


About MIAX

MIAX's parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire LLC (MIAX Sapphire™), MIAX Futures Exchange, LLC (MIAX Futures™), MIAX Derivatives Exchange (MIAXdx™), Dorman Trading, LLC (Dorman Trading), The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX's in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. 

MIAX Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and enabled by MIAX's in-house built, proprietary technology. MIAX Futures offers trading in a variety of products including Minneapolis Hard Red Spring Wheat Futures. MIAX Futures is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM and DCO with the CFTC.

Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

TISE provides financial markets and securities services to public and private companies. TISE's Qualified Investor Bond Market (QIBM) is a leading market in Europe for listing high yield bonds, structured finance products and securitization transactions. TISE lists a pool of investment funds, UK Real Estate Investment Trusts (REITs) and hosts a sustainable finance segment, TISE Sustainable. TISE is headquartered in Guernsey, Channel Islands.

MIAX's executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MIAX Futures offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. Dorman Trading offices are located in Chicago, IL. BSX offices are located in Hamilton, Bermuda. TISE offices are located in Guernsey, Dublin, the Isle of Man, Jersey and London.

To learn more about MIAX, visit www.miaxglobal.com.

To learn more about MIAX Futures, visit www.miaxglobal.com/miax-futures.

To learn more about MIAXdx, visit www.miaxdx.com.

To learn more about Dorman Trading, visit www.dormantrading.com.

To learn more about BSX, visit www.bsx.com.

To learn more about TISE, visit www.tisegroup.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Media Contact:
Andy Nybo, SVP, Chief Communications Officer
[email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/miami-international-holdings-reports-trading-results-for-july-2025-302524276.html

SOURCE MIAX


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