Miami International Holdings Reports Trading Results For May 2025 - MIAX Exchange Group U.S. Multi-Listed Options Volume Surges 44.2% With Market Share At Record 17.4%
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported May 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™.
May 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 188.1 million contracts in May 2025, a 44.2% increase year-over-year (YoY), bringing total year-to-date (YTD) volume to a record 894.1 million contracts. May 2025 market share reached a record 17.4%, an 18.8% increase YoY. The MIAX Exchange Group set a new daily market share record of 19.8% on May 21, 2025.
- MIAX Sapphire reached a monthly volume of 35.7 million contracts, with May 2025 market share reaching a record 3.3%. 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 89.2 million contracts, a 69.7% increase YoY. May 2025 market share reached a record 8.3%, a 39.8% increase YoY. MIAX Options set a new daily market share record of 10.1% on May 21, 2025. MIAX Options YTD volume and market share reached record levels at 390.2 million contracts and 7.2%, respectively.
- MIAX Pearl Options reached a monthly volume of 23.9 million contracts, a 44.5% decrease YoY. May 2025 market share reached 2.2%, a 54.3% decrease YoY.
- MIAX Emerald reached a monthly volume of 39.4 million contracts, a 13.0% increase YoY. May 2025 market share reached 3.6%, a 6.9% decrease YoY. MIAX Emerald YTD volume and market share reached record levels at 215.6 million contracts and 4.0%, respectively.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.0 billion shares, a 12.1% decrease YoY and representing a market share of 1.1%, a 34.8% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 279,105 contracts, a 26.7% increase YoY. MIAX Futures YTD volume reached a record 1.8 million contracts.
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 |
May-25 |
May-24 |
% Chg |
Apr-25 |
% Chg |
May-25 |
May-24 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
102 |
105 |
|||
|
U.S. Equity Options Industry |
1,078,383,154 |
888,512,052 |
21.4 % |
1,162,132,224 |
-7.2 % |
5,456,748,439 |
4,454,053,139 |
22.5 % |
|
MIAX Exchange Group |
188,104,938 |
130,439,711 |
44.2 % |
191,086,968 |
-1.6 % |
894,095,351 |
696,001,661 |
28.5 % |
|
MIAX Options |
89,209,239 |
52,569,134 |
69.7 % |
81,482,929 |
9.5 % |
390,220,526 |
280,233,709 |
39.2 % |
|
MIAX Pearl |
23,879,742 |
43,052,063 |
-44.5 % |
30,839,954 |
-22.6 % |
150,016,123 |
246,548,999 |
-39.2 % |
|
MIAX Emerald |
39,352,253 |
34,818,514 |
13.0 % |
41,960,966 |
-6.2 % |
215,622,387 |
169,218,953 |
27.4 % |
|
MIAX Sapphire |
35,663,704 |
- |
- |
36,803,119 |
-3.1 % |
138,236,315 |
- |
- |
|
Multi-Listed Options ADV |
May-25 |
May-24 |
% Chg |
Apr-25 |
% Chg |
May-25 |
May-24 |
% Chg |
|
U.S. Equity Options Industry |
51,351,579 |
40,386,911 |
27.1 % |
55,339,630 |
-7.2 % |
53,497,534 |
42,419,554 |
26.1 % |
|
MIAX Exchange Group |
8,957,378 |
5,929,078 |
51.1 % |
9,099,379 |
-1.6 % |
8,765,641 |
6,628,587 |
32.2 % |
|
MIAX Options |
4,248,059 |
2,389,506 |
77.8 % |
3,880,139 |
9.5 % |
3,825,691 |
2,668,892 |
43.3 % |
|
MIAX Pearl |
1,137,131 |
1,956,912 |
-41.9 % |
1,468,569 |
-22.6 % |
1,470,746 |
2,348,086 |
-37.4 % |
|
MIAX Emerald |
1,873,917 |
1,582,660 |
18.4 % |
1,998,141 |
-6.2 % |
2,113,945 |
1,611,609 |
31.2 % |
|
MIAX Sapphire |
1,698,272 |
- |
- |
1,752,529 |
-3.1 % |
1,355,258 |
- |
- |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
May-25 |
May-24 |
% Chg |
Apr-25 |
% Chg |
May-25 |
May-24 |
% Chg |
|
MIAX Exchange Group |
17.44 % |
14.68 % |
18.8 % |
16.44 % |
6.1 % |
16.39 % |
15.63 % |
4.9 % |
|
MIAX Options |
8.27 % |
5.92 % |
39.8 % |
7.01 % |
18.0 % |
7.15 % |
6.29 % |
13.7 % |
|
MIAX Pearl |
2.21 % |
4.85 % |
-54.3 % |
2.65 % |
-16.6 % |
2.75 % |
5.54 % |
-50.3 % |
|
MIAX Emerald |
3.65 % |
3.92 % |
-6.9 % |
3.61 % |
1.1 % |
3.95 % |
3.80 % |
4.0 % |
|
MIAX Sapphire |
3.31 % |
- |
- |
3.17 % |
4.4 % |
2.53 % |
- |
- |
|
(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. |
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|
Equities Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Equities Shares (millions) |
May-25 |
May-24 |
% Chg |
Apr-25 |
% Chg |
May-25 |
May-24 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
102 |
105 |
|||
|
U.S. Equities Industry |
369,294 |
274,062 |
34.7 % |
405,683 |
-9.0 % |
1,716,666 |
1,232,991 |
39.2 % |
|
MIAX Pearl Volume |
4,033 |
4,591 |
-12.1 % |
4,326 |
-6.8 % |
18,916 |
22,825 |
-17.1 % |
|
MIAX Pearl ADV |
192 |
209 |
-8.0 % |
206 |
-6.8 % |
185 |
217 |
-14.7 % |
|
MIAX Pearl Market Share |
1.09 % |
1.68 % |
-34.8 % |
1.07 % |
2.4 % |
1.10 % |
1.85 % |
-40.5 % |
|
Futures and Options Trading Volume for |
Year-to-Date Comparison |
|||||||
|
Futures & Options Contracts |
May-25 |
May-24 |
% Chg |
Apr-25 |
% Chg |
May-25 |
May-24 |
% Chg |
|
Trading Days |
21 |
22 |
21 |
103 |
105 |
|||
|
MIAX Futures Volume |
279,105 |
220,302 |
26.7 % |
375,074 |
-25.6 % |
1,752,295 |
1,281,512 |
36.7 % |
|
MIAX Futures ADV |
13,291 |
10,014 |
32.7 % |
17,861 |
-25.6 % |
17,013 |
12,205 |
39.4 % |
|
MIAX Futures Open Interest |
92,726 |
68,418 |
35.5 % |
80,546 |
15.1 % |
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