MIAX Exchange Group Posts Solid August and Year-to-Date Results
Miami International Holdings, Inc. (MIH) reported steady progress across its U.S. exchange subsidiaries—MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire. The group highlighted active trading in options, equities, and futures, underscoring both monthly performance and year-to-date momentum. With proprietary technology built for speed, reliability, and throughput, MIH continues to show why it’s a fixture in regulated financial markets.
August Options Trading at a Glance
In August, total multi-listed options volume across the MIAX Exchange Group reached 130.7 million contracts. That’s down 5.3% from a year earlier, and the group’s market share in this category came in at 13.6%, an 8.6% decline year-over-year. Even so, the broader picture remained resilient: year-to-date multi-listed options volume stood at 1.1 billion contracts, off just 1.1% versus the same period in 2023. One month softened; the year held its ground.
MIAX Sapphire Launch: A Fourth U.S. Options Venue
On August 12, MIH introduced MIAX Sapphire, its fourth exchange focused on U.S. multi-listed options. Trading started with options on IBM, with additional classes scheduled to roll out each week until more than 3,800 classes are live by October 21, 2024. In its first partial month, Sapphire handled 1.1 million contracts across the 97 classes that were available in August—early days, but a clear start.
Different Notes Across the Options Lineup
Performance varied by venue. MIAX Options recorded 61.0 million contracts in August, a 10.6% year-over-year increase. August market share for MIAX Options reached 6.3%, up 6.8% year-over-year, and year-to-date volume rose to a record 453.5 million contracts, 3.7% higher than last year. One venue pushed higher while the group total eased—both can be true at once.
MIAX Pearl and MIAX Emerald: Two Paths in August
MIAX Pearl Options had a tougher month. August volume was 30.6 million contracts, down 47.4% from a year earlier. Market share came in at 3.2%, a 49.2% decrease year-over-year. For the year to date, MIAX Pearl Options reached 343.2 million contracts, which is 23.9% lower than the prior year’s comparable period.
MIAX Emerald Options moved in the other direction. August volume totaled 39.0 million contracts, up 58.2% from a year earlier, with market share at 4.1%. Year to date, Emerald tallied 283.1 million contracts, a 38.5% jump from last year. Same month, same market—very different trajectories.
Equities and Futures: The Broader Picture
In equities, MIAX Pearl Equities handled 4.0 billion shares in August, a 5.1% year-over-year decline, and held a 1.6% market share. Year to date, the venue reached a record 33.8 billion shares, up 18.1%, showing that monthly dips can coexist with longer-run gains. In futures, MGEX posted 373,659 contracts in August, an increase of 13.4% year-over-year.
About MIAX: Technology and Leadership
MIAX comprises multiple trading venues, all registered with the Securities and Exchange Commission. Its proprietary systems are built to enhance throughput, reliability, and speed—engineering choices aimed at a smoother trading experience for participants. The company’s executive team steers these efforts, leaning on a track record of innovation to keep the organization focused on practical improvements that meet market needs.
Frequently Asked Questions
What was MIAX Exchange Group’s total multi-listed options volume in August?
The group’s multi-listed options volume in August was 130.7 million contracts, reflecting a 5.3% decline from the prior year and a market share of 13.6% for the month.
How did the newly launched MIAX Sapphire perform in its first month?
MIAX Sapphire went live on August 12 with IBM options and closed the month at 1.1 million contracts across 97 available classes. Additional classes are slated to roll out weekly through October 21, 2024.
Which venues saw the biggest swings year-over-year in August?
MIAX Emerald Options posted the largest year-over-year increase, up 58.2% to 39.0 million contracts. MIAX Pearl Options experienced the steepest decline, down 47.4% to 30.6 million contracts.
How did equities and futures activity compare in August?
MIAX Pearl Equities handled 4.0 billion shares in August, down 5.1% year-over-year, with a 1.6% market share. MGEX futures volume reached 373,659 contracts, up 13.4% year-over-year.
What distinguishes MIAX’s technology approach?
MIAX uses proprietary trading technology designed to improve throughput, reliability, and speed. The goal is a more efficient trading experience across its SEC-registered venues.
