What Miami International Holdings does

Miami International Holdings, Inc. (NYSE: MIAX) is a Princeton, New Jersey-headquartered financial market infrastructure company that operates eight regulated exchanges across options, equities, futures, and international securities, plus a Futures Commission Merchant subsidiary. Founded in 2007 and operating its first exchange in December 2012, MIAX runs four U.S. options exchanges (MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire) under distinct allocation and pricing models — Pro-Rata with Customer Rebate, Price-Time with Maker-Taker, and Price-Time with Taker-Maker — alongside MIAX Pearl Equities for U.S. cash equities, MIAX Futures (formerly MGEX) as a vertically integrated DCM/DCO, The Bermuda Stock Exchange (BSX), and The International Stock Exchange (TISE, acquired June 2025).

The company's core technology stack is a fully proprietary, in-house built trading platform developed by Miami International Technologies, LLC, differentiated by 99.9998% operational uptime since inception, single-digit nanosecond order-sequencing determinism, and sustained throughput of 10 million quotes/orders per second on Pearl Equities. The same platform underpins all venues and was extended in 2025 to MIAX Futures Onyx. Clearing is delivered via Vermiculus VeriClear, an AI-powered elastically scalable real-time clearing system. MIAX's business model is transaction-fee dominant: Q3 2025 net transaction fees reached $78 million (+21% QoQ), supplemented by market data feeds (via MENI), listing and membership fees, clearing and FCM services (Dorman Trading), and proprietary technology licensing (BSX's March 2025 platform re-build). GTM is sales-led through a dedicated Membership Department, with performance warrant-based Equity Rights Programs aligning market makers since 2013, institutional investor conference participation, and a post-IPO 'Excellence in Every Exchange' multi-channel brand campaign.

Name

Miami International Holdings

Legal name

Miami International Holdings, Inc.

Website

https://miaxglobal.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Miami International Holdings (NYSE: MIAX) operates eight regulated exchanges across U.S. options, U.S. equities, futures, and international securities, serving broker-dealers, market makers, clearing firms, and international issuers through a proprietary trading technology platform.

Ownership category

akta.pro rank

Product category

Securities Exchanges and Clearing

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Clearing Broker / Carrying Broker (FCM & Clearing) (FSAEACAF)

akta.pro secondary industries

Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB), Settlement Risk Management & Fail/Buy-in Processing (FSACAHAI)

Keywords

• Options exchange
• Futures clearing
• Equities trading
• International securities listings
• Exchange technology platform

Headquarters

HQ city

Princeton

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Net transaction fees: Per-contract transaction fees on options and futures trading volume; Q3 2025 net transaction fees reached $78 million (+21% QoQ). Represents the dominant revenue stream driven by options trading volume.
2. Market data services: Real-time and historical market data feeds across options, equities, and futures markets distributed via the MIAX Express Network Interconnect (MENI); includes Top of Market (ToM) feeds and proprietary analytics products.
3. Listing and membership fees: Listing fees on BSX (insurance-linked securities), TISE (bonds, REITs, securitizations), and MIAX Pearl Equities; membership fees for exchange members and clearing members (MIAX Futures clearing membership requires $500,000 security deposit).
4. Clearing and settlement services: Vertically integrated Derivatives Clearing Organization (DCO) services for MIAX Futures products and DCM-as-a-service offerings across asset classes.
5. Dorman Trading FCM services: Futures Commission Merchant services via Dorman Trading subsidiary (acquired October 2022), providing clearing services to customers as a full-service FCM.
6. Technology and platform licensing: Licensing of proprietary MIAX technology to other venues; Bermuda Stock Exchange BSX launched a new trading, clearing, settlement, and depository platform built on MIAX proprietary technology in March 2025.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Miami International Holdings (MIAX) is a holding company that operates a portfolio of regulated electronic exchanges and clearing organizations across U.S. options, U.S. equities, U.S. futures, and international securities. The company sells exchange memberships, per-contract transaction-based trading fees, market data feeds, listing fees, clearing and settlement services, and futures commission merchant services to broker-dealers, market makers, clearing firms, issuers, and institutional trading participants. All venues run on MIAX Technologies, a proprietary in-house built trading platform, with futures clearing supported by the Vermiculus VeriClear AI-powered risk management system.

Product overview

Miami International Holdings (MIAX) is a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies, operating eight exchanges plus an FCM under a platform-plus-modules architecture. The core proprietary technology is delivered through MIAX Technologies, which powers a portfolio of four U.S. options exchanges (MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire) plus one U.S. equities exchange (MIAX Pearl Equities). The futures product line is anchored by MIAX Futures (formerly MGEX), a vertically integrated DCM/DCO operating on the proprietary MIAX Futures Onyx trading platform launched in 2025, with proprietary Minneapolis Hard Red Spring Wheat Futures and the new Bloomberg 100 and Bloomberg 500 Index Futures cleared at OCC. International reach is delivered through two acquired subsidiaries — The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE) — providing access to international capital markets and digital asset regulation. The corporate portfolio is rounded out by Dorman Trading (a full-service FCM), Miami International Technologies (technology subsidiary), MIAX Market Data Services, and the co-branded QUIKOptions analytics offering.

Differentiator

Problem solved

Functional benefit

Brands

• MIAX Options: First fully-electronic U.S. options exchange launched in December 2012 with Pro-Rata allocation and Customer Rebate pricing.
• MIAX Pearl
• MIAX Emerald
• MIAX Sapphire
• MIAX Pearl Equities
• MIAX Futures
• MIAX Futures Onyx
• MIAX Technologies
• Dorman Trading
• The Bermuda Stock Exchange (BSX)
• The International Stock Exchange (TISE)

Products and services

• MIAX Options Exchange First fully-electronic U.S. options exchange launched by MIAX in December 2012. Offers a Pro-Rata allocation model with Customer Rebate pricing, rewarding market makers for providing continuous two-sided quotes, and supports a fully electronic price improvement auction open to all exchange members. For Section 15 registered broker-dealers, market makers, and electronic exchange members.
• MIAX Pearl Options Exchange Second fully-electronic U.S. options exchange launched in February 2017. Uses Price-Time priority allocation with Maker-Taker pricing to encourage aggressive quoting by liquidity providers, leveraging MIAX's proprietary technology platform. For broker-dealers, market makers, and electronic exchange members.
• MIAX Emerald Options Exchange Third U.S. options exchange launched in March 2019. Offers Pro-Rata allocation with Maker-Taker pricing, encouraging market participants to quote in large bid and offer sizes while incentivizing aggressive liquidity seeking. For broker-dealers and market makers.
• MIAX Sapphire Options Exchange Fourth U.S. options exchange launched in August 2024. Offers Price-Time priority allocation with Taker-Maker pricing to encourage members to take posted liquidity, and operates a physical trading floor in Miami, Florida. For broker-dealers and market makers seeking a physical-floor and Taker-Maker combination.
• MIAX Pearl Equities Fully automated electronic equities trading platform launched on September 29, 2020. Leverages MIAX's options technology with Price-Time allocation and Maker-Taker fee structure, providing U.S. cash equities trading including NMS securities qualifying for Unlisted Trading Privileges. Offers free and low fee access to market data, ports and connectivity relative to industry.
• MIAX Futures Exchange Vertically integrated futures exchange and clearing house registered with the CFTC as a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with an unrestricted DCO license. Acquired as MGEX in 2020 and renamed MIAX Futures. Operates on the MIAX Futures Onyx trading platform launched in 2025. Flagship product is Minneapolis Hard Red Spring Wheat Futures. Clearing membership requires a $500,000 security deposit.
• MIAX Futures Onyx Trading Platform Proprietary trading platform launched in June 2025, designed to power trading of agricultural and financial futures and options on futures in geographically diverse locations. Built by MIAX's technology team using the same proven systems powering MIAX's options and equities exchanges. Powers MIAX Futures Exchange and its agricultural and financial futures products.
• Minneapolis Hard Red Spring Wheat Futures Flagship agricultural contract of MIAX Futures, trading continuously since its inception in 1881. High-protein wheat used in bagels, high quality breads and cereal, traded electronically on the MIAX Futures Onyx platform. Used by grain elevators, processors, exporters, and other agricultural hedgers for price risk management.
• Tini Bloomberg 100 Index Futures First product in the suite of equity index futures based on Bloomberg Indices, launched May 17, 2026 on MIAX Futures. Exclusively listed on MIAX Futures and cleared at the OCC. Targets both retail and institutional investors seeking transparent, rules-based benchmark exposure to large U.S. companies.
• Bloomberg 500 Index Futures Equity index futures product based on the Bloomberg 500 Index (B500) benchmark, listed exclusively on MIAX Futures and cleared at OCC. Includes Tini Bloomberg 500 (scheduled May 31, 2026) and Bloomberg 500 (scheduled June 7, 2026). Targets retail and institutional investors seeking exposure to large-cap U.S. equities through standardized futures contracts.
• The Bermuda Stock Exchange (BSX) International securities market headquartered in Bermuda, acquired by MIAX in 2020. Specializes in listing and trading capital market instruments including equities, debt issues, funds, hedge funds, derivative warrants, and insurance-linked securities (ILS). Operates under Bermuda's Digital Asset Business Act providing a regulatory framework for digital asset products. 719 ILS securities listed representing $61.1 billion aggregate market issuance as of June 2025.
• The International Stock Exchange (TISE) International stock exchange headquartered in Guernsey, Channel Islands, acquired by MIAX in June 2025. Europe's leading professional bond market with more than 4,500 securities valued at over $975 billion listed on its public market as of June 30, 2025. Known for its Qualified Investor Bond Market (QIBM) and is Europe's leading listing venue for high yield bonds and private equity debt.
• MIAX Market Data Services Broad range of real-time and historical market data feeds from MIAX exchanges, including Top of Market (ToM) feeds and access via the MIAX Express Network Interconnect (MENI) infrastructure of low-latency solutions. Also provides historical market data via portable storage devices and performance reports for exchange participants. For institutional market data consumers, data vendors, and approved third-party redistributors.
• Dorman Trading FCM Services Full-service CFTC-registered Futures Commission Merchant acquired by MIAX in October 2022. Provides clearing services for MIAX Futures customers, expanding MIH's U.S. futures operations and FCM capabilities. For institutional and commercial customers requiring futures clearing services.
• MIAX Technologies Trading Platform Proprietary trading technology platform custom built in-house, differentiated by throughput (10M quotes/orders/sec on Pearl Equities), latency, reliability (99.9998% uptime), and wire-order determinism (single-digit nanosecond sequencing). Deployed across all MIAX equities and options markets and licensed to third-party venues including the Bermuda Stock Exchange. Recognized as Best Trading Platform by Fund Intelligence for 2023, 2024, and 2025.

Quantifiable outcome

• MIAX Exchange Group YTD market share reached 17.3% in March 2026 (up from 16.4% prior year), with ADV of 10.9 million contracts
• +9 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability4 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered flagship, minor and major.

• Options Clearing Corporation (OCC)flagshipStrategic or Co-development Partner · 20 May 2026Clearing and settlement agreement announced May 20, 2026 between MIAX Futures and OCC, allowing OCC member participants to cross-margin MIAX Futures products against complementary products from other exchanges. The agreement made MIAX Futures OCC's fifth participant exchange under the MIAX name and supported the launch of Bloomberg equity index futures.
• Boursa KuwaitminorStrategic or Co-development Partner · 23 December 2025Memorandum of Understanding signed December 23, 2025 between The International Stock Exchange (TISE) and Boursa Kuwait to explore collaboration in facilitating specialized listings, sustainable finance initiatives, and expanding Middle Eastern investment channels. Follows similar August 2025 agreement between Guernsey Financial Services Commission and Capital Markets Authority of Kuwait.
• Robinhood Markets and Susquehanna International GroupflagshipStrategic or Co-development Partner · 25 November 2025Strategic sale of 90% of MIAX Derivatives Exchange (MIAXdx, formerly LedgerX) to a joint venture established by Robinhood Markets and Susquehanna International Group, with MIAX retaining 10% equity stake. Deal announced November 25, 2025, closed January 21, 2026, and expected to accelerate MIAX's access to prediction markets.
• Vermiculus Financial TechnologymajorTechnology or Integration · 20 November 2025Deployed Vermiculus VeriClear-based real-time risk management system live on MIAX Futures Exchange (November 20, 2025). The system provides collateral management, real-time risk monitoring, stress tests, and portfolio backtesting, implemented using agile methodology with phased roll-outs every two months. Also powers the Bermuda Stock Exchange (BSX) CSD technology platform launched March 2025.
• Bloomberg Index Services LimitedflagshipStrategic or Co-development Partner · 18 September 2024Licensing agreement announced September 2024 to develop a range of index derivatives based on Bloomberg's benchmarks, including Tini Bloomberg 100 Index Futures (launched May 17, 2026), Tini Bloomberg 500 Index Futures (May 31, 2026), and Bloomberg 500 Index Futures (June 7, 2026). Products listed exclusively on MIH's exchanges.
• QUIKOptionsminorGTM or Marketing PartnerPartnership with QUIKOptions to deliver option analytics tools, insights, and educational content to traders of all levels. Featured prominently on MIAX homepage as 'Option Analytics for Everyone'.
• Robinhood Markets (prediction markets partnership)majorStrategic or Co-development PartnerBeyond the MIAXdx joint venture, MIAX has ongoing strategic exposure to prediction markets through its retained 10% equity stake in the Robinhood/Susquehanna-led joint venture that acquired MIAX Derivatives Exchange.

Scale indicators12 records

Recent moves10 records

Expansion highlights7 records

Broad incumbents

• Intercontinental Exchange (ICE): Operates major futures exchanges (ICE Futures U.S./Europe) and the NYSE equities/options franchise; competes with MIAX Futures in financial futures and with MIAX Pearl Equities/options venues, with a far larger scale and broader asset class mix.
• CME Group: The dominant U.S. futures exchange operator (CME, CBOT, NYMEX, COMEX) and the primary competitor for MIAX's new Bloomberg equity index futures; benchmark product suite and clearing infrastructure far exceed MIAX Futures' current scale.
• Deutsche Börse: European exchange operator (Frankfurt, Eurex) with major derivatives franchise and international listing services; comparable to MIAX in cross-border exchange operations and in vertical integration of trading, clearing, and data.
• Nasdaq: Operates the second-largest U.S. equity options market (PHLX/NDX), a major U.S. equities exchange, and Nordic exchanges; competes head-to-head with MIAX in U.S. equity options and adjacent listing/data services, with a much broader capital-markets footprint.
• LSEG (London Stock Exchange Group): Operates the London Stock Exchange, FTSE Russell (index licensing), and global post-trade services; competes with MIAX in international listing venues (TISE overlaps with LSE) and through benchmark/index products analogous to Bloomberg equity index futures.

Regional players

• TMX Group: Canadian exchange operator (Toronto Stock Exchange, TSX Venture, Montreal Exchange) with a multi-asset trading/clearing model; comparable in scale and structure to MIAX but focused on Canadian markets.
• Hong Kong Exchanges and Clearing (HKEX): Asia-Pacific multi-asset exchange and clearing operator with equities, derivatives, and commodities franchises; comparable in vertical integration (exchange + clearinghouse) and international listing platform strategy.

Direct peers

• Cboe Global Markets: The largest U.S. equity options exchange operator (CBOE, C2, ISE, EDGX Options) and a key competitor across all four MIAX options venues; both firms compete for multi-listed options order flow with proprietary matching engines and differentiated pricing models.
• BOX Exchange: U.S. options exchange competing directly with MIAX Options/Pearl/Emerald/Sapphire in equity options; comparable niche player pursuing market share through differentiated pricing and allocation models against CBOE/Nasdaq/NYSE.

Emerging players

• Members Exchange (MEMX): Member-owned U.S. equities and options exchange that competes with MIAX Pearl Equities and MIAX options venues; comparable as a newer, technology-focused entrant targeting market share from incumbent U.S. exchanges.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/miaxoptions
• YouTubeyoutube.com/channel/UCkt-Q8GV__KLLnhB8Q5hkdw
• LinkedInlinkedin.com/company/miax-exchange-group
• Instagraminstagram.com/miaxglobal

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries11 records

Funding overview

Funding rounds6 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Miami International Holdings