Miami International Holdings (MIAX) is a financial exchange operator that owns and runs multiple U.S. options exchanges, a U.S. equities platform, a futures exchange, and international securities venues. The company earns the majority of its revenue from transaction and clearing fees charged to exchange member firms for executing trades across its platforms. MIAX held 17.1% U.S. equity options market share in FY2025, up from 15.1% in FY2024. Total revenues reached $1.364B in FY2025, up 19.6% from $1.140B in FY2024, with the Options segment contributing $1.107B of that total. Three customers accounted for 15%, 19%, and 11% of revenue in FY2025, indicating meaningful concentration. The company operates four U.S. options exchanges (MIAX Options, MIAX Pearl Options, MIAX Emerald Options, and MIAX Sapphire Options), a futures and clearing business (MIAX Futures), and international operations including the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE), headquartered in Guernsey since 2013 and operating across Guernsey, Dublin, Isle of Man, Jersey, and London.

Revenue model

Transaction and clearing fees, charged to member firms on a per-trade basis with volume-tiered discounts settled monthly, generated $1.189B in FY2025 and represent the primary revenue stream. Access fees ($106.0M in FY2025) and market data fees ($41.6M in FY2025) are secondary recurring streams. Clearing fees are earned by MIAX Futures, Dorman Trading, and BSX on cleared transactions. Cost of revenues is dominated by liquidity payments to market makers ($837.9M in FY2025), making net revenues less cost of revenues ($430.5M in FY2025) the more relevant operating metric.

Products and services

Four U.S. equity options exchanges: MIAX Options (launched December 2012, pro-rata allocation, customer rebate pricing), MIAX Pearl Options (February 2017, price-time, maker-taker), MIAX Emerald Options (March 2019, pro-rata, maker-taker), and MIAX Sapphire Options (August 2024, price-time, taker-maker). Each exchange listed approximately 3,595 to 3,607 underlyings as of FY2025. MIAX Futures operates as a designated contract market (DCM) and derivatives clearing organization (DCO) with an unrestricted clearing license for futures and options on futures, currently transitioning from an agricultural focus to a broader product set. International operations include BSX (Bermuda, cryptocurrency and digital asset regulatory environment) and TISE (Guernsey, professional bond market with more than 2,500 issuers from over 35 countries as of December 31, 2025). Market data and analytics products sold across all segments.

Customers and end markets

Exchange member firms are the direct customers, paying transaction and clearing fees. Three customers represented 45% of combined FY2025 revenue (19%, 15%, and 11% individually). End markets include U.S. equity options trading, U.S. equities trading, futures and derivatives clearing, international bond listings, and digital asset markets via BSX. Dorman Trading serves customers trading options and futures through brokerage and commission services.

Value-chain role

MIAX operates as a vertically integrated exchange and clearing operator. It provides trade matching (exchange), clearing (MIAX Futures DCO, BSX), market data distribution, and listings services. The futures segment includes a broker-dealer (Dorman Trading) that connects customer order flow to the exchange and clearing infrastructure.

Geographic exposure

Primarily United States (options and equities exchanges, MIAX Futures). International operations include Bermuda (BSX) and the Channel Islands/Europe (TISE operating in Guernsey, Dublin, Isle of Man, Jersey, and London). TISE serves issuers from over 35 countries as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-06

Industry: Security Brokers, Dealers & Flotation Companies