Miami International Holdings, Inc. (MIH), a technology- driven leader in building and operating regulated financial markets across multiple asset classes, reported February 2025 trading results for its U.S. exchange subsidiaries—MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX SapphireTM (collectively, the MIAX Exchange Group), and MIAX FuturesTM.
February 2025 Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 163.9 million contracts in February 2025, a 12.8% increase year-over-year (YoY) and bringing total YTD volume to a record 341.3 million contracts. February 2025 market share reached 15.8%, a 3.3% decrease YoY.
- MIAX Sapphire reached a record monthly volume of 21.8 million contracts, with February 2025 market share reaching a record 2.1%. MIAX Sapphire set a daily volume record of 1.6 million contracts on February 21 and a daily market share record of 2.4% on February 24. 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 69.2 million contracts, an 18.6% increase YoY. February 2025 market share reached 6.7%, a 1.7% increase YoY. MIAX Options YTD volume and market share were at record levels, reaching 143.2 million contracts and 6.8%, respectively.
- MIAX Pearl Options reached a monthly volume of 30.5 million contracts, a 42.8% decrease YoY. February 2025 market share reached 2.9%, a 50.9% decrease YoY.
- MIAX Emerald reached a monthly volume of 42.3 million contracts, a 25.9% increase YoY. February 2025 market share reached 4.1%, an 8.0% increase YoY. MIAX Emerald YTD volume and market share were at record levels, reaching 91.8 million contracts and 4.4%, respectively.
- In U.S. equities, MIAX Pearl EquitiesTM reached a monthly volume of 3.2 billion shares, a 20.4% decrease YoY and representing a market share of 1.1%, a 37.1% decrease YoY.
- In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 461,996 contracts, a 40.0% increase YoY. Average daily volume (ADV) for futures and options reached a record 24,316 contracts.
Source: MIH
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