Miami International Holdings, Inc. (MIH), a technology driven leader in building and operating regulated financial markets across multiple asset classes, reported January 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™.
January 2025 Trading Volume and Market Share Highlights
Total multi-listed options volume for the MIAX Exchange Group reached a record 177.4 million contracts in January 2025, a 26.2% increase year-over-year (YoY). January 2025 market share reached 16.7%, a 6.0% increase YoY. MIAX Exchange Group also set a daily volume record of 12.0 million contracts on January 31.
MIAX Sapphire reached a record monthly volume of 20.5 million contracts, with January 2025 market share reaching a record 1.9%. MIAX Sapphire reached a daily volume record of 1.3 million contracts on January 10, as well as a daily market share record of 2.1% on January 27. 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 74.0 million contracts, a 30.2% increase YoY. January 2025 market share reached 7.0%, a 9.2% increase YoY. MIAX Options reached a daily volume record of 5.1 million contracts on January 31.
MIAX Emerald reached a record monthly volume of 49.5 million contracts, a 55.8% increase YoY. January 2025 market share reached 4.7%, a 30.8% increase YoY.
MIAX Pearl Options reached a monthly volume of 33.4 million contracts, a 35.6% decrease YoY. January 2025 market share reached 3.2%, a 46.0% decrease YoY.
In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 3.9 billion shares, a 15.4% decrease YoY and representing a market share of 1.3%, a 33.5% decrease YoY.
In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 327,114 contracts, a 48.7% increase YoY. Open interest reached 106,081 contracts at the end of January 2025, a 31.5% increase YoY.
Source: MIAX
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