Miami International Holdings, Inc., a technology-driven leader in building and operating regulated financial markets across multiple asset classes, reported December 2025 and full-year trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl® , MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX FuturesTM.
December 2025 and Full-Year 2025 Highlights
• MIAX Exchange Group reached a record average daily volume (ADV) of 11.1 million contracts in Q4
2025, a 46.5% increase year-over-year (YoY) and a 15.3% increase from Q3 2025.
• MIAX Exchange Group reached a record ADV of 9.5 million contracts in 2025, a 42.2% increase YoY.
• MIAX Exchange Group reached a quarterly market share record of 18.2% in Q4 2025, a 14.1% increase
YoY and a 5.4% increase from Q3 2025.
• MIAX Exchange Group reached an annual market share record of 17.1% in 2025, a 13.1% increase YoY.
• MIAX Futures reached an annual ADV record of 12,989 contracts in 2025, a 2.7% increase YoY.
Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates are available on the MIAX website at
https://ir.miaxglobal.com/volume-rpc-reports.
Source: MIAX
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