Miami International Holdings MIAX

Miami International Holdings, Inc. is a technology driven operator of regulated financial marketplaces that offers trading and clearing services across multiple asset classes and geographies. The company runs four U. S. options exchanges, a U. S. equities exchange, a U. S. futures exchange with clearing capabilities, two international securities exchanges and a full service futures commission merchant. Its proprietary technology platform powers the MIAX Exchanges and supports low latency high throughput and wire order determinism.

The company generates revenue primarily from transaction fees charged on trades executed on its exchanges, clearing fees from its derivatives clearing organizations, commissions and fees from its futures commission merchant business, licensing revenue from index product agreements and market data sales. Additional income comes from technology services and strategic investments.

The company operates through the following segments.

• U. S. Options: operates MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire, four electronic options exchanges regulated by the SEC that provide trading in listed equity options with various allocation and pricing models.
• U. S. Equities: runs MIAX Pearl Equities, an electronic cash equities exchange regulated by the SEC that offers trading in all U. S. equity securities qualifying for unlisted trading privileges using a price time allocation model and maker taker fee structure.
• U. S. Futures: manages MIAX Futures, a regulated futures exchange and clearing house that lists and clears futures and options on futures contracts, including agricultural and financial products, and provides clearing as a service to other market participants.
• International Listings: oversees the Bermuda Stock Exchange (BSX) and The International Stock Exchange Group Limited (TISEG), which provide electronic listing and trading of equities, debt, funds, hedge funds, derivative warrants and insurance linked securities in Bermuda and Guernsey.
• Dorman Trading: operates as a full service futures commission merchant registered with the CFTC, providing execution and clearing services for introducing brokers, retail customers, institutional clients and professional traders on numerous futures exchanges.
• MIAXdx: prior to the January 2026 transaction, operated as a wholly owned subsidiary that provided a fully collateralized derivatives clearing organization and contract market for futures, options on futures and swaps, including bitcoin and ether derivatives.

Miami International Holdings, Inc. ranks as the thirteenth largest global derivatives exchange operator by contract volume and has built a competitive advantage through its proprietary technology, which delivers exceptional speed, reliability and low latency. The firm benefits from a broad suite of exchange and clearing licenses, a technology first culture and strong relationships with market participants, enabling it to launch new products quickly and attract order flow despite competition from larger, more established exchanges.

The company serves SEC registered broker dealers and their sponsored access clients, introducing brokers, retail customers, institutional investors, professional traders and international brokers. Its customers include major banks, proprietary trading firms, hedge funds and market makers that rely on its exchanges for options, equities and futures trading.