# MIAX

> MIAX is the trading name of Miami International Holdings, a Princeton, New Jersey-based public exchange operator that builds and runs regulated marketplaces on proprietary technology. Its portfolio spans four U.S. options exchanges, a cash-equities venue, a futures exchange and clearing operation, The Bermuda Stock Exchange and The International Stock Exchange in Guernsey. MIAX earns revenue from transaction and clearing fees, market data, connectivity, listings and related services, serving broker-dealers, market makers, trading firms, asset managers, issuers and futures customers rather than offering accounts directly to individual investors.

- **Founded:** 2007
- **Headquarters:** Princeton, United States
- **Founders:** Thomas P. Gallagher (Co-founder, Chairman and CEO), Barbara J. Comly (Co-founder, EVP, General Counsel and Corporate Secretary)
- **Team size:** 439 employees as of December 31, 2025
- **Products:** MIAX Options, MIAX Pearl Options, MIAX Emerald, MIAX Pearl Equities, MIAX Sapphire
- **Notable:** Launched four U.S. options exchanges organically between 2012 and 2024., Reached 15.1% of U.S. multi-listed options volume in 2024 and 17.3% in Q1 2026., Completed a $396.8 million gross-proceeds IPO and began NYSE trading under MIAX in August 2025.

## Products & services

- **MIAX Options** — A fully electronic U.S. options exchange using a pro-rata allocation model and maker-taker pricing.
- **MIAX Pearl Options** — A U.S. options exchange using price-time priority and maker-taker pricing.
- **MIAX Emerald** — A U.S. options exchange using pro-rata allocation and maker-taker pricing.
- **MIAX Pearl Equities** — A fully automated U.S. cash-equities exchange using price-time priority and maker-taker pricing.
- **MIAX Sapphire** — A U.S. options exchange using price-time priority and taker-maker pricing, with a Miami trading floor launched in 2025.
- **MIAX Futures** — A designated contract market and derivatives clearing organization for agricultural and financial futures and options on futures, powered by the Onyx platform.
- **The Bermuda Stock Exchange** — An international market for listings including debt, funds, equities and insurance-linked securities.
- **The International Stock Exchange** — A Guernsey-based exchange known for international bond listings, securitizations, funds and UK REITs.
- **Market data and connectivity** — Proprietary data feeds, exchange access, ports and related services for market participants and vendors.
- **Dorman Trading** — A futures commission merchant providing futures execution and clearing services to introducing brokers, retail customers, institutions and professional traders.
- **SPIKES Volatility Products** — Options and related products based on a 30-day SPY volatility index developed with T3 Index.
- **Bloomberg Equity Index Futures** — Tini Bloomberg 100, Tini Bloomberg 500 and Bloomberg 500 futures listed on MIAX Futures.

## Achievements

- Launched four U.S. options exchanges organically between 2012 and 2024.
- Reached 15.1% of U.S. multi-listed options volume in 2024 and 17.3% in Q1 2026.
- Completed a $396.8 million gross-proceeds IPO and began NYSE trading under MIAX in August 2025.
- Recorded $430.5 million in FY2025 net revenue, up 56% year over year, and $199.1 million in adjusted EBITDA.
- Named Best Trading Platform in the Fund Intelligence Operations and Services Awards in 2023, 2024 and 2025.
- Launched the in-house MIAX Futures Onyx platform in June 2025.
- Expanded internationally through ownership of BSX and the 2025 acquisition of TISE.
- Launched a physical MIAX Sapphire options trading floor in Miami in September 2025.

## Latest updates

- **2026-08** — Reported record Q2 net revenue of $141.1 million, up 35% year over year, and adjusted EBITDA of $76.8 million.
- **2026-07** — Reported a 26.0% year-to-date increase in average daily volume for multi-listed options through June 2026.
- **2026-05** — Launched Tini Bloomberg 100 Index Futures, followed by Tini Bloomberg 500 and Bloomberg 500 futures.
- **2026-05** — Signed an OCC clearing and settlement agreement for MIAX Futures financial products.
- **2026-05** — Reported Q1 net revenue of $128.6 million, up 40%, and 17.3% U.S. multi-listed options market share.
- **2026-04** — Started its nationwide 'Excellence in Every Exchange' advertising campaign.
- **2026-01** — Completed the sale of 90% of MIAXdx to a Robinhood-Susquehanna joint venture and retained 10%.

## Links

- Website: https://www.miaxglobal.com
- LinkedIn: https://www.linkedin.com/company/miax-exchange-group
- Twitter/X: https://twitter.com/miaxexchange
- Facebook: https://facebook.com/MinneapolisGrainExchangeInc/

---

Profile page: https://yespress.io/miax
Published by YesPress — https://yespress.io
Last updated: 2026-08-11