Miami International(NYSE) MIAX

Miami International Holdings, Inc. helps firms trade stocks and options. It runs digital marketplaces for financial products. These tools make trading easy for professional investors.

Where the Trading Happens

• Options Exchanges: Operates marketplaces for trading stock and exchange-traded fund options across four U.S. national security exchanges.
• U.S. Equities: Provides trading and routing services for listed equity securities and exchange-traded products via the Pearl Equities platform.
• Futures and Clearing: Offers execution and clearing services for agricultural and financial futures through the MIAX Futures and Dorman Trading platforms.
• International Listings: Lists capital market instruments, debt issues, and high-yield bonds on exchanges in Bermuda and the Channel Islands.

Strategic Expansion and Divestitures

• Completed the acquisition of The International Stock Exchange (TISE) on June 5, 2025, for approximately $69.7 million.
• Sold 90% of its equity in the MIAXdx futures exchange, now known as Rothera, to a joint venture on Jan. 20, 2026.
• Launched new financial futures products on May 17, 2026, to expand its derivatives portfolio with index-based contracts.
• Migrated agricultural futures trading to the proprietary MIAX Futures Onyx platform on June 30, 2025, to improve execution efficiency.

Technology and Asset Diversity

Miami International Holdings operates using its own proprietary trading technology to support high-speed transactions across multiple asset classes. The company diversifies its revenue by offering market data, access fees, and listing services alongside traditional transaction fees.

A Financial Snapshot

• Total revenues rose 15.6% year over year to $757.3 million for the six-month period ended June 30, 2026.
• Operating income reached $73.7 million during the first half of 2026, a 48.8% increase from the prior year.
• Net income for the six months ended June 30, 2026, was $214.4 million, up 10,077.1% year over year.
• Options market share grew to 16.9% for the six-month period ended June 30, 2026, compared to 16.4% in the prior year.
• Market cap was $3.5 billion in the second quarter of 2026, up 45.0% year over year.

Company Evolution and Focus

Miami International Holdings has transitioned from a single options exchange into a global multi-asset marketplace operator. Its expansion into international listings and futures trading shows a strategy focused on diversifying beyond traditional U.S. security markets.