Miami International Holdings, Inc. (MIAX) operates a global network of financial exchanges and execution services, facilitating the trading of options, equities, futures, and international securities. The company's core business model revolves around matching buyers and sellers in the financial markets, generating revenue primarily through transaction and clearing fees, market access fees, and market data fees. MIAX operates eight distinct exchanges, including its flagship U.S. options platforms (MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire), a U.S. equities exchange (MIAX Pearl Equities), and MIAX Futures. Internationally, the company owns the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). Additionally, MIAX owns Dorman Trading, a full-service Futures Commission Merchant. The company's competitive position is anchored by its proprietary, in-house built technology platforms, which are engineered for high throughput, low latency, and reliability. While MIAX previously acquired LedgerX (rebranded as MIAXdx) to enter the digital currency derivatives market, it strategically sold a 90% stake in the entity in early 2026, refocusing on its core traditional asset classes. MIAX serves a diverse institutional client base, including banks, broker-dealers, and market makers, and has steadily grown its U.S. options market share through strategic acquisitions and new product launches, such as its suite of Bloomberg equity index futures.
