Miami International Holdings Reports October 2026 Trading Results

MIAX posts record YTD options volumes, but October segment results are mixed across products.

What the company is saying

Miami International Holdings, Inc. (NYSE:MIAX) reports that its MIAX Exchange Group achieved a record year-to-date average daily volume (ADV) of 11,015,000 contracts through October 2026, a 16.6% increase from the same period in 2025. The group also claims a record YTD market share of 17.1%, edging up from 17.0% last year. The announcement highlights strong YTD performance but acknowledges that October 2026 monthly options ADV fell 13.5% year-over-year to 11,290,000 contracts, and monthly market share dropped 12.8% to 16.9%. MIAX Pearl's equities ADV and market share both saw sharp year-over-year declines, with ADV down 51.4% and market share down 41.0%. MIAX Futures agricultural contracts ADV rose 28.1% year-over-year in October to 9,333, while financial futures ADV surged 117.1% month-over-month to 4,833 after launching in May 2026. The company presents the data factually, with no forward-looking statements or commentary on causes for the segment declines.

What the data suggests

The disclosed figures show MIAX Exchange Group's YTD options ADV at 11,015,000 contracts, up 16.6% from 9,448,000 the prior year, and YTD market share at 17.1%, up marginally from 17.0%. However, October 2026 monthly options ADV was 11,290,000, down 13.5% from 13,057,000 in October 2025, and market share fell to 16.9% from 19.4%, a 12.8% drop. MIAX Pearl's October equities ADV dropped to 106 million from 218 million, a 51.4% decrease, and market share fell to 0.6% from 1.0%. MIAX Futures agricultural ADV in October rose to 9,333 from 7,286, a 28.1% increase, but YTD agricultural ADV is down 17.0% at 11,483 versus 13,828 last year. Financial futures ADV reached 4,833 in October, up 117.1% from September's 2,226, reflecting growth after their May 2026 launch. The data is granular and transparent, but the operational momentum is uneven, with some segments improving and others deteriorating. No financial results, revenue, or profit figures are included.

Analysis

The announcement is a routine monthly trading update, presenting realised operational data for October 2026 and year-to-date. All claims are factual, backward-looking, and supported by specific numerical disclosures (ADV, market share, period comparisons). There are no forward-looking statements, projections, or aspirational language. The tone is neutral, with no evidence of narrative inflation or exaggerated claims. No large capital outlays or future benefits are discussed, and all reported metrics are immediately realised. The data is comprehensive for operational volumes but does not include financial or profitability figures, which is typical for this type of update and does not constitute overstatement.

Risk flags

• ●The sharp year-over-year decline in MIAX Exchange Group's October options ADV (-13.5%) and market share (-12.8%) signals potential competitive pressure or market share loss, which could impact future growth if the trend continues.
• ●MIAX Pearl's equities business shows significant contraction, with ADV down 51.4% and market share down 41.0% year-over-year in October, raising questions about the sustainability and strategic value of this segment.
• ●MIAX Futures agricultural contracts show strong October growth but a 17.0% YTD decline, indicating volatility and possible structural challenges in maintaining consistent volume.
• ●The absence of revenue, expense, or profitability data limits investors' ability to assess the financial impact of these volume and market share trends, making it difficult to gauge the bottom-line effect.

Bottom line

Investors see MIAX Exchange Group reporting record YTD options volumes and market share, but the October monthly data reveals notable weakness in both options and equities segments. The company's futures business is showing early signs of growth in financial contracts and a rebound in agricultural contracts for October, though YTD agricultural volumes remain down. The lack of financial disclosures means investors cannot directly assess the revenue or profit implications of these volume shifts. The operational data is comprehensive and transparent, but the mixed trends across business lines suggest that headline YTD records mask underlying volatility. The most important takeaway is that while MIAX is growing overall, segment-level performance is uneven and warrants close monitoring for signs of sustained share loss or recovery.

Announcement summary

(NYSE: MIAX) Miami International Holdings, Inc. reported October 2026 trading results for its U.S. exchange subsidiaries, including MIAX, MIAX Pearl, MIAX Emerald, MIAX Sapphire, and MIAX Futures. The MIAX Exchange Group achieved a record year-to-date (YTD) average daily volume (ADV) of 11,015,000 contracts through October 2026, representing a 16.6% increase from the same period in 2025. The MIAX Exchange Group set a YTD market share record of 17.1% through October 2026, compared to 17.0% in the prior-year period. In October 2026, the U.S. equity options industry ADV was 66,628,000 contracts, compared to 67,193,000 in October 2025, a decrease of 0.8%. The MIAX Exchange Group Options ADV for October 2026 was 11,290,000 contracts, down from 13,057,000 in October 2025, a decrease of 13.5%. The MIAX Exchange Group Options ADV for September 2026 was 10,712,000 contracts, up 5.4% from the previous month. The MIAX Exchange Group Options market share in October 2026 was 16.9%, compared to 19.4% in October 2025, a decrease of 12.8%. The MIAX Exchange Group Options market share in September 2026 was 16.7%, up 1.6% from the previous month. The MIAX Exchange Group Options YTD ADV was 11,015,000 contracts, compared to 9,448,000 in the prior-year period, an increase of 16.6%. The MIAX Exchange Group Options YTD market share was 17.1% through October 2026, compared to 17.0% in the prior-year period, an increase of 0.1%. For U.S. equities, the industry ADV in October 2026 was 17,306 million, compared to 20,996 million in October 2025, a decrease of 17.6%. The MIAX Pearl ADV for October 2026 was 106 million, compared to 218 million in October 2025, a decrease of 51.4%. The MIAX Pearl ADV for September 2026 was 103 million, up 3.0% from the previous month. The MIAX Pearl YTD ADV was 152 million, compared to 190 million in the prior-year period, a decrease of 20.1%. The MIAX Pearl market share in October 2026 was 0.6%, compared to 1.0% in October 2025, a decrease of 41.0%. The MIAX Pearl market share in September 2026 was 0.6%, and the YTD market share was 0.8%, compared to 1.1% in the prior-year period, a decrease of 25.2%. For MIAX Futures, the exchange had 22 trading days in October 2026 and 23 in October 2025. The MIAX Futures ADV for agricultural contracts in October 2026 was 9,333, compared to 7,286 in October 2025, an increase of 28.1%. The MIAX Futures ADV for agricultural contracts in September 2026 was 8,036, up 16.1% from the previous month. The MIAX Futures YTD ADV for agricultural contracts was 11,483, compared to 13,828 in the prior-year period, a decrease of 17.0%. The MIAX Futures ADV for financial contracts in October 2026 was 4,833, and in September 2026 was 2,226, an increase of 117.1%. The MIAX Futures YTD ADV for financial contracts was 4,453. Financial futures launched on May 17, 2026 (trade date May 18, 2026), and ADV is calculated from May 18 onward.

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