What happened with MIAX today?
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Uses news and trading volume to explain the day’s move and how it relates to the market.
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Brokerage firms and market makers use Miami International Holdings, Inc.’s MIAX exchanges to execute trades for investors and professional traders. U.S. options trading supplies most of the company’s revenue through MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire. Member firms pay transaction fees, while member and non-member firms also pay to connect to the exchanges and obtain market data. The exchanges pay some participants incentives for supplying orders that others can trade against, so the fees collected do not all stay with the company.
Its smaller businesses extend this model to U.S. stock trading and futures trading and clearing. Dorman Trading executes and clears customers’ futures trades on multiple exchanges, relying on introducing brokers to bring in clients and maintain those relationships. Outside the United States, BSX in Bermuda and TISE in Guernsey provide securities-listing markets, including debt listings.
Revenue depends on trading volume, the share of orders attracted to MIAX and the fees retained after incentives and discounts. A few large customers supply a substantial share of revenue, mainly in options, and have no obligation to keep using its services. SEC and CFTC oversight also limits its flexibility: exchange fee and operating-rule changes require regulatory filings or approval and can be delayed or blocked.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
MIAX’s results depend chiefly on U.S. options trading volumes, fees retained per trade and market share, making Nasdaq and ICE rivals to watch even though neither appears here.
Cboe Global Markets competes with MIAX for U.S. listed-options and stock trades that generate exchange fees. Its exclusive S&P 500 options and VIX-linked products also compete with MIAX’s expansion into index derivatives, making those products worth watching alongside its share of trading.
CME Group competes with MIAX Futures for derivatives trades and the fees from executing and clearing them. CME launched Hard Red Spring Wheat futures and options on those futures in April 2025, making wheat trading a concrete test of competition as MIAX moved its Minneapolis wheat futures onto Onyx in June 2025.
Virtu Financial and MIAX benefit from trading activity in different ways: Virtu stands ready to buy and sell securities to earn small price spreads, while MIAX charges member firms to execute trades supported by liquidity providers. Virtu’s market-making results offer a read on that trading environment, but MIAX’s fee gains must be weighed against what it pays customers to supply liquidity.
Robinhood and MIAX share exposure to retail U.S. options activity: Robinhood earns revenue from retail options orders, while MIAX charges exchange fees for executing listed-options trades. Robinhood’s retail options business is therefore worth watching for signs of participation, not as evidence that its orders reach MIAX.
Interactive Brokers and MIAX earn fees from activity in the same listed stocks, options and futures: Interactive Brokers charges institutional and individual customers brokerage commissions, while MIAX earns trading and clearing fees. Its customers’ options and futures trading volumes offer a view of demand in MIAX’s markets, rather than a measure of MIAX’s own market share.
Webull and MIAX both earn revenue from retail U.S. options trading, but at different steps: Webull receives payments for sending customer orders to market makers and exchange partners, while MIAX charges for executing listed-options trades. Webull’s retail options order flow is a signal of activity, not proof of orders reaching MIAX.
CME Group Inc. earningsCME
CME Group’s report will show activity in its wheat futures and options, a competitive benchmark for MIAX Futures’ Minneapolis wheat contracts.
Look for trading activity in CME’s wheat futures and related options against the competition for trades in MIAX Futures’ Minneapolis wheat contracts. Strong activity at CME would show an established rival drawing interest in this market, making it harder for MIAX to attract contracts; weaker activity could mean less competitive pressure, but does not establish MIAX’s own volume or share.
Miami International Holdings, Inc. earningsThis company
MIAX earns most of its revenue from options trading and clearing, and this report will show whether more trading leaves it with higher net fees after liquidity payments.
Read options contract volume and market share alongside revenue per contract and net transaction fees, which subtract liquidity payments and certain other fees from transaction and clearing fees. If volume and share rise with net fees, MIAX is converting options growth into revenue after those costs; if trading grows but net fees do not keep pace, lower fees per contract or liquidity payments and other costs are absorbing the gain.
Cboe Global Markets, Inc. earningsCBOE
Cboe Global Markets’ report will show whether its listed options and exclusive index products are drawing trades in businesses where it competes with MIAX.
Watch Cboe’s listed-options activity and its exclusive S&P 500 options and VIX-linked products. If activity strengthens, especially in those exclusive products, a rival is attracting index-derivatives trading and competition for MIAX’s options expansion is greater; if it weakens, this report shows less competitive pull, but it cannot replace MIAX’s own market-share figures.
Virtu Financial, Inc. earningsVIRT
Virtu Financial’s report will show the trading environment for market makers, offering context for the liquidity payments MIAX makes to attract firms that support trading.
Look at Virtu’s market-making results. Stronger results suggest a more favorable trading environment for market makers, context for MIAX’s efforts to attract liquidity providers, though MIAX may still have to pay more for that liquidity. Weaker results point to pressure on market makers’ economics and could affect their willingness to supply liquidity. Either way, MIAX’s own liquidity payments and net transaction fees show what remains after those costs.
