MIAX Hits Record 17.1% YTD U.S. Options Share as ADV Rises 22%

Miami International Holdings said its U.S. options exchanges held a record 17.1% share of multi-list options trading on a year-to-date basis through September, as average daily volume rose 22.0% from the same period a year earlier. The result extends a year in which MIAX has grown faster than the broader U.S. options market, even though its September performance was weaker than the year-to-date trend.

MIAX Exchange Group averaged 10.983 million options contracts per day through September, up from 9.002 million in the first nine months of 2025. Across the U.S. equity-options industry, average daily volume reached 64.327 million contracts over the same period, an increase of 19.1% from 53.989 million.

That difference in growth rates helped lift MIAX’s year-to-date market share from 16.7% to 17.1%. In its September trading report, the company described the 17.1% level as a record and said the options group consists of MIAX Options, MIAX Pearl, MIAX Emerald and MIAX Sapphire.

MIAX outpaces a fast-growing U.S. options market

MIAX’s 22.0% figure measures year-to-date average daily volume, not a 22% increase in September volume alone. MIAX calculates average daily volume by dividing total contracts for the period by the number of trading days, which was 187 through September 2026 compared with 186 in the prior-year period.

Broader U.S. options activity has also expanded quickly in 2026. U.S. equity-options average daily volume was up 19.1% through September, so MIAX’s 22.0% growth means the company gained share while participating in a larger overall market. The increase in share was 0.4 percentage point from the first nine months of 2025, a relatively modest shift compared with the rise in contract volume because the market around MIAX was also growing at a high rate.

September did not mark the first time MIAX reached the 17.1% record share. MIAX reported a 17.1% year-to-date share through August as well, when its average daily options volume was about 11.0 million contracts and was running 25.5% above the comparable 2025 period. September therefore preserved the record share level while the year-to-date growth rate in volume moderated from the August reading.

For MIAX, the longer-term comparison is more favorable than a single month’s result. The group’s year-to-date average daily volume rose by nearly 2.0 million contracts from the comparable 2025 period, and the company maintained a share above its prior-year level despite rapid growth in total U.S. options activity.

September itself was softer than the year-to-date trend

September’s standalone figures show a different picture. MIAX options average daily volume was 10.712 million contracts in September, down 0.7% from 10.787 million in September 2025 and 7.2% below the 11.537 million recorded in August. Its September options market share was 16.7%, compared with 17.6% a year earlier and 18.4% in August.

Meanwhile, industry options average daily volume increased 4.8% year over year in September to 64.239 million contracts and was 2.3% above August. That means MIAX lost ground within the market during September even as its cumulative position for the first nine months remained at a record 17.1%.

Reading the cumulative figure alongside September avoids making the latest month look stronger than it was. MIAX’s 22.0% growth rate reflects activity accumulated across the first nine months of the year. September alone did not add to that pace, and the monthly share moved below both its August level and the year-earlier month.

Other MIAX markets were mixed. MIAX Pearl’s U.S. equities average daily volume fell 49.7% year over year in September to 103 million shares, while its market share declined to 0.6% from 1.1%. Through September, Pearl averaged 157 million shares a day, down 15.8%, with a 0.8% share compared with 1.1% in the prior-year period.

MIAX Futures showed different trends across product groups. Agricultural futures average daily volume rose 34.5% from September 2025 to 8,036 contracts, but was 43.0% below August and remained down 19.8% on a year-to-date basis. Financial futures, which MIAX said launched in May, averaged 2,226 contracts per day in September, up 43.0% from August, without a comparable prior-year figure.

Options volume remains central to MIAX’s earnings profile

Options volume carries particular weight because options are MIAX’s largest reported business segment by net revenue. In the second quarter, options net revenue was $124.4 million, up 34% from $92.8 million a year earlier, while total company net revenue was $141.1 million. MIAX said the options increase was driven mainly by higher fee revenue tied to greater industry volume and higher revenue per contract, along with higher non-trading fees from member connections, 2026 pricing changes and new market-data products.

MIAX’s second-quarter SEC filing also shows how market activity feeds into its economics. For the first six months of 2026, MIAX options market share was 16.9%, up from 16.4% in the same period of 2025, while options revenue per contract increased 4.5%. The company attributed broader industry options-volume growth during that period to factors including heightened market volatility and growing retail participation, but that explanation is management’s assessment rather than an independently established cause.

By closing out the third quarter, the September report extends MIAX’s volume picture through nine months. They show that MIAX entered the final quarter with a record year-to-date options share and materially higher cumulative daily volume, while also revealing that September was a weaker month for the company’s options exchanges than August and the year-earlier period on a market-share basis.

MIAX’s next quarterly financial results will provide the clearer test of how the higher year-to-date options activity translated into revenue and profitability during the third quarter. The September data already establish the operating baseline: strong cumulative growth in the core options franchise, but without the same momentum in the final month of the quarter.