MIAX Sapphire Electronic Options Exchange Launches on August 12, 2024
MIAMI AND PRINCETON, N.J., Sept. 10, 2024 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported August 2024 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl® MIAX Emerald®, and MIAX SapphireTM (collectively, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX™).
August 2024 and Year-to-Date Trading Volume and Market Share Highlights
- Total multi-listed options volume for the MIAX Exchange Group reached 130.7 million contracts, a 5.3% decrease year-over-year (YoY). August 2024 market share reached 13.6%, an 8.6% decrease YoY. Total year-to-date (YTD) volume reached 1.1 billion contracts, a 1.1% decrease from the same period in 2023.
- On August 12, MIH launched MIAX Sapphire, its fourth national securities exchange for U.S. multi-listed options, with the rollout of options on its first class, IBM. MIAX Sapphire will offer trading in additional classes in multiple phases on a weekly schedule through October 21, 2024. Monthly volume for the 97 classes available for trading in August reached 1.1 million contracts.
- MIAX Options reached a monthly volume of 61.0 million contracts, a 10.6% increase YoY. August 2024 market share reached 6.3%, a 6.8% increase YoY. Total YTD volume reached a record 453.5 million contracts, a 3.7% increase from the same period in 2023.
- MIAX Pearl Options reached a monthly volume of 30.6 million contracts, a 47.4% decrease YoY. August 2024 market share reached 3.2%, a 49.2% decrease YoY. Total YTD volume reached 343.2 million contracts, a 23.9% decrease from the same period in 2023.
- MIAX Emerald Options reached a monthly volume of 39.0 million contracts, a 58.2% increase YoY. August 2024 market share reached 4.1%, a 52.7% increase YoY. Total YTD volume reached a record 283.1 million contracts, a 38.5% increase from the same period in 2023.
- In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.0 billion shares, a 5.1% decrease YoY and representing a market share of 1.6%, an 8.9% decrease YoY. Total YTD volume reached a record 33.8 billion shares, an 18.1% increase from the same period in 2023. YTD market share reached a record 1.7%, an 11.4% increase from the same period in 2023.
- In U.S. futures, MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 373,659 contracts, a 13.4% increase YoY.
Additional MIAX Exchange Group and MGEX trading volume and market share information are included in the tables below.
|
Multi-Listed Options Trading Volume for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options |
Aug-24 |
Aug-23 |
% Chg |
Jul-24 |
% Chg |
Aug-24 |
Aug-23 |
% Chg |
|
Trading Days |
22 |
23 |
22 |
168 |
167 |
|||
|
U.S. Equity Options Industry |
962,386,101 |
929,123,718 |
3.6 % |
1,003,350,471 |
-4.1 % |
7,257,418,331 |
6,797,022,243 |
6.8 % |
|
MIAX Exchange Group |
130,654,104 |
137,982,535 |
-5.3 % |
138,203,905 |
-5.5 % |
1,080,900,653 |
1,093,133,331 |
-1.1 % |
|
MIAX Options |
61,027,610 |
55,161,173 |
10.6 % |
60,991,448 |
0.1 % |
453,471,662 |
437,401,595 |
3.7 % |
|
MIAX Pearl |
30,611,320 |
58,153,595 |
-47.4 % |
33,933,367 |
-9.8 % |
343,245,586 |
451,314,015 |
-23.9 % |
|
MIAX Emerald |
39,015,174 |
24,667,767 |
58.2 % |
43,279,090 |
-9.9 % |
283,131,693 |
204,417,721 |
38.5 % |
|
MIAX Sapphire(1) |
1,051,712 |
– |
– |
– |
– |
1,051,712 |
– |
– |
|
Multi-Listed Options ADV |
Aug-24 |
Aug-23 |
% Chg |
Jul-24 |
% Chg |
Aug-24 |
Aug-23 |
% Chg |
|
U.S. Equity Options Industry |
43,744,823 |
40,396,683 |
8.3 % |
45,606,840 |
-4.1 % |
43,198,919 |
40,700,732 |
6.1 % |
|
MIAX Exchange Group |
5,938,823 |
5,999,241 |
-1.0 % |
6,281,996 |
-5.5 % |
6,433,932 |
6,545,709 |
-1.7 % |
|
MIAX Options |
2,773,982 |
2,398,312 |
15.7 % |
2,772,339 |
0.1 % |
2,699,236 |
2,619,171 |
3.1 % |
|
MIAX Pearl |
1,391,424 |
2,528,417 |
-45.0 % |
1,542,426 |
-9.8 % |
2,043,128 |
2,702,479 |
-24.4 % |
|
MIAX Emerald |
1,773,417 |
1,072,512 |
65.4 % |
1,967,231 |
-9.9 % |
1,685,308 |
1,224,058 |
37.7 % |
|
MIAX Sapphire(1) |
47,805 |
– |
– |
– |
– |
6,260 |
– |
– |
|
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month |
Year-to-Date Comparison |
|||||||
|
Multi-Listed Options Market |
Aug-24 |
Aug-23 |
% Chg |
Jul-24 |
% Chg |
Aug-24 |
Aug-23 |
% Chg |
|
MIAX Exchange Group |
13.58 % |
14.85 % |
-8.6 % |
13.77 % |
-1.4 % |
14.89 % |
16.08 % |
-7.4 % |
|
MIAX Options |
6.34 % |
5.94 % |
6.8 % |
6.08 % |
4.3 % |
6.25 % |
6.44 % |
-2.9 % |
|
MIAX Pearl |
3.18 % |
6.26 % |
-49.2 % |
3.38 % |
-6.0 % |
4.73 % |
6.64 % |
-28.8 % |
|
MIAX Emerald |
4.05 % |
2.65 % |
52.7 % |
4.31 % |
-6.0 % |
3.90 % |
3.01 % |
29.7 % |
|
MIAX Sapphire(1) |
0.11 % |
– |
– |
– |
– |
0.01 % |
– |
– |
|
(1) |
MIAX Sapphire launched trading August 12th listing a single class for the first week, followed by seven additional classes the week of August 19th, and 89 additional classes the week of August 26th. MIAX Sapphire will offer trading in additional classes in multiple phases on a weekly schedule completing the rollout of more than 3,800 classes the week of October 21st. |
|
Equities Trading Volume for MIAX Pearl Equities, Current Month |
Year-to-Date Comparison |
|||||||
|
Equities Shares (millions) |
Aug-24 |
Aug-23 |
% Chg |
Jul-24 |
% Chg |
Aug-24 |
Aug-23 |
% Chg |
|
Trading Days |
22 |
23 |
22 |
168 |
167 |
|||
|
U.S. Equities Industry |
252,333 |
242,103 |
4.2 % |
246,723 |
2.3 % |
1,957,736 |
1,847,930 |
5.9 % |
|
MIAX Pearl Volume |
4,003 |
4,216 |
-5.1 % |
3,970 |
0.8 % |
33,820 |
28,646 |
18.1 % |
|
MIAX Pearl ADV |
182 |
183 |
-0.7 % |
180 |
0.8 % |
201 |
172 |
17.4 % |
|
MIAX Pearl Market Share |
1.59 % |
1.74 % |
-8.9 % |
1.61 % |
-1.4 % |
1.73 % |
1.55 % |
11.4 % |
|
Futures & Options Trading Volume and Open Interest for MGEX, |
Year-to-Date Comparison |
|||||||
|
Futures Contracts |
Aug-24 |
Aug-23 |
% Chg |
Jul-24 |
% Chg |
Aug-24 |
Aug-23 |
% Chg |
|
Trading Days |
22 |
23 |
22 |
168 |
167 |
|||
|
MGEX Futures Volume |
373,653 |
329,483 |
13.4 % |
225,249 |
65.9 % |
2,226,430 |
1,999,459 |
11.4 % |
|
MGEX ADV |
16,984 |
14,325 |
18.6 % |
10,239 |
65.9 % |
13,253 |
11,973 |
10.7 % |
|
MGEX Open Interest |
81,709 |
63,217 |
29.3 % |
85,383 |
-4.3 % |
|||
About MIAX
MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire, LLC (MIAX Sapphire™), Minneapolis Grain Exchange, LLC (MGEX™), Ledger X LLC d/b/a MIAX Derivatives Exchange (MIAXdx), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).
MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.
MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM, DCO, and Swap Execution Facility (SEF) with the CFTC.
BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.
Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.
MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MGEX offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.
To learn more about MIAX visit www.miaxglobal.com.
To learn more about MGEX visit www.miaxglobal.com/mgex.
To learn more about MIAXdx visit www.miaxdx.com.
To learn more about BSX visit www.bsx.com.
To learn more about Dorman Trading visit www.dormantrading.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Media Contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
[email protected]
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