MIAX Sapphire Reaches 1.1% Market Share in September

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Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, reported September 2024 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire™ (collectively, the MIAX Exchange Group), and MIAX Futures™.

September 2024 and Year-to-Date Trading Volume and Market Share Highlights

  • Total multi-listed options volume for the MIAX Exchange Group reached 124.6 million contracts, a 7.0% increase year-over-year (YoY). September 2024 market share reached 14.2%, a 7.1% decrease YoY. Total year-to-date (YTD) volume reached 1.2 billion contracts, a 0.3% decrease from the same period in 2023.
  • MIAX Sapphire reached a monthly volume of 9.8 million contracts, with September 2024 market share reaching 1.1%. MIAX Sapphire launched trading on August 12, 2024, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, 2024, at which time more than 3,800 classes will be available for trading.
  • MIAX Options reached a monthly volume of 52.6 million contracts, a 12.9% increase YoY. September 2024 market share reached 6.0%, a 2.0% decrease YoY. Total YTD volume reached a record 506.0 million contracts, a 4.6% increase from the same period in 2023.
  • MIAX Pearl Options reached a monthly volume of 28.8 million contracts, a 39.9% decrease YoY. September 2024 market share reached 3.3%, a 47.9% decrease YoY. Total YTD volume reached 372.0 million contracts, a 25.5% decrease from the same period in 2023.
  • MIAX Emerald Options reached a monthly volume of 33.5 million contracts, a 52.0% increase YoY. September 2024 market share reached 3.8%, a 32.0% increase YoY. Total YTD volume reached a record 316.6 million contracts, a 39.8% increase from the same period in 2023.
  • In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.1 billion shares, an 8.7% increase YoY and representing a market share of 1.7%, a 5.2% decrease YoY. Total YTD volume reached a record 37.9 billion shares, a 17.0% increase from the same period in 2023. YTD market share reached a record 1.7%, a 9.5% increase from the same period in 2023.
  • In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 185,195 contracts, a 3.6% decrease YoY.

Additional MIAX Exchange Group and MIAX Futures trading volume and market share information are included in the tables below.

 Multi-Listed Options Trading Volume for MIAX Exchange Group, Current MonthYear-to-Date Comparison
Multi-Listed Options
Contracts		Sep-24Sep-23% ChgAug-24% ChgSep-24Sep-23% Chg
Trading Days2020 22 188187 
U.S. Equity Options Industry879,099,779763,134,85915.2 %962,386,101-8.7 %8,136,518,1107,560,157,1027.6 %
MIAX Exchange Group124,601,088116,458,2847.0 %131,705,816-5.4 %1,205,501,7411,209,591,615-0.3 %
MIAX Options52,557,58446,537,74712.9 %61,027,610-13.9 %506,029,246483,939,3424.6 %
MIAX Pearl28,765,23747,901,118-39.9 %30,611,320-6.0 %372,010,823499,215,133-25.5 %
MIAX Emerald33,473,28522,019,41952.0 %39,015,174-14.2 %316,604,978226,437,14039.8 %
MIAX Sapphire(1)9,804,982––1,051,712832.3 %10,856,694––
Multi-Listed Options ADVSep-24Sep-23% ChgAug-24% ChgSep-24Sep-23% Chg
U.S. Equity Options Industry43,954,98938,156,74315.2 %43,744,8230.5 %43,279,35240,428,6487.1 %
MIAX Exchange Group6,230,0545,822,9147.0 %5,986,6284.1 %6,412,2436,468,404-0.9 %
MIAX Options2,627,8792,326,88712.9 %2,773,982-5.3 %2,691,6452,587,9114.0 %
MIAX Pearl1,438,2622,395,056-39.9 %1,391,4243.4 %1,978,7812,669,600-25.9 %
MIAX Emerald1,673,6641,100,97152.0 %1,773,417-5.6 %1,684,0691,210,89439.1 %
MIAX Sapphire(1)490,249––47,805925.5 %57,748––
 Multi-Listed Options Market Share forMIAX Exchange Group, Current MonthYear-to-Date Comparison
Multi-Listed Options Market
Share		Sep-24Sep-23% ChgAug-24% ChgSep-24Sep-23% Chg
MIAX Exchange Group14.17 %15.26 %-7.1 %13.69 %3.6 %14.82 %16.00 %-7.4 %
MIAX Options5.98 %6.10 %-2.0 %6.34 %-5.7 %6.22 %6.40 %-2.8 %
MIAX Pearl3.27 %6.28 %-47.9 %3.18 %2.9 %4.57 %6.60 %-30.8 %
MIAX Emerald3.81 %2.89 %32.0 %4.05 %-6.1 %3.89 %3.00 %29.9 %
MIAX Sapphire(1)1.12 %––0.11 %920.6 %0.13 %––
(1)MIAX Sapphire launched trading on August 12, 2024, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, 2024, at which time more than 3,800 classes will be available for trading.
 Equities Trading Volume forMIAX Pearl Equities, Current MonthYear-to-Date Comparison
Equities Shares (millions)Sep-24Sep-23% ChgAug-24% ChgSep-24Sep-23% Chg
Trading Days2020 22 188187 
U.S. Equities Industry237,154206,83114.7 %252,333-6.0 %2,194,8902,054,7616.8 %
MIAX Pearl Volume4,0543,7308.7 %4,0031.3 %37,87432,37617.0 %
MIAX Pearl ADV2031878.7 %18211.4 %20117316.4 %
MIAX Pearl Market Share1.71 %1.80 %-5.2 %1.59 %7.8 %1.73 %1.58 %9.5 %
   
 Futures & Options Trading Volume and Open Interest for MIAX
Futures, Current Month		Year-to-Date Comparison
Futures ContractsSep-24Sep-23% ChgAug-24% ChgSep-24Sep-23% Chg
Trading Days2020 22 188187 
MIAX Futures Volume185,195192,064-3.6 %373,653-50.4 %2,411,6252,191,52310.0 %
MIAX Futures ADV9,2609,603-3.6 %16,984-45.5 %12,82811,7199.5 %
MIAX Futures Open Interest79,68275,2345.9 %81,709-2.5 % 

Source: MIH

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