Miami International Holdings Reports Trading Results for December and Full-Year 2023; MIAX Exchange Group Sets Record Volume and Market Share Levels in Options and Equities Markets
PRINCETON, N.J., Jan. 11, 2024 /PRNewswire/ -- Miami International Holdings, Inc. (MIH) today reported December 2023 and full-year 2023 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX™).
December 2023 and Full-year 2023 Trading Volume and Market Share Highlights
- Total multi-listed monthly options volume for the MIAX Exchange Group reached a record 1.6 billion contracts in 2023, a 22.1% increase year-over-year (YoY) and representing a record annual market share of 15.73%, a 16.2% increase YoY. December volume totaled 128.3 million contracts, a 10.8% increase YoY and representing a monthly market share of 15.43%, a 6.2% increase YoY.
- MIAX Options reached a record volume of 634.0 million contracts in 2023, a 15.5% increase YoY and representing an annual market share of 6.28%, a 9.9% increase YoY. December volume reached 51.4 million contracts, an 8.1% increase YoY and representing a monthly market share of 6.18%, a 3.6% increase YoY.
- MIAX Pearl Options reached a record volume of 647.1 million contracts in 2023, a 47.7% increase YoY and representing a record market share of 6.41%, a 40.5% increase YoY. December volume totaled 46.4 million contracts, a 1.4% increase YoY and representing a market share of 5.58%.
- MIAX Emerald Options reached volume of 30.5 million contracts in December, a 35.5% increase YoY and representing a market share of 3.67%, a 30.0% increase YoY.
- In U.S. equities, MIAX Pearl Equities™ reached a record volume of 46.9 billion shares in 2023, a 58.9% increase YoY and representing a record market share of 1.70%, a 71.6% increase YoY. December volume totaled 4.4 billion shares, a 105.0% increase YoY and representing a market share of 1.77%, an 87.5% increase YoY.
- In U.S. futures, MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a volume of 2.9 million contracts in 2023, a 12.1% decrease 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 | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | Dec-23 | Dec-22 | % Chg | |
Trading Days | 20 | 21 | 21 | 250 | 251 | ||||
U.S. Equity Options Industry | 831,449,638 | 797,391,491 | 4.3 % | 819,353,114 | 1.5 % | 10,092,147,417 | 9,599,301,629 | 5.1 % | |
MIAX Exchange Group | 128,287,450 | 115,810,693 | 10.8 % | 120,847,771 | 6.2 % | 1,587,012,460 | 1,299,336,164 | 22.1 % | |
MIAX Options | 51,400,676 | 47,561,766 | 8.1 % | 48,435,412 | 6.1 % | 634,026,200 | 548,767,478 | 15.5 % | |
MIAX Pearl | 46,372,764 | 45,731,038 | 1.4 % | 48,184,598 | -3.8 % | 647,128,959 | 438,116,813 | 47.7 % | |
MIAX Emerald | 30,514,010 | 22,517,889 | 35.5 % | 24,227,761 | 25.9 % | 305,857,301 | 312,451,873 | -2.1 % | |
Multi-Listed Options ADV | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | Dec-23 | Dec-22 | % Chg | |
U.S. Equity Options Industry | 41,572,482 | 37,971,023 | 9.5 % | 39,016,815 | 6.6 % | 40,368,590 | 38,244,230 | 5.6 % | |
MIAX Exchange Group | 6,414,373 | 5,514,795 | 16.3 % | 5,754,656 | 11.5 % | 6,348,050 | 5,176,638 | 22.6 % | |
MIAX Options | 2,570,034 | 2,264,846 | 13.5 % | 2,306,448 | 11.4 % | 2,536,105 | 2,186,325 | 16.0 % | |
MIAX Pearl | 2,318,638 | 2,177,668 | 6.5 % | 2,294,505 | 1.1 % | 2,588,516 | 1,745,485 | 48.3 % | |
MIAX Emerald | 1,525,701 | 1,072,280 | 42.3 % | 1,153,703 | 32.2 % | 1,223,429 | 1,244,828 | -1.7 % | |
Multi-Listed Options Market Share for MIAX Exchange Group, Current Month | Year-to-Date Comparison | ||||||||
Multi-Listed Options Market | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | Dec-23 | Dec-22 | % Chg | |
MIAX Exchange Group | 15.43 % | 14.52 % | 6.2 % | 14.75 % | 4.6 % | 15.73 % | 13.54 % | 16.2 % | |
MIAX Options | 6.18 % | 5.96 % | 3.6 % | 5.91 % | 4.6 % | 6.28 % | 5.72 % | 9.9 % | |
MIAX Pearl | 5.58 % | 5.74 % | -2.8 % | 5.88 % | -5.2 % | 6.41 % | 4.56 % | 40.5 % | |
MIAX Emerald | 3.67 % | 2.82 % | 30.0 % | 2.96 % | 24.1 % | 3.03 % | 3.25 % | -6.9 % | |
Equities Trading Volume for MIAX Pearl Equities, Current Month | Year-to-Date Comparison | |||||||
Equities Shares (millions) | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | Dec-23 | Dec-22 | % Chg |
Trading Days | 20 | 21 | 21 | 250 | 251 | |||
U.S. Equities Industry | 247,729 | 226,636 | 9.3 % | 221,781 | 11.7 % | 2,758,344 | 2,980,342 | -7.4 % |
MIAX Pearl Volume | 4,387 | 2,140 | 105.0 % | 4,609 | -4.8 % | 46,935 | 29,547 | 58.9 % |
MIAX Pearl ADV | 219 | 102 | 115.2 % | 219 | -0.1 % | 188 | 118 | 59.5 % |
MIAX Pearl Market Share | 1.77 % | 0.94 % | 87.5 % | 2.08 % | -14.8 % | 1.70 % | 0.99 % | 71.6 % |
Futures & Options Trading Volume and Open | Year-to-Date Comparison | |||||||
Futures Contracts | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | Dec-23 | Dec-22 | % Chg |
Trading Days | 20 | 21 | 21 | 250 | 251 | |||
MGEX Total | 136,652 | 163,030 | -16.2 % | 328,252 | -58.4 % | 2,894,831 | 3,293,926 | -12.1 % |
Hard Red Spring Wheat – | 132,682 | 126,876 | 61.8 % | 319,559 | -58.5 % | 2,584,138 | 2,440,456 | 5.9 % |
Hard Red Spring Wheat – | 3,565 | 2,914 | 45.5 % | 5,704 | -37.5 % | 74,957 | 68,095 | 10.1 % |
SPIKES Volatility Index – | 405 | 33,240 | -91.3 % | 2,989 | -86.5 % | 235,736 | 785,375 | -70.0 % |
Average Daily Volume | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | Dec-23 | Dec-22 | % Chg |
MGEX Total | 6,833 | 7,763 | -12.0 % | 15,631 | -56.3 % | 11,579 | 13,123 | -11.8 % |
Hard Red Spring Wheat – | 6,634 | 6,042 | 9.8 % | 15,217 | -56.4 % | 10,337 | 9,723 | 6.3 % |
Hard Red Spring Wheat – | 178 | 139 | 28.1 % | 272 | -34.6 % | 300 | 271 | 10.5 % |
SPIKES Volatility Index – | 20 | 1,583 | -98.7 % | 142 | -85.9 % | 943 | 3,129 | -69.9 % |
Open Interest | Dec-23 | Dec-22 | % Chg | Nov-23 | % Chg | |||
MGEX Total | 63,238 | 60,089 | 5.2 % | 68,716 | -8.0 % | |||
Hard Red Spring Wheat – | 56,582 | 54,401 | 4.0 % | 62,620 | -9.6 % | |||
Hard Red Spring Wheat – | 6,656 | 5,325 | 25.0 % | 5,988 | 11.2 % | |||
SPIKES Volatility Index – | 0 | 363 | -100.0 % | 108 | -100.0 % | |||
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 SapphireTM), Minneapolis Grain Exchange, LLC (MGEX™), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).
MIAX, MIAX Pearl and MIAX Emerald 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 three 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.
LedgerX is a CFTC regulated exchange and clearinghouse and is registered as a Designated Contract Market (DCM), Derivatives Clearing Organization (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 Miami, FL. MGEX offices are located in Minneapolis, MN. LedgerX 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 https://www.miaxglobal.com/company/markets/us-futures.
To learn more about LedgerX visit www.ledgerx.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
anybo@miaxglobal.com
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