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Miami International Holdings Reports September 2021 Trading Results, MIAX Pearl Equities Sets New Market Share and Volume Records; SPIKES Futures Volume at Record Levels

PRINCETON, N.J., Oct. 6, 2021 /PRNewswire/ — Miami International Holdings, Inc. today reported September 2021 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group™) and the Minneapolis Grain Exchange (MGEX).

The total U.S. multi-listed options market share of 14.50% in September 2021 was 79 basis points higher than the 13.71% market share in September 2020 and represented a 5.8% increase.

The MIAX Exchange Group collectively executed 110.8 million multi-listed options contracts in September 2021, representing an average daily volume (ADV) of 5,275,356 contracts.

In U.S. equities, MIAX Pearl Equities™ executed 1,379,358,616 shares in August 2021, a monthly volume record and an increase of 78.4% from August 2021. The September 2021 total also represented a market share record of 0.62%.

In U.S. futures, MGEX executed 324,299 contracts in September 2021, the 4th highest monthly total volume on record and representing an increase of 96.8% from the September 2020 total.  Total volume during the January to September 2021 period reached a record 2,800,181 contracts, a 38.2% increase from the same period in 2020, while open interest totaled 88,618 contracts on September 30, 2021, an increase of 33.1% from the September 30, 2020 total.

SPIKES® Futures volume totaled a record 157,539 contracts in September 2021, up 83.4% from the 85,885 contract total in August 2021.  SPIKES Futures volume reached a record ADV of 7,502 contracts in September 2021.  In addition, SPIKES Futures volume on September 9, 2021 totaled a new daily record volume of 14,890 contracts.

Multi-Listed Options Trading Volume for

 MIAX Exchange Group, Current Month

Year-to-Date Comparison
Multi-Listed Options
Sep-21 Sep-20 % Chg Aug-21 % Chg Sep-21 Sep-20 % Chg
Trading Days 21 21 22 188 189
U.S. Equity Options Industry 763,992,378 632,751,329 20.7% 761,891,872 0.3% 6,896,676,100 5,046,519,012 36.7%
MIAX Exchange Group 110,782,472 86,720,900 27.7% 116,013,478 -4.5% 989,154,877 605,449,661 63.4%
MIAX Options 43,883,693 36,901,910 18.9% 47,123,249 -6.9% 384,130,954 242,802,660 58.2%
MIAX Pearl 29,760,494 23,864,559 24.7% 27,068,706 9.9% 331,491,709 228,612,913 45.0%
MIAX Emerald 37,138,285 25,954,431 43.1% 41,821,523 -11.2% 273,532,214 134,034,088 104.1%
Multi-Listed Options ADV Sep-21 Sep-20 % Chg Aug-21 % Chg Sep-21 Sep-20 % Chg
U.S. Multi-Listed Options Industry 36,380,589 30,131,016 20.7% 34,631,449 5.1% 36,684,447 26,701,159 37.4%
MIAX Exchange Group 5,275,356 4,129,567 27.7% 5,273,340 0.0% 5,261,462 3,203,437 64.2%
MIAX 2,089,700 1,757,234 18.9% 2,141,966 -2.4% 2,043,250 1,284,670 59.0%
MIAX Pearl 1,417,166 1,136,408 24.7% 1,230,396 15.2% 1,763,254 1,209,592 45.8%
MIAX Emerald 1,768,490 1,235,925 43.1% 1,900,978 -7.0% 1,454,959 709,175 105.2%
Multi-Listed Options Market Share for

MIAX Exchange Group, Current Month

Year-to-Date Comparison
Multi-Listed Options Market
Sep-21 Sep-20 % Chg Aug-21 % Chg Sep-21 Sep-20 % Chg
MIAX Exchange Group 14.50% 13.71% 5.8% 15.23% -4.8% 14.34% 12.00% 19.5%
MIAX 5.74% 5.83% -1.5% 6.19% -7.1% 5.57% 4.81% 15.8%
MIAX Pearl 3.90% 3.77% 3.3% 3.55% 9.6% 4.81% 4.53% 6.1%
MIAX Emerald 4.86% 4.10% 18.5% 5.49% -11.4% 3.97% 2.66% 49.3%
Equities Trading Volume for

MIAX Pearl Equities, Current Month

Year-to-Date Comparison
Equities Shares (millions) Sep-21 Sep-20 % Chg Aug-21 % Chg Sep-21 Sep-20 % Chg
Trading Days 21 2 22 188 2
U.S. Equities Volume – Industry 222,234 NM NM 198,022 12.2% 2,180,672 NM NM
MIAX Pearl Volume 1,379 NM NM 773 78.4% 6,087 NM NM
MIAX Pearl ADV 66 NM NM 37 77.5% 32 NM NM
MIAX Pearl Market Share 0.62% NM NM 0.39% 59.1% 0.28% NM NM
NM – Not meaningful
Futures & Options Trading Volume for

MGEX, Current Month

Year-to-Date Comparison
Futures & Options


Sep-21 Sep-20 % Chg Aug-21 % Chg Sep-21 Sep-20 % Chg
Trading Days 21 21 22 188 189
MGEX Volume 324,299 164,754 96.8% 394,528 -17.8% 2,800,181 2,026,152 38.2%
MGEX ADV 15,443 7,845 96.8% 17,933 -13.9% 14,895 10,720 38.9%


For further information regarding MIAX, please visit or contact MIAX Trading Operations at

Corporate Communications Contacts:

Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091

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®), the Minneapolis Grain Exchange, LLC (MGEX), and the Bermuda Stock Exchange (BSX).

MIAX, MIAX Pearl and MIAX Emerald are national securities exchanges registered with the Securities and Exchange Commission (SEC) that leverage MIAX’s industry-leading technology and infrastructure to provide U.S. listed options trading to their member firms. MIAX 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). In addition to options, MIAX Pearl facilitates the trading of cash equities through MIAX Pearl Equities™.

MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and is a Notice Registered Securities Futures Product Exchange with the SEC. MGEX serves as the exclusive market for a variety of products, including Hard Red Spring Wheat and SPIKES Futures. In addition, MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM, DCO and cash market services in an array of asset classes.

BSX is a leading electronic international securities market regulated by the Bermuda Monetary Authority (BMA) specializing in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance linked securities. A full member of the World Federation of Exchanges and affiliate member of the International Organization of Securities Commissions, the BSX is globally recognized, including by the SEC.

MIAX’s executive offices and National Operations Center are located in Princeton, NJ, with additional offices located in Miami, FL, Minneapolis, MN, and Hamilton, Bermuda.

To learn more about MIAX visit

To learn more about MGEX visit

To learn more about the BSX visit

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.

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