Miami International Holdings Inc's Business Segments

The company operates regulated financial marketplaces across multiple asset classes and geographies, including the MIAX Exchanges, MIAX Futures Exchange, and Bermuda Stock Exchange. These platforms utilize proprietary technology designed for high speed, performance, and reliability. The company offers trading in options, cash equities, futures, and options on futures, regulated by the SEC, CFTC, Bermuda Monetary Authority, and Guernsey Financial Services Commission. Its marketplaces include MIAX Options, MIAX Pearl, MIAX Emerald, MIAX Sapphire, MIAX Pearl Equities, MIAX Futures Exchange, and the Bermuda Stock Exchange. The company also owns Dorman Trading, a full-service Futures Commission Merchant. In 2024, it entered a ten-year exclusive license agreement with Bloomberg to develop and list proprietary index futures, options on futures, and cash index options based on Bloomberg indexes, with plans to launch in 2026. In 2026, the company sold 90% of MIAX Derivatives Exchange (MIAXdx), retaining a 10% interest. Since launching its first options exchange in 2012, the company has become the 13th largest global derivatives exchange operator by volume, with significant growth in multi-listed U.S. options and futures contracts. It has launched multiple options exchanges and an equities platform, expanding its offerings and market share.

The registrant operates through four business segments: Options, Equities, Futures, and International. The Options segment encompasses listed options on individual equity stocks and options on exchange-traded products (ETPs) such as ETFs, traded on MIAX Options, MIAX Pearl, MIAX Emerald, and MIAX Sapphire. This segment also includes market data revenue from the OPRA Plan, licensing of proprietary options market data, index licensing, and access services. The Equities segment provides listed U.S. equities and ETP transaction services on MIAX Pearl, market data revenue from the CTA Plan, UTP Plan, and CQS Plan, licensing of proprietary equities market data, routing services, and access services. The Futures segment offers futures transaction services through MIAX Futures, including trading and clearing of futures products, licensing of proprietary market data, listings fees, and access services. This segment includes the acquisition of Dorman Trading in October 2022 and MIAXdx in May 2023, with MIAXdx sold in January 2026. The International segment provides listing services for capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance-linked securities through BSX, as well as listing of high yield bonds and private equity debt through TISE.