olivLaw · US equity research
Miami International Holdings, Inc. MIAX
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
Miami International Holdings operates regulated exchanges for options, equities, futures and international markets, built on its own technology. The company reported net revenue of 141.1 million USD in the second quarter of 2026, up 35% year over year, amid elevated volatility in the options market.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Miami International Holdings, Inc. (MIAX) stock was 34.97 USD (+3.28% on the day), with market capitalisation 3.5 bn USD, P/E 12.5 on diluted EPS of 2.80 USD over the last 12 months, beta 0.46, 52-week range 29.55–56.84 USD. Latest reported quarter (Q3 2026): revenue of 376.2 m USD (+10.7% YoY), net income of 52.5 m USD, diluted EPS 0.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 55.2
- strong (55–70)
- Bollinger (20, 2)
- 28.80 – 35.75
- in the upper half of the band · %B 0.89 · band width 21.5%
- SMA 50 / 200
- 35.94 / 41.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.84
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.9% | −1.1% | +3.0 pp | — |
| 3 months | −23.9% | −0.5% | −23.5 pp | — |
| 6 months | −26.7% | +4.4% | −31.1 pp | — |
| Year to date | −21.2% | +12.3% | −33.5 pp | — |
| 1 year | −21.1% | +13.5% | −34.7 pp | −11.1% |
| 3 years | unavailable | +76.4% | unavailable | +63.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 323.9 m | 327.1 m | 327.8 m | 339.8 m | 369.4 m | 369.7 m | 387.6 m | 376.2 m |
| Cost of revenue | 242.2 m | 235.2 m | 223.1 m | 230.3 m | 244.9 m | 241.1 m | 246.5 m | 245.2 m |
| Gross profit | 81.7 m | 91.9 m | 104.7 m | 109.5 m | 124.5 m | 128.6 m | 141.1 m | 131.0 m |
| Operating income | 7.2 m | 22.3 m | 27.3 m | -305.0 k | 42.7 m | 46.0 m | 27.8 m | 47.2 m |
| Depreciation & amortisation | 6.3 m | 6.2 m | 6.9 m | 8.2 m | 8.0 m | 8.1 m | 8.8 m | 9.5 m |
| Interest expense | 4.4 m | 4.4 m | 4.9 m | 3.4 m | 176.0 k | 45.0 k | 44.0 k | 42.0 k |
| Pre-tax income | 3.3 m | -21.2 m | 24.7 m | -102.9 m | 30.9 m | 100.0 m | 28.8 m | 64.1 m |
| Income tax | 374.0 k | 210.0 k | 1.1 m | -810.0 k | 922.0 k | -70.2 m | -15.4 m | 11.6 m |
| Net income | 2.9 m | -21.4 m | 23.5 m | -102.1 m | 29.9 m | 170.2 m | 44.2 m | 52.5 m |
| Diluted EPS | 0.04 ≈ | -0.34 | 0.30 | -1.46 | 0.37 ≈ | 1.56 | 0.40 | 0.47 |
| Operating cash flow | 39.0 m | 11.2 m | 55.0 m ≈ | 54.7 m ≈ | 47.0 m | 60.9 m | 122.8 m ≈ | 23.1 m ≈ |
| Capex | 6.1 m | 4.7 m | 12.2 m ≈ | 1.7 m ≈ | 4.1 m | 11.7 m | 16.3 m ≈ | 1.4 m ≈ |
| Share repurchases | 318.0 k | 1.9 m | 0 ≈ | 19.9 m ≈ | 0 | 13.3 m | 3.8 m ≈ | 8.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 12.0, median 42.7, max 50.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 1.4 bn |
| Revenue YoY | unavailable | +9.5% | +19.6% |
| Net income | -20.9 m | 102.1 m | -70.0 m |
| Net income YoY | unavailable | unavailable | −168.6% |
| Diluted EPS | -0.37 | 1.39 | -1.00 |
| Diluted EPS YoY | unavailable | unavailable | −171.9% |
| net % | -2.0% | 9.0% | -5.1% |
| Free cash flow | -65.4 m | 84.7 m | 145.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 433.6 m USD
- Financial debt
- 1.5 m USD
- Net debt
- -432.1 m USD
- Equity
- 881.0 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.00x
- Current ratio
- 2.54x
- ROE
- -11.2%
- ROA
- -6.3%
- FCF margin
- 10.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Cost of revenue | 808.5 m | 864.4 m | 933.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Gross profit | 232.5 m | 275.6 m | 430.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Operating income | -2.9 m | -2.8 m | 92.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 21.0 m | 23.4 m | 29.4 m | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 18.2 m ≈ | 20.5 m ≈ | 121.3 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Interest expense | 18.9 m | 14.0 m | 12.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Pre-tax income | -22.1 m | 105.1 m | -68.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | -697.0 k | 3.1 m | 1.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | -20.9 m | 102.1 m | -70.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | -0.37 | 1.39 | -1.00 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 56.5 m | 74.6 m | 69.8 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 59.3 m | 150.3 m | 433.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Receivables | — | 92.4 m | 98.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Current assets | — | 572.8 m | 855.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | — | 44.5 m | 46.9 m | SEC (XBRL)· 06 Mar 2026verified |
| Goodwill | 46.8 m | 46.8 m | 62.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 114.7 m | 114.2 m | 170.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | — | 973.7 m | 1.3 bn | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | — | 12.8 m | 8.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Short-term debt | — | 4.8 m | 1.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Long-term debt | — | 32.3 m | 0 | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | — | 405.2 m | 337.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | — | 606.0 m | 378.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 163.8 m | 367.6 m | 881.0 m | SEC (XBRL)· 06 Mar 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -49.2 m | 111.4 m | 167.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 16.2 m | 26.7 m | 22.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | -65.4 m ≈ | 84.7 m ≈ | 145.0 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -64.1 m | -40.6 m | -101.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | -16.6 m | 29.4 m | 214.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Share repurchases | 3.3 m | 12.4 m | 21.8 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation48
- Returns11
- Quality71
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.38 – 62.30 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)43.26 – 62.30 (Mid 50.69)WACC 9.3% · starting FCFF 220.4 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -4.8%
- Peers: EV/EBITDA20.38 – 38.92 (Mid 33.19)3 companies used · median multiple 13.2x · quartiles 6.8x – 16.1xBLK, COHN, MKTX
- Peers: P/E29.27 – 54.68 (Mid 43.60)17 companies used · median multiple 15.6x · quartiles 10.4x – 19.5xBLK, COHN, ETOR, HOOD, IBKR, JEF, MKTX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 28.6% | 80 (vs peers) | 13% |
| Net margin · Quality | 19.8% | 65 (vs peers) | 8% |
| FCF conversion · Quality | 74.2% | 63 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.5x | 100 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 533.1x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 12.5x | 63 (vs peers) | 13% |
| EV/EBITDA · Valuation | 14.1x | 8 (on a fixed band) | 13% |
| FCF yield · Valuation | 6.3% | 79 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.7% | 11 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns· partial11/100 · 1/2 factors with a value
- Valuation48/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Miami International Holdings, Inc. (MIAX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 19.6%; net margin 19.8%; ROE 28.9%; net debt/EBITDA -3.5x.
The estimated value range is 29.27–54.68 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 43.60 USD, the price of 34.97 USD leaves a potential of 24.7% (value / price − 1) and a margin of safety of 19.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 28.6%
- Net debt / EBITDA: -3.5x
- Interest coverage: 533.1x
- Current ratio: 3.1x
- FCF yield: 6.3%
What contradicts it
- EV/EBITDA: 14.1x
- Shareholder yield (distributions): 0.7%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +1% / −31% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −21% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| HOODRobinhood Markets, Inc. | 0 | 40.3 | 21.3% | 39.0% | +51.6% | −32% / +893% |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| TIGRUp Fintech Holding Limited | — | 63.7 | 22.6% | 28.0% | +56.3% | −55% / −11% |
| FUTUFutu Holdings Ltd | 0 | 75.9 | 33.3% | 49.6% | +67.8% | −42% / +82% |
1- and 3-year price returns: for MIAX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.20 Total return -31% · Per year -31% | 42.60 Total return 22% · Per year 22% | 63.89 Total return 83% · Per year 83% |
| 3 years | 28.71 Total return -18% · Per year -6% | 56.33 Total return 61% · Per year 17% | 92.01 Total return 163% · Per year 38% |
| 5 years | 34.06 Total return -3% · Per year -1% | 74.50 Total return 113% · Per year 16% | 132.49 Total return 279% · Per year 31% |
- Exit P/E± 14.08
- Net margin± 9.86
- Annual revenue growth± 7.35
- Annual dilution± 0.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (29 Oct 2026 · results).
In brief
Miami International Holdings operates regulated exchanges for options, equities, futures and international markets, built on its own technology. The company reported net revenue of 141.1 million USD in the second quarter of 2026, up 35% year over year, amid elevated volatility in the options market.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on trading volumehigh
Revenue comes mainly from transaction and clearing fees; volume declines could weigh on results 1.
- Clearing riskmedium
Default by clearing members could leave the clearing house with losses 1.
- Litigation riskmedium
A litigation settlement charge in the second quarter of 2026 shows exposure to legal proceedings 3.
- Fixed costsmedium
The cost structure is largely fixed; if revenue falls, profitability could fall quickly 1.
- Intellectual property risklow
Rights to the technology and licences could be challenged or difficult to defend 1.
Investment thesis
What would need to be true (bull case)
- If options volumes stay elevated and Bloomberg products gain traction, revenue growth could continue and margins could hold up 13.
- A balance sheet with little debt and substantial cash provides flexibility for investment in new products 3.
- Integrating TISE and international licences could diversify revenue beyond the US market 1.
What would break the thesis
- If market volatility falls, options revenue could return quickly to lower levels 1.
- The Futures and Equities segments do not yet show positive operating results, which could limit the benefit of diversification 3.
- Higher expenses and one-off charges could reduce profitability if revenue does not cover them 3.
What to watch
- Trend in options volumes and market shareQ3 2026
- Effect of the Rothera launch on clearing activity2026
- Adjusted operating expense guidance for 2026Q3 2026
- Results of Bloomberg products in futuresnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (29 Oct 2026 · results).
The business
MIAX describes its business as building and operating regulated financial marketplaces across multiple asset classes and geographies. Its infrastructure rests on proprietary technology, which the company says sets it apart from competitors on speed and reliability. The portfolio includes four US options exchanges, one equities exchange, a futures exchange and clearing house, an FCM (Dorman Trading) and international markets via the Bermuda Stock Exchange and TISE 13. In 2025 multi-listed US options volume reached 2.4 billion contracts, a 41.1% increase on 2024 1.
The options market remains the main driver: in the second quarter of 2026 the Options segment generated 124.4 million USD of net revenue 3. In January 2026 the company sold 90% of MIAXdx and retained 10%, which was renamed Rothera 1. The TISE acquisition, closed in June 2025, added listing activity in Europe 1.
On 30 June 2026 the company held 660.5 million USD of cash and equivalents against total debt of only 1.5 million USD 3. The adjusted EBITDA margin reached 54% in the second quarter of 2026 3.
Segments
Options
The Options segment covers MIAX Options, Pearl, Emerald and Sapphire and accounts for most revenue. In the second quarter of 2026 net revenue grew 34% to 124.4 million USD 3.
Market context
The company operates mainly in the US options market, where its share was 17.1% in 2025 1 and 16.5% in the second quarter of 2026 3. High market volatility supported volumes, but the company says it cannot predict whether this will continue into 2026 1.
In futures, MIAX Futures remains under 1% of total US contracts, but competition in clearing services is rising and demand for outsourced clearing could support the company 1.
Trends
- Market volatilitymixed
Elevated volatility in 2025 and 2026 lifted options volumes and revenue; if volatility falls, volumes could decline as well 13.
- New Bloomberg productstailwind
The exclusive Bloomberg licence allows listing of index contracts across several exchanges; the B500 index futures launched in the second quarter of 2026 13.
- Technology and staff costsheadwind
Higher spending on staff, technology and marketing could compress margins if revenue does not grow at the same pace 3.
- Clearing competition and AIheadwind
Competition in clearing services is increasing, and supply chains affected by AI development are cited as a risk 1.
Competitive position
The company describes its competitors as other US options and equities exchanges and clearing houses, and lists competition risks explicitly in its risk factors 1. Share of multi-listed options depends on each exchange's allocation and pricing models 1.
In futures clearing, competition has grown and clearing houses with unrestricted licences are described as valuable 1. Direct comparisons with individual competitors are not quantified in the sources reviewed.
- Other US options exchanges
Compete for order flow in multi-listed options, mainly through different allocation and pricing models 1.
- Clearing houses and FCMs
Compete for futures and options-on-futures clearing, where outsourcing demand is rising 1.
- Alternative equities platforms
Pearl Equities competes with established US equities platforms, which it describes as incumbents 1.
- European and offshore exchanges
Compete for international listings of bonds and funds, particularly via TISE and BSX 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- How Miami International Holdings (MIAX) is Redefining Derivatives MarketsYahoo Finance — News · 27 Aug 2026 · EN
- MIAX Bets Big on Retail FuturesBloomberg Markets · 18 May 2026 · EN
The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report21 Jul 2026Other events
- Current report22 Jun 2026Item 3.02
- Current report18 Jun 2026Shareholder vote
- Current report17 Jun 2026Departure or appointment of officers
- Quarterly report08 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Miami International Holdings, Inc. · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Miami International Holdings, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Miami International Holdings, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.