A Month of Unprecedented Performance and Market Momentum
Miami International Holdings, Inc. (MIH) today, April 6, 2026, announced record-breaking trading results and market share achievements for March 2026, solidifying its position as a leading force in the global derivatives market. The month was marked by extraordinary volumes and significant milestones across its diverse portfolio of exchanges, including MIAX Pearl Equities, MIAX Pearl Options, MIAX Emerald Options, and MIAX Sapphire Options, alongside the Minneapolis Grain Exchange and the Bermuda Stock Exchange.
This performance underscores MIH‘s robust growth trajectory and its increasing influence within the financial industry, particularly highlighting the success of its strategic initiatives and the growing recognition of Miami as a key financial hub, often dubbed Wall Street South.
The company reported a record Year-to-Date (YTD) average daily volume (ADV) of 10.9 million contracts, representing a substantial 26.6% increase compared to the previous year. Furthermore, the March 2026 ADV reached an impressive 10.7 million contracts, marking a 29.4% surge from March 2025. These figures reflect not only heightened trading activity but also MIH’s expanding footprint in the competitive U.S. options market.
A key highlight was achieving a record YTD market share of 17.3% market share in U.S. multi-listed options, a testament to the company’s innovative platforms and the value they provide to market participants. The consistent growth in both volume and market share demonstrates the market’s confidence in MIH’s technology, product offerings, and overall strategic direction. The firm’s ability to capture a larger share of the market amidst dynamic conditions speaks volumes about its resilience and competitive edge.
The momentum generated in the first quarter, and particularly in March 2026, sets a positive tone for the remainder of the year, with MIH well-positioned to capitalize on emerging opportunities and further enhance its market standing. The continued adoption of MIAX platforms by a growing number of traders and firms contributes significantly to these record numbers, reflecting the industry’s shift towards more efficient and technologically advanced trading solutions.
Strategic Expansion and the Rise of MIAX Sapphire
A significant driver of MIH’s recent success has been the strategic expansion of its exchange offerings and the remarkable performance of MIAX Sapphire. The launch of MIAX Sapphire’s physical trading floor in Miami has been particularly noteworthy, contributing to the vibrant financial ecosystem in the region and attracting significant trading interest. This move not only expands MIH’s physical presence but also underscores its commitment to providing diverse trading environments to meet the needs of all market participants.
The MIAX Sapphire floor has quickly become a hub of activity, fostering greater liquidity and price discovery, and further cementing Miami’s growing reputation as Wall Street South. The successful integration of the physical trading floor with MIH’s advanced electronic trading infrastructure demonstrates the company’s hybrid market model, catering to both traditional and modern trading preferences.
The strategic decision to establish a physical presence in Miami aligns with the broader trend of financial firms relocating or expanding into South Florida, leveraging the region’s favorable business environment and growing talent pool.
Technological Leadership with the Onyx Platform
Underpinning MIH’s impressive performance is its commitment to technological innovation, exemplified by the Onyx platform. The Onyx platform is a state-of-the-art, low-latency trading architecture designed for high performance, reliability, and scalability. It provides the technological backbone for all MIH exchanges, ensuring efficient and robust trading operations. The platform’s capabilities include ultra-low latency order matching, comprehensive risk management tools, and the capacity to handle massive a volume of transactions without compromising speed or stability. Continuous investment in the Onyx platform allows MIH to rapidly deploy new products and features, adapt to evolving market structures, and provide a superior trading experience for its members.
The technical architecture is designed with redundancy and resilience at its core, minimizing downtime and ensuring market integrity even during periods of extreme volatility. The Onyx platform’s flexibility also allows for the seamless integration of various asset classes and trading models, supporting MIH’s diverse and expanding portfolio.
Visionary Leadership and Executive Excellence
The remarkable achievements of MIH are driven by the visionary leadership of CEO Thomas P. Gallagher and his executive team. Thomas P. Gallagher’s strategic foresight and deep understanding of the market landscape have been instrumental in guiding MIH’s growth and expansion. His emphasis on innovation, coupled with a commitment to building robust and reliable trading platforms, has positioned MIH as a leader in the industry.
The executive team’s collective expertise and dedication are crucial in navigating the complexities of the global financial markets and in executing the company’s strategic objectives. Their leadership fosters a culture of excellence and innovation throughout the organization, empowering employees to deliver cutting-edge solutions and exceptional service to clients. This strong leadership is a key factor in MIH’s ability to consistently deliver record-breaking results and expand its market presence.
Cementing Miami as the ‘Wall Street South’
MIH’s success and the growth of MIAX Sapphire are integral to Miami’s emergence as the ‘Wall Street South’. The city is rapidly transforming into a major financial center, attracting investment firms, hedge funds, and fintech companies. MIH, with its robust infrastructure and expanding presence, is at the forefront of this movement, providing the necessary market infrastructure to support this growth.
The establishment of the MIAX Sapphire trading floor in Miami further solidifies the city’s position, offering a physical locus for trading activity and contributing to the financial ecosystem. CEO Thomas P. Gallagher has been a vocal proponent of Miami as a financial hub, and MIH’s continued investment in the region reflects this commitment.
2026 Financial Outlook and Future Growth
Looking ahead, MIH is poised for continued growth in 2026. The strong performance in March 2026 and the record YTD figures provide a solid foundation. The company plans to further leverage its technological advantages, expand its product offerings, and capitalize on the growing financial ecosystem in Miami. MIH will continue to invest in the Onyx platform and explore new opportunities to enhance its market share across all its exchanges. The focus remains on delivering value to members and contributing to efficient and transparent markets.
About Miami International Holdings, Inc.
Miami International Holdings, Inc. (MIH) is the parent holding company of multiple securities exchanges and technology companies. These include MIAX, MIAX Pearl, MIAX Emerald, MIAX Sapphire, the Minneapolis Grain Exchange, the Bermuda Stock Exchange, and Dorman Trading. MIH is dedicated to providing innovative and reliable trading solutions across various asset classes, supported by its advanced Onyx technology platform.
