MIAX Sapphire Reaches 1.7% Market Share in October 2024

MIAMI and PRINCETON, N.J., Nov. 7, 2024 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported October 2024 trading results for its U.S. exchange subsidiaries – MIAX^®, MIAX Pearl^®, MIAX Emerald^® and MIAX Sapphire^TM (collectively, the MIAX Exchange Group), and MIAX Futures^TM.

October 2024 and Year-to-Date Trading Volume and Market Share Highlights

• Total multi-listed options volume for the MIAX Exchange Group reached 156.1 million contracts, a 21.7% increase year-over-year (YoY). October 2024 market share reached 15.3%, a 5.2% increase YoY. Total year-to-date (YTD) volume reached 1.4 billion contracts, a 1.8% increase from the same period in 2023.
• MIAX Sapphire reached a monthly volume of 17.2 million contracts, with October 2024 market share reaching 1.7%. On October 25, MIAX Sapphire set a daily volume record of 1.0 million contracts with a daily market share record of 2.0%. MIAX Sapphire launched trading on August 12, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, with over 3,800 classes now available for trading.
• MIAX Options reached a monthly volume of 61.4 million contracts, a 22.2% increase YoY. October 2024 market share reached 6.0%, a 5.6% increase YoY. Total YTD volume reached a record 567.4 million contracts, a 6.2% increase from the same period in 2023.
• MIAX Pearl Options reached a monthly volume of 32.7 million contracts, a 38.7% decrease YoY. October 2024 market share reached 3.2%, a 47.0% decrease YoY. Total YTD volume reached 404.7 million contracts, a 26.8% decrease from the same period in 2023.
• MIAX Emerald Options reached a monthly volume of 44.8 million contracts, an 81.4% increase YoY. October 2024 market share reached 4.4%, a 56.8% increase YoY. Total YTD volume reached a record 361.4 million contracts, a 43.9% increase from the same period in 2023.
• In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.4 billion shares, a 21.0% decrease YoY and representing a market share of 1.6%, a 31.0% decrease YoY. Total YTD volume reached a record 42.3 billion shares, an 11.4% increase from the same period in 2023. YTD market share reached 1.7%, a 3.5% increase from the same period in 2023.
• In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 237,249 contracts, a 0.5% decrease YoY.

Additional MIAX Exchange Group and MIAX Futures 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 Contracts	Oct-24	Oct-23	% Chg Advertisement	Sep-24	% Chg	Oct-24	Oct-23	% Chg
Trading Days	23	22		20		211 Advertisement	209
U.S. Equity Options Industry	1,019,395,795	881,187,563	15.7 %	879,099,779	16.0 %	9,155,913,905	8,441,344,665	8.5 % Advertisement
MIAX Exchange Group	156,101,259	128,285,624	21.7 %	124,601,088	25.3 %	1,361,603,000	1,337,877,239	1.8 %
MIAX Options Advertisement	61,385,978	50,250,770	22.2 %	52,557,584	16.8 %	567,415,224	534,190,112	6.2 %
MIAX Pearl	32,700,382 Advertisement	53,356,464	-38.7 %	28,765,237	13.7 %	404,711,205	552,571,597	-26.8 %
MIAX Emerald	44,769,481	24,678,390 Advertisement	81.4 %	33,473,285	33.7 %	361,374,459	251,115,530	43.9 %
MIAX Sapphire	17,245,418	0	– Advertisement	9,804,982	75.9 %	28,102,112	–	–
Multi-Listed Options ADV	Oct-24	Oct-23	% Chg	Sep-24 Advertisement	% Chg	Oct-24	Oct-23	% Chg
U.S. Equity Options Industry	44,321,556	40,053,980	10.7 %	43,954,989	0.8 % Advertisement	43,392,957	40,389,209	7.4 %
MIAX Exchange Group	6,787,011	5,831,165	16.4 %	6,230,054	8.9 %	6,453,095 Advertisement	6,401,327	0.8 %
MIAX Options	2,668,956	2,284,126	16.8 %	2,627,879	1.6 %	2,689,172	2,555,934 Advertisement	5.2 %
MIAX Pearl	1,421,756	2,425,294	-41.4 %	1,438,262	-1.1 %	1,918,063	2,643,883	-27.5 % Advertisement
MIAX Emerald	1,946,499	1,121,745	73.5 %	1,673,664	16.3 %	1,712,675	1,201,510	42.5 %
MIAX Sapphire Advertisement	749,801	–	–	490,249	52.9 %	133,185	–	–
	Multi-Listed Options Market Share for MIAX Exchange Group, Current Month Advertisement					Year-to-Date Comparison
Multi-Listed Options Market Share	Oct-24	Oct-23	% Chg	Sep-24	% Chg	Oct-24	Oct-23	% Chg Advertisement
MIAX Exchange Group	15.31 %	14.56 %	5.2 %	14.17 %	8.0 %	14.87 %	15.85 %	-6.2 %
MIAX Options Advertisement	6.02 %	5.70 %	5.6 %	5.98 %	0.7 %	6.20 %	6.33 %	-2.1 %
MIAX Pearl	3.21 % Advertisement	6.06 %	-47.0 %	3.27 %	-2.0 %	4.42 %	6.55 %	-32.5 %
MIAX Emerald	4.39 %	2.80 % Advertisement	56.8 %	3.81 %	15.3 %	3.95 %	2.97 %	32.7 %
MIAX Sapphire	1.69 %	–	– Advertisement	1.12 %	51.7 %	0.31 %	–	–

	Equities Trading Volume for MIAX Pearl Equities, Current Month					Year-to-Date Comparison Advertisement
Equities Shares (millions)	Oct-24	Oct-23	% Chg	Sep-24	% Chg	Oct-24	Oct-23	% Chg
Trading Days Advertisement	23	22		20		211	209
U.S. Equities Industry	268,304	234,073	14.6 %	237,154 Advertisement	13.1 %	2,463,194	2,288,834	7.6 %
MIAX Pearl Volume	4,397	5,562	-21.0 %	4,054	8.5 % Advertisement	42,271	37,938	11.4 %
MIAX Pearl ADV	191	253	-24.4 %	203	-5.7 %	200 Advertisement	182	10.4 %
MIAX Pearl Market Share	1.64 %	2.38 %	-31.0 %	1.71 %	-4.1 %	1.72 %	1.66 % Advertisement	3.5 %
	Futures and Options Trading Volume and Open Interest for MIAX Futures, Current Month					Year-to-Date Comparison
Futures Contracts	Oct-24	Oct-23	% Chg	Sep-24	% Chg	Oct-24 Advertisement	Oct-23	% Chg
Trading Days	23	22		20		211	209
MIAX Futures Volume	237,249 Advertisement	238,404	-0.5 %	185,195	28.1 %	2,648,874	2,429,927	9.0 %
MIAX Futures ADV	10,315	10,837 Advertisement	-4.8 %	9,260	11.4 %	12,554	11,626	8.0 %
MIAX Futures Open Interest	83,963	88,132	-4.7 % Advertisement	79,682	5.4 %

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 Sapphire™), MIAX Futures Exchange, LLC (MIAX Futures^TM), LedgerX LLC d/b/a MIAX Derivatives Exchange (MIAXdx™), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire 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 four 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 Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Minneapolis Hard Red Spring Wheat Futures. MIAX Futures 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.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM, 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 Chicago, IL and Miami, FL. MIAX Futures offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.

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To learn more about MIAX visit www.miaxglobal.com.

To learn more about MIAX Futures visit www.miaxglobal.com/miax-futures.

To learn more about MIAXdx visit www.miaxdx.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
[email protected]

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LONDON, Nov. 7, 2024 /PRNewswire/ — RSK Group, a global leader in the delivery of sustainable solutions, has acquired the London-based PR firm Apollo Strategic Communications. Together, they aim to deliver more impactful and innovative communications strategies across a broader range of sectors while further expanding their global reach.

Founder Directors Pallab Sarker and Rob Blackhurst will continue to lead Apollo, driving the growth of this global business while prioritising and maintaining a strong focus on the needs of current clients and ongoing projects. Apollo has grown rapidly over the years, expanding its global presence and client base. Under Pallab and Rob’s leadership, this momentum will be maintained, as they prioritise delivering exceptional value to their clients.

Formed in 2009, Apollo’s team of more than 40 communications professionals has worked with upwards of 100 clients across 30+ countries on six continents. This includes governments, multinationals, foundations and NGOs across a wide range of sectors, such as technology, science, education, construction and engineering, environment and the arts. Apollo provides a full suite of services that includes media relations; digital communications and campaigns; thought leadership; a focus on elite global media; crisis communications; polling and research; analysis; and audits. Last year, the agency won the prestigious Global PR Breakthrough Campaign Award at the PRWeek Global Awards.

RSK Group Chief Executive Officer Alan Ryder said: “Apollo brings to the group a wealth of experience in strategic communications, which is valuable to our clients. Their impressive growth over the years, driven by their ability to stay at the forefront of global communications in today’s fast-paced landscape, truly sets them apart as industry leaders. In addition to RSK’s environmental and engineering capabilities, this acquisition enables us to build on RSK’s integrated market offering: one we believe to be unparalleled. We are able to provide a comprehensive solution that not only addresses environmental and technical challenges but effectively communicates these solutions to stakeholders, enhancing trust and reputation.

“Both RSK and Apollo are aligned in a commitment to making a positive impact on society. We share a strong ethical focus on sustainability and a dedication to transparent, honest communication. RSK delivers sustainable solutions to some of the greatest challenges that societies have ever faced, which are best captured in the United Nations’ Sustainable Development Goals.  Apollo work on communicating many of these issues on behalf of their clients, and I therefore see them as a natural fit within our group.

“The Apollo team has been working alongside RSK as trusted advisers as the group continues on a consistent and impressive growth trajectory that is underpinned by the solid performance of more than 200 companies around the world. We look forward to supporting Apollo in its own continued growth as part of a strategy that matches RSK’s global ambitions.”

Apollo Strategic Communications Founding Directors Pallab Sarker and Rob Blackhurst said: “We are proud to join RSK Group, a company whose values and commitment to innovation, social good and sustainable growth align with our own. They have always combined expertise, ambition and drive with a genuine care and commitment to the people they work with.

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“We would like to thank our incredible team, whose dedication and hard work have been instrumental in getting us to this exciting milestone. We also extend our heartfelt gratitude to our clients for their trust and partnership, which have been the foundation of our success. By becoming part of the prestigious RSK Group, we will expand our global reach, enhance our service offerings and deliver even more impactful communications strategies. We look forward to this exciting next chapter and the opportunities it holds for both our team and clients.”

As RSK continues to deliver its ambitious growth strategy, it now comprises more than 200 companies, employing over 15,000 people. The group’s annual turnover at the end of FY23 was £1.2 billion.

The acquisition advisers were Memery Crystal and Cortus Advisory.

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LONDON, Nov. 7, 2024 /PRNewswire/ — Discussions around transferability rights of lenders remains an area of focus in the leveraged loan markets and in particular in the private credit arena where the “take and hold” nature of private credit loans is one perceived attraction of that asset class.

From a documentary perspective (with the detail always being in the drafting) key debate areas include:

1. The events of default which if triggered should enable an immediate lender assignment right
2. Silent and voting sub participations and differences in respective treatment
3. Blocks on assignment to industry competitors, sponsor competitors and loan to own investors and whether these apply at all times and for each of these
4. Reasonableness requirements applying to a borrower consent to assignment, deemed borrower consent provisions and the length of time silence is to infer deemed consent
5. The applicability of prior notice to a borrower/sponsor of any assignment (irrespective of borrower consent not being required)
6. Pre-approved new lender lists – additions and removals of names on any such list, how and often, by whom and whether removals of lenders should trigger any replacement of lender rights for the borrower.
7. Disqualified lender lists – the appropriateness of those particularly in the European leveraged loan market.

All of these are points of focus and with private credit crossing increasingly into the larger cap market and also servicing both sponsor and non-sponsor backed transactions the transferability rights of private credit providers is likely to be an area of further discussion for both lenders and borrowers as the asset class and its use continues to evolve.

Dechert & Private Credit

Dechert has advised private credit clients for over 30 years, helping them to innovate and thrive as the industry has grown into a complex and diverse US$1.7 trillion market. We create value on the full spectrum of strategies and sub-strategies, including asset-based, distressed debt, permanent capital, direct lending, subordinated debt, specialty financing, special situations and venture debt. With more than 80% of Private Debt Investor’s top 100 private credit firms as clients, we offer market-leading fund formation, financing, regulatory, M&A and tax expertise across the U.S., Europe, the Middle East and Asia.

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