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Miami International Holdings Reports Trading Results for January 2025; MIAX Exchange Group Options Volume Jumps 26.2% to Record Level with MIAX Futures Volume Surging 48.7%

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MIAMI and PRINCETON, N.J., Feb. 7, 2025 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported January 2025 trading results for its U.S. exchange subsidiaries—MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire™ (collectively, the MIAX Exchange Group), and MIAX Futures™.

January 2025 Trading Volume and Market Share Highlights

  • Total multi-listed options volume for the MIAX Exchange Group reached a record 177.4 million contracts in January 2025, a 26.2% increase year-over-year (YoY). January 2025 market share reached 16.7%, a 6.0% increase YoY. MIAX Exchange Group also set a daily volume record of 12.0 million contracts on January 31.
  • MIAX Sapphire reached a record monthly volume of 20.5 million contracts, with January 2025 market share reaching a record 1.9%. MIAX Sapphire reached a daily volume record of 1.3 million contracts on January 10, as well as a daily market share record of 2.1% on January 27. MIAX Sapphire launched trading on August 12, 2024, and now has over 3,800 classes available for trading.
  • MIAX Options reached a record monthly volume of 74.0 million contracts, a 30.2% increase YoY. January 2025 market share reached 7.0%, a 9.2% increase YoY. MIAX Options reached a daily volume record of 5.1 million contracts on January 31.
  • MIAX Emerald reached a record monthly volume of 49.5 million contracts, a 55.8% increase YoY. January 2025 market share reached 4.7%, a 30.8% increase YoY. 
  • MIAX Pearl Options reached a monthly volume of 33.4 million contracts, a 35.6% decrease YoY. January 2025 market share reached 3.2%, a 46.0% decrease YoY.
  • In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 3.9 billion shares, a 15.4% decrease YoY and representing a market share of 1.3%, a 33.5% decrease YoY.
  • In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 327,114 contracts, a 48.7% increase YoY. Open interest reached 106,081 contracts at the end of January 2025, a 31.5% increase 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

Jan-25

Jan-24

% Chg

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Dec-24

% Chg

Jan-25

Jan-24

% Chg

Trading Days

20

21

21

20

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21

U.S. Equity Options Industry

1,062,698,645

891,961,535

19.1 %

1,011,972,009

5.0 %

1,062,698,645

891,961,535

19.1 %

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MIAX Exchange Group

177,409,604

140,525,814

26.2 %

165,584,587

7.1 %

177,409,604

140,525,814

26.2 %

MIAX Options

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74,000,507

56,855,169

30.2 %

63,396,610

16.7 %

74,000,507

56,855,169

30.2 %

MIAX Pearl

33,423,058

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51,931,661

-35.6 %

31,298,746

6.8 %

33,423,058

51,931,661

-35.6 %

MIAX Emerald

49,456,306

31,738,984

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55.8 %

52,472,586

-5.7 %

49,456,306

31,738,984

55.8 %

MIAX Sapphire(1)

20,529,733

0.0 %

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18,416,645

11.5 %

20,529,733

Multi-Listed Options ADV

Jan-25

Jan-24

% Chg

Dec-24

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% Chg

Jan-25

Jan-24

% Chg

U.S. Equity Options Industry

53,134,932

42,474,359

25.1 %

48,189,143

10.3 %

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53,134,932

42,474,359

25.1 %

MIAX Exchange Group

8,870,480

6,691,705

32.6 %

7,884,980

12.5 %

8,870,480

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6,691,705

32.6 %

MIAX Options

3,700,025

2,707,389

36.7 %

3,018,886

22.6 %

3,700,025

2,707,389

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36.7 %

MIAX Pearl

1,671,153

2,472,936

-32.4 %

1,490,416

12.1 %

1,671,153

2,472,936

-32.4 %

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MIAX Emerald

2,472,815

1,511,380

63.6 %

2,498,695

-1.0 %

2,472,815

1,511,380

63.6 %

MIAX Sapphire(1)

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1,026,487

876,983

17.0 %

1,026,487

Multi-Listed Options Market Share for

MIAX Exchange Group, Current Month

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Year-to-Date Comparison

Multi-Listed Options Market
Share

Jan-25

Jan-24

% Chg

Dec-24

% Chg

Jan-25

Jan-24

% Chg

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MIAX Exchange Group

16.69 %

15.75 %

6.0 %

16.36 %

2.0 %

16.69 %

15.75 %

6.0 %

MIAX Options

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6.96 %

6.37 %

9.2 %

6.26 %

11.2 %

6.96 %

6.37 %

9.2 %

MIAX Pearl

3.15 %

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5.82 %

-46.0 %

3.09 %

1.7 %

3.15 %

5.82 %

-46.0 %

MIAX Emerald

4.65 %

3.56 %

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30.8 %

5.19 %

-10.2 %

4.65 %

3.56 %

30.8 %

MIAX Sapphire(1)

1.93 %

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1.82 %

6.2 %

1.93 %

(1)

MIAX Sapphire launched trading on August 12, 2024, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, 2024. 

 

Equities Trading Volume for

MIAX Pearl Equities, Current Month

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Year-to-Date Comparison

Equities Shares (millions)

Jan-25

Jan-24

% Chg

Dec-24

% Chg

Jan-25

Jan-24

% Chg

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Trading Days

20

21

21

20

21

U.S. Equities Industry

308,769

242,622

27.3 %

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308,866

0.0 %

308,769

242,622

27.3 %

MIAX Pearl Volume

3,897

4,604

-15.4 %

3,827

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1.8 %

3,897

4,604

-15.4 %

MIAX Pearl ADV

195

219

-11.1 %

182

6.9 %

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195

219

-11.1 %

MIAX Pearl Market Share

1.26 %

1.90 %

-33.5 %

1.24 %

1.9 %

1.26 %

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1.90 %

-33.5 %

Futures and Options Trading Volume and Open Interest for MIAX
Futures, Current Month

Year-to-Date Comparison

Futures & Options Contracts

Jan-25

Jan-24

% Chg

Dec-24

% Chg

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Jan-25

Jan-24

% Chg

Trading Days

21

21

21

21

21

MIAX Futures Volume

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327,114

220,026

48.7 %

197,513

65.6 %

327,114

220,026

48.7 %

MIAX Futures ADV

15,577

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10,477

48.7 %

9,405

65.6 %

15,577

10,477

48.7 %

MIAX Futures Open Interest

106,081

80,674

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31.5 %

96,634

9.8 %

 

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™), 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 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 (FCM) registered with the CFTC.

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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.

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.

MIAX media contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
anybo@miaxglobal.com

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BingX Joins NBX 2025 as a Gold Sponsor: Empowering Blockchain Innovation

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PANAMA CITY, March 15, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce its participation as a Gold Sponsor at the 5th edition of Next Block Expo (NBX), scheduled for March 19-20, 2025, at Multikino Złote Tarasy in Warsaw, Poland. As one of Europe’s premier Web3 events, NBX 2025 is expected to attract over 2,000 attendees, making it a key platform for blockchain innovation and collaboration.

NBX serves as a dynamic hub for industry leaders, startups, investors, and developers, fostering knowledge-sharing and networking opportunities to drive the future of blockchain. As a firm advocate for Web3 advancements, BingX will showcase its ongoing commitment to innovation through an interactive booth, featuring engaging activities, expert insights, and exclusive giveaways. Attendees will gain firsthand knowledge of how BingX supports high-potential blockchain projects with financial backing, technical expertise, and strategic growth consultations.

In addition to its sponsorship, Vivien Lin, Chief Product Officer of BingX, will be a key speaker at NBX 2025, contributing to discussions on strategic trading approaches, risk management, and the evolving landscape of blockchain investments. She will also deliver a keynote speech exploring BingX’s vision for blockchain innovation and how the company translates emerging technologies into real-world applications.

“At BingX, we believe that true innovation comes from bold ideas and strategic execution,” said Lin. “Sponsoring NBX 2025 is more than just a presence for us — it’s a commitment to fostering a thriving blockchain ecosystem. We are here to connect with visionaries, provide the resources they need, and help shape the future of decentralized technology. By empowering builders and innovators, we’re not just supporting projects — we are accelerating the evolution of Web3 itself.”

BingX’s participation at NBX 2025 underscores its long-term vision of driving blockchain innovation and supporting the next generation of industry leaders. As BingX continues to expand its global footprint, initiatives like this sponsorship reinforce its role as a catalyst for growth in crypto space. By engaging with emerging projects, thought leaders, and investors, BingX remains at the forefront of Web3 advancements, bridging the gap between groundbreaking ideas and real-world impact.

About BingX 

Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.

For more information please visit: https://bingx.com/

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Great Bay Insurance Group announces executive changes

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WEST ATLANTIC CITY, N.J., March 14, 2025 /PRNewswire/ — The Great Bay Insurance Group (the “Group”), a leading provider of coastal homeowners’ insurance in New Jersey, today announced the following leadership changes. Timothy J. Byrne, Jr., has been named as President of the Group and Ronald R. Lovatt has been named President of Great Bay Insurance Company, a wholly owned affiliate of the Group.

Mr. Byrne Jr. has nearly 15 years of industry experience and previously served as the Group’s Chief Operating Officer overseeing the Groups operations and underwriting strategies. 

Mr. Timothy J. Byrne, Sr., Chief Executive Officer of the Group, added, “I’m excited to announce the promotion of Tim Jr. to the role of President of The Great Bay Insurance Group and Ron to the role of President of Great Bay Insurance Company. Tim Jr. and Ron have been an integral part of the Group since its founding in 2019.”

As President, Tim Jr. will provide oversight for all corporate support functions and will continue to report to Tim Sr. 

Mr. Byrne Jr. holds a BS in Economic and Mathematics from the University of Vermont, an MBA in Risk Management and Insurance from St. John’s University and holds a CPCU designation.

Mr. Lovatt has 40 years of broad insurance industry experience in leadership capacities with international, national, regional and start-up insurance companies. Ron is a founding member of The Great Bay Insurance Group, working with Tim Sr. & Tim Jr. to launch Great Bay in late 2019. Ron currently serves as Chief Underwriting Officer & Chief Claims Officer for The Great Bay Insurance Group, has an MBA from The Wharton School of the University of Pennsylvania, and a Bachelor of Science degree in Economics, Finance, Accounting & Marketing from Miami University.

Contact:
Investor Relations
Brian Schleider, CPA
Chief Financial Officer
609-434-2000, x102

brian.schleider@greatbayinsure.com

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Forward Global responds to surge in UK shareholder activism with launch of UK Corporate Contests Practice

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LONDON, March 14, 2025 /PRNewswire/ — International risk management firm Forward Global launched its UK Corporate Contests Practice on Tuesday in response to what is described as “all-time high of shareholder activism” in London and Paris. 

Speaking ahead of the launch on Tuesday night, Brendan Foo, Partner and Global Head of Corporate Contests at Forward Global, said “As activism gains currency as an asset class, savvy investors are looking toward the UK and Europe to generate alpha. Indeed, in 2025 alone, we have seen an unprecedented demand for our services not just in our traditional strongholds of the US and Canada, but also in the UK and Europe. This reflects the surge in activist (and active) engagements, with which our team is uniquely well-placed to assist.”

Forward Global’s Corporate Contests Practice was established to meet demand from law firms, investors, and advisers to provide a comprehensive suite of services to support companies in high-stakes shareholder engagements. In keeping with the firm’s established activism practice in the US, the new London offering will deliver investigative and intelligence work such as vetting board nominees, relationship mapping, scrutinizing the track records of both incumbents and challengers, and conducting deep-dive reputation analyses. In Europe, Forward Global’s Patrice Lambert-de Diesbach offers clients battle-tested expertise in investor relations and financial communications.

Shareholder activism in the UK has expanded significantly, with campaigns becoming more frequent and sophisticated. In 2023, the number of new public activist campaigns in Europe surged by 68%, with the UK remaining a primary target. US-based activist investors have also increased their focus on UK firms, launching 40% of all UK activist campaigns in 2024. With contested boardroom battles and regulatory shifts on the rise, the expansion of Forward Global’s Corporate Contests practice into the UK is well-timed, equipping issuers with the intelligence and strategies needed to navigate this evolving landscape.

The firm launched the new practice at an exclusive gathering at the International Institute of Strategic Studies in London, bringing together leading voices from the shareholder activism space to discuss the evolving landscape of transatlantic shareholder activism.

The panel discussion, featuring Brendan Foo, Patrick J. McHugh of Okapi Partners, and Sebastian Fain of Freshfields, explored critical considerations for US investors entering the UK market and vice versa, differences in engagement styles across jurisdictions, and strategies for issuers to proactively engage with both activist and active investors. Panelists also examined the impact of anti-DEI and ESG sentiment on investor relations in the UK, as well as how issuers can adapt to evolving regulatory and institutional expectations.

John Watts, Managing Partner of Forward Global UK, added, “Forward Global’s new UK Corporate Contests Practice is designed to provide companies with the strategic intelligence and investigative depth needed to navigate an increasingly complex activist landscape. Our team is committed to equipping clients with the tools to engage proactively with investors, safeguard their strategic interests, and strengthen shareholder relations across Europe.”

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Notes for Editors

Forward Global is an international group, with its historic headquarters in France, boasting five main offices in Paris, Brussels, London, Miami, and Washington. As a leading player in risk management with over 450 employees and 30 partners, Forward Global offers an integrated approach across the three major risks: digital, economic, and informational.

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