MIAX Gains Market Share as Options Volume Surges

Event summary

  • MIAX Exchange Group reported a 25.4% year-over-year increase in average daily volume (ADV) for February 2026, reaching 10.8 million contracts.
  • The group's market share rose by 8.1% year-over-year to 17.1%.
  • MIAX Futures ADV saw a significant jump of 103.1% from January 2026, reaching 14,944 contracts.
  • MIAX Pearl’s ADV declined by 8.5% compared to February 2025, while its market share dropped by 15.9%.

The big picture

MIAX's strong performance in February 2026 demonstrates its success in capturing a larger share of the options and futures trading market. The substantial increase in market share suggests MIAX is effectively competing with established players, potentially through technological advantages or pricing strategies. However, the contrasting performance of MIAX Pearl highlights the need for continued differentiation and targeted strategies across its various exchange platforms.

What we're watching

Competition
The sustainability of MIAX’s market share gains will depend on its ability to continue attracting order flow amidst intensifying competition from other exchanges.
Futures Growth
The sharp increase in MIAX Futures ADV needs to be assessed for its underlying drivers and whether this growth is sustainable or a temporary spike.
Pearl Performance
The decline in MIAX Pearl’s ADV and market share warrants investigation to determine if it reflects broader market trends or specific competitive disadvantages.

Related topics

Market Share