# Miami International Holdings, Inc

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Miami International Holdings, Inc).

## Overview

Miami International Holdings operates regulated financial marketplaces and related trading infrastructure across options, equities, futures and international listing venues. Its core business is running exchange and clearing platforms on proprietary technology, with additional revenue from market data, access fees, listing services and futures clearing through Dorman Trading.

## Products & services

• MIAX Options, MIAX Pearl Options, MIAX Emerald and MIAX Sapphire
• MIAX Pearl Equities trading venue
• MIAX Futures Exchange and clearing services
• Bermuda Stock Exchange (BSX) listing and trading services
• The International Stock Exchange (TISE) listing services
• Market data, access fees and related exchange services

- **Options and equities exchanges** (55%) — U.S. listed options and equities trading venues, including order execution, access and market data.
- **Futures exchange and clearing** (15%) — MIAX Futures trading and clearing services for listed futures products and related post-trade activity.
- **International listing venues** (15%) — BSX and TISE listing and trading services for international issuers and market participants.
- **Market data and access fees** (12%) — Subscription and tape-plan data, connectivity and access fees charged to market participants.
- **Other exchange and clearing revenue** (3%) — Listing fees, member fines, rental income and interest income from clearing operations.

- MIAX Options, MIAX Pearl Options, MIAX Emerald and MIAX Sapphire
- MIAX Pearl Equities trading venue
- MIAX Futures Exchange and clearing services
- Bermuda Stock Exchange (BSX) listing and trading services
- The International Stock Exchange (TISE) listing services
- Market data, access fees and related exchange services

## Customers

Customers are primarily SEC-registered broker-dealers, sponsored access clients, market makers, proprietary trading firms and buy-side institutions that route orders to MIAX venues. MIAX Futures also serves FCMs, introducing brokers, retail customers, international clients and professional traders, while BSX and TISE serve international brokers and issuers seeking listing or trading access.

- **Broker-dealers and sponsored access clients** (primary) — They route equity and options orders to MIAX exchanges for execution, market access and data.
- **Market makers and proprietary trading firms** (primary) — They use MIAX's low-latency trading platform to quote and trade actively in listed options and equities.
- **FCMs, introducing brokers and professional futures traders** (secondary) — They use MIAX Futures and Dorman Trading for futures execution, clearing and related services.
- **International brokers and issuers** (secondary) — They use BSX and TISE for international trading access and listing services for securities and debt instruments.
- **Buy-side institutions and retail investors via brokers** (secondary) — They participate indirectly through broker-dealers to access liquidity and listed products on MIAX venues.

- SEC-registered broker-dealers using MIAX options and equities venues
- Market makers and proprietary trading firms seeking speed and liquidity
- Buy-side institutions and hedge funds accessing exchange liquidity
- FCMs and introducing brokers clearing and trading MIAX Futures products
- International brokers and issuers using BSX and TISE listing venues

## Geography

The company is headquartered in the United States, where its core options and equities exchanges generate most activity. It also operates internationally through BSX in Bermuda and TISE in the Channel Islands/UK offshore market, which broadens its issuer and member base and adds non-U.S. regulatory exposure.

- U.S. is the core market for options, equities and futures trading
- Bermuda Stock Exchange adds international listing and trading exposure
- TISE expands access to offshore listing services for debt and equity issuers
- MIAX Futures and Dorman Trading add U.S. futures clearing and execution
- Geographic mix matters because regulation and market structure differ by venue

## Strategy

Management is focused on growing order flow and market share by differentiating on proprietary technology, speed, reliability and customer service. The company is also expanding its product set across options, equities, futures and international listings while using the IPO proceeds and operating cash flow to support growth, innovation and potential M&A.

- **Increase trading volume and order flow** (short-term) — Transaction and clearing fees depend heavily on activity levels and product mix.
- **Differentiate through technology and service** (medium-term) — Speed, reliability and customer support are key venue-selection factors in a competitive market.
- **Broaden product and venue footprint** (medium-term) — A wider product set can deepen customer relationships and diversify revenue sources.
- **Preserve financial flexibility** (short-term) — The business may need capital for technology, growth initiatives and acquisitions.

- Grow order flow and market share on MIAX exchanges
- Use proprietary low-latency technology as a competitive differentiator
- Expand listed products across options, equities and futures
- Develop proprietary futures and options products tied to Bloomberg indexes
- Scale market data, access and listing revenues alongside trading volumes
- Maintain liquidity and capital flexibility after the IPO

## Risks

The business is highly sensitive to trading and clearing volumes, so weaker market activity or a shift toward lower-fee products can quickly pressure revenue. Competition is intense across exchanges and clearing, and the company also faces regulatory, ownership-structure and technology execution risks that are common in market infrastructure businesses.

- **Trading and clearing volume decline** [high] — A large share of revenue comes from transaction and clearing fees tied to market activity.
- **Order flow concentration** [high] — A small number of customers can represent a meaningful share of revenue, increasing volatility if they leave.
- **Intense competitive pressure** [high] — The company competes with other exchanges, ATSs, CME, ICE, OCC and other clearing providers.
- **Regulatory and market-structure changes** [medium] — Exchange and clearing economics depend on SEC/CFTC rules, tape plans and market structure.
- **Technology and operational reliability** [high] — The business competes on latency, throughput and determinism, so outages can impair trust and volumes.

- Lower trading or clearing volume reduces transaction-based revenue
- Competition from exchanges, ATSs and clearing houses can pressure pricing
- Order flow concentration can create revenue volatility
- Regulatory changes can affect market data, access and clearing economics
- Technology outages or performance issues could damage venue credibility
- Ownership and transfer restrictions may complicate governance and liquidity

## Accounting

Revenue recognition is driven by transaction, clearing, market data, access and listing fees, so timing depends on when services are provided and when trading activity occurs. Goodwill and indefinite-lived exchange licenses are important judgment areas because impairment testing relies on forecasts, discount rates and market assumptions that can materially affect reported earnings.

- **Revenue recognition for exchange, market data and listing fees** — Affects reported revenue timing and comparability across periods
- **Goodwill impairment** — Could create large non-cash charges if market conditions weaken
- **Indefinite-lived intangible assets** — Valuation changes can materially affect asset carrying values
- **Fair value measurement and discounted cash flow assumptions** — Estimates influence impairment conclusions and reported equity

- Transaction and clearing fees depend on trading activity and venue volume
- Market data revenue is recognized when data is provided or distributed
- Listing fees and other revenue can be periodic and tied to contract timing
- Goodwill and exchange licenses require annual impairment testing
- Fair value estimates use discounted cash flow and market approaches

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*Last updated: 2026-09-24T10:46:59.254077+00:00*