Startups > Miami International Holdings

Miami International Holdings

MIAX operates electronic exchanges for options, equities, and futures trading.
Private Equity $552.15M total Founded 2007 Princeton, New Jersey 164 employees
Miami International Holdings operates a suite of technology-driven exchanges for options, equities, and futures trading across multiple platforms (MIAX Options, MIAX Pearl Equities, MIAX Futures). The company serves institutional trading firms, market makers, and clearing members with a focus on competitive pricing and advanced matching engine technology. MIAX went public in August 2025 and operates approximately 80% of U.S. options market volume through its exchange group, positioning itself as a lower-cost alternative to legacy exchanges like NYSE and Nasdaq.
Problem solved
Incumbent exchanges charge high transaction and regulatory fees, limiting liquidity and profitability for market makers and trading firms.
Target customer
Institutional trading firms, high-speed market makers, clearing members (Goldman Sachs, JP Morgan, Jane Street Capital), and equity market makers seeking lower-cost alternatives to NYSE and Nasdaq.
Website LinkedIn Crunchbase Twitter / X
Founders
T
Thomas P. Gallagher
CEO and Chairman
Founding partner of Gallagher, Briody & Butler (corporate and securities law firm); served as Chairman since 2008 and CEO since 2012.
B
Barbara J. Comly
Executive Vice President, General Counsel and Corporate Secretary
Partner at Gallagher, Briody & Butler; prior associate at Morgan, Lewis & Bockius LLP and Shearman & Sterling LLP practicing corporate and securities law.
Funding history
Series A-E (Pre-IPO) $67.15M 2007-2021 Led by Unknown · Unknown
Private Equity $100M August 2024 Led by Warburg Pincus · Unknown
Private Equity $40M June 2025 Led by Warburg Pincus · Unknown
IPO $345M August 14, 2025 Led by Public offering · NYSE listing (ticker: MIAX)
Total raised: $552.15M
Industries
Insurance FinTech
Pricing
Transaction-based model with maker-taker pricing structures. MIAX Pearl Equities positioned as lower-cost alternative with rebate incentives for market makers. Detailed pricing not publicly available.
Notable customers
Goldman Sachs, JP Morgan, Jane Street Capital, Hudson River Trading, Two Sigma Investments, Susquehanna International Group, IMC Financial Markets, Chicago Trading Company, Interactive Brokers, Citadel Securities, Morgan Stanley, Optiver US, Wolverine Trading
Integrations
Clearing services with Goldman Sachs, JP Morgan; market data services; proprietary matching engine technology
Tech stack
Moment.js (JavaScript libraries) jQuery UI (JavaScript libraries) jQuery (JavaScript libraries) Boomerang (JavaScript libraries) Highcharts (JavaScript) Open Graph Drupal (CMS) Google Analytics (Analytics) HSTS (Security) PHP (Programming languages) jsDelivr (CDN) Akamai (CDN) PayPal (Payment processors) Google Tag Manager (Tag managers) Amazon Web Services (PaaS) Acquia Cloud Platform (PaaS) DigiCert (SSL/TLS certificate authorities) Akamai mPulse (RUM)
Website
miaxglobal.com/
Competitors
Cboe Global Markets
Larger incumbent options exchange; litigated against MIAX to block SPIKES futures product listing.
IEX Exchange
Direct competitor in electronic exchange space; differs in market focus and technology approach.
NYSE
Legacy equities exchange with higher transaction fees; MIAX Pearl positions as lower-cost alternative.
Nasdaq
Incumbent equities exchange with established market share; MIAX competes on cost and technology.
Why this matters: MIAX's August 2025 IPO at a $2.5B valuation demonstrates investor confidence in technology-driven financial infrastructure. The company's rapid expansion into futures (hiring former Citadel Securities executive Troy Kane) and physical trading floor launch in Miami signal ambitions beyond options into broader derivatives markets.
Best for: Institutional trading firms, market makers, and financial institutions seeking lower-cost exchange services with competitive execution speeds and advanced technology infrastructure.
Use cases
High-Speed Market Making
Market makers use MIAX's proprietary matching engine and competitive fee structure to improve profitability on options trades. Firms like Jane Street Capital and Hudson River Trading achieve faster execution and lower transaction costs compared to legacy exchanges.
Options Portfolio Trading
Institutional investors execute multi-leg options strategies on MIAX's platform with access to approximately 80% of U.S. options market volume, enabling better liquidity and reduced market impact.
Equities Listing for Retail Liquidity
MIAX Pearl Equities provides a lower-cost venue for equities trading compared to NYSE and Nasdaq, with nine designated high-speed market makers providing consistent liquidity and tight spreads.
Futures and Agricultural Derivatives
MIAX Futures, led by former Citadel Securities executive Troy Kane, offers U.S. futures and options on futures trading, expanding beyond traditional equity options into agricultural and financial futures markets.
Alternatives
Cboe Global Markets Largest options exchange by historical market share; more established but with higher fees than MIAX.
NYSE Dominant equities exchange with long-established market infrastructure; higher transaction costs than MIAX Pearl.
Nasdaq Major equities and options exchange with broader product offerings; MIAX differentiates on competitive pricing.
FAQ
What does Miami International Holdings do? +
MIAX operates a suite of electronic exchanges for trading options, equities, and futures. The company provides institutional trading firms, market makers, and clearing members with technology-driven platforms designed for fast execution and competitive pricing. MIAX went public in August 2025 and operates approximately 80% of U.S. options market volume.
How much does MIAX cost? +
MIAX uses transaction-based pricing with maker-taker fee structures. MIAX Pearl Equities is positioned as a lower-cost alternative to NYSE and Nasdaq. Detailed pricing varies by asset class and is available through direct inquiry to member firms.
What are alternatives to MIAX? +
Cboe Global Markets (largest options exchange with higher fees), NYSE (incumbent equities exchange with higher transaction costs), and Nasdaq (major equities and options exchange with broader products but less competitive pricing).
Who uses MIAX? +
Institutional trading firms, high-speed market makers, and clearing members including Goldman Sachs, JP Morgan, Jane Street Capital, Hudson River Trading, Two Sigma Investments, Susquehanna International Group, and Citadel Securities.
How does MIAX compare to Cboe Global Markets? +
MIAX is a newer, technology-driven competitor with lower transaction fees, while Cboe is the larger incumbent with greater historical market share. MIAX achieved 18.2% market share in Q4 2025 for options trading. Cboe has sued to protect its market position, including attempting to block MIAX's SPIKES futures product.
Tags
financial exchanges options trading equities trading futures market infrastructure technology-driven maker-taker pricing institutional trading