Over the past decade, MIAX® has grown from a single options exchange to a global exchange group that provides access to U.S. and international capital markets. MIAX operates fully electronic exchanges built on award-winning technology platforms and provides superior customer service to meet the unique needs of our client base.

About MIAX

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MIAX Markets

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MIAX operates four U.S. options exchanges with technology specifically designed to support the unique characteristics of U.S. derivatives markets. Each exchange operates using pricing models and trading protocols designed to meet specific client demands.

MIAX Options®

Offers users a Pro-Rata allocation model that rewards market makers for providing continuous two-sided quotes.

MIAX Pearl®

Provides a Price-Time priority allocation model and maker-taker pricing to encourage liquidity seeking strategies.

MIAX Emerald®

Supports a Pro-Rata allocation model with maker-taker pricing that encourages large bid-offer quantities and aggressive liquidity seeking strategies.

MIAX Sapphire™

Provides supports for a Price-Time allocation model with taker-maker pricing.

MIAX Pearl® Equities is a fully automated electronic equities trading platform that leverages the technology we built for our core options trading systems.

MIAX Pearl® Equities

Access U.S. equity securities through a Price-Time allocation model and Maker-Taker fee structure.

MIAX Futures™ provides a vertically integrated futures exchange and clearing platform to list futures and options on futures products exclusive to our exchanges, with trading powered by MIAX Futures Onyx, a proprietary trading platform launched in 2025.

MIAX Futures™

A Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO) offered through our subsidiary company, MIAX Futures.

The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE) give us access to dynamic market ecosystems that support our international growth strategy. Leveraging innovative regulatory and legislative frameworks, these exchanges unlock international markets and expanded geographic diversification.

The Bermuda Stock Exchange (BSX)

Provides access to international markets and an advanced regulatory environment positioned to be a leading jurisdiction for trading new cryptocurrency and digital asset products.

The International Stock Exchange (TISE)

Headquartered in Guernsey, Channel Islands, TISE provides financial markets and securities services to public and private companies, and is best known as Europe’s leading professional bond market.

MIAX Sapphire Gem

Experience our latest gem

MIAX Sapphire, our fourth U.S. options exchange, provides our members access to a new market model and state-of-the-art trading floor (coming in 2025) designed to enhance liquidity and promote improved price discovery.

Cybersquatting using MIAX Brand

MIAX has been made aware of a number of firms using domain names claiming association with MIAX. Please be advised that MIAX does not offer trading to individual investors. Further information can be found here.

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Market Data

MIAX offers members access to proprietary market data from its exchanges, providing traders unique intelligence to support their investment strategies.