MIAX operates three fully automated electronic options exchanges in the U.S., each with a distinct allocation and pricing model designed to meet specific client demands. In 2022, our exchanges accounted for 13.5% of total multi-listed options volume.

MIAX Options® launched in December 2012 with a Pro Rata allocation model and Customer Rebate pricing, with MIAX Pearl® launching in February 2017 with a Price-Time allocation and Maker-Taker fee structure. MIAX Emerald® launched in March 2019 to serve as a counterpart to MIAX Options and MIAX Pearl by using a Pro Rata allocation model and a Maker-Taker fee structure.

In-house built proprietary technology

The MIAX trading platform was built in-house and designed from the ground up to meet the needs of modern electronic derivatives markets.

Focus on minimizing latency

Our technology platform supports low latency access while providing determinism and high throughput capabilities.

Comprehensive risk controls

Providing strong risk controls has positioned MIAX at the forefront of industry efforts to mitigate risk in today’s electronic markets.

MIAX Trading Products

Learn more about the range of innovative products we offer to support risk management and exposure across a range of asset classes in global financial markets.