Miami International (MIAX) Morgan Stanley US Financials Conference 2026 summary

Business performance and growth

• Achieved double-digit growth in Q1 net revenues, with a 40% increase and Adjusted EBITDA up 66% to $66 million, and margins exceeding 50% for the first time, reflecting 800 basis points of margin growth.

• Market share in options has grown by 1,100 basis points since 2016, with Q1 ADV up 27%, outpacing industry growth by 60%.

• Opened a new trading floor in Miami, aiming to capture more floor volume and expand complex order functionality.

• Plans to launch proprietary options on new financial futures products, such as the B100 and B500, to further increase market share.

• Retail brokerage engagement is expected to reach five major firms by year-end, with new grain products launching in Q4.

Technology and competitive differentiation

• Technology is highlighted as the key differentiator, with consistent speed, throughput, and determinism, especially during market volatility.

• Matching engine latency is as low as 18 microseconds, maintaining reliability even in extreme volatility, while competitors' latency can spike 50x.

• Technology advantage attracts outsized share in high-profile IPOs and short-dated options, particularly in tech stocks.

• Aggressive pricing and risk protections are central to customer retention and market share growth.

Industry trends and structural changes

• Structural tailwinds from the no-commission model and increased retail engagement are expected to persist, with significant room for growth as only 5 million out of 70 million equity traders also trade options.

• Generational wealth transfer and the rise of low-cost operators are fueling long-term growth in retail futures and options.

• Expansion of short-dated options is seen as additive to industry volume, with more symbols likely to be added in the next 3-4 months.

• Structured products and leveraged ETFs continue to drive options volume, with upcoming IPOs like SpaceX expected to have significant impact.