Miami International (MIAX) Piper Sandler Global Exchange and Fintech Conference summary

Business performance and growth

• Achieved 40% net revenue growth and 66% adjusted EBITDA increase year-over-year, with margins reaching 51% and average daily volume up 27%, outpacing industry growth.

• Captured 17.3% U.S. options market share in Q1, up from 16% a year ago, focusing on a balanced mix of volume and economics.

• Infrastructure investments enable high-speed, reliable trading, supporting increased retail and institutional engagement, especially during volatile IPOs.

Strategic initiatives and product innovation

• Launched Bloomberg Equity Index futures (B100 and B500) with Bloomberg, aiming to disrupt with faster technology, innovative fee structures, and objective, algorithmic indices.

• Retail trades on Bloomberg indices start free, targeting retail growth and expanding the participant base in futures.

• OCC clearing for new futures products provides cross-margining benefits, enhancing capital efficiency for market participants.

Market outlook and industry trends

• Anticipates significant volume growth from upcoming IPOs like SpaceX, Anthropic, and OpenAI, with potential for these symbols to match or exceed current leaders in market share.

• Sees strong secular tailwinds in the options industry, with expectations for continued double-digit growth driven by retail participation and new product launches.

• Monday and Wednesday expiries and regulatory changes, such as the removal of the pattern day trading rule, are expected to further boost options volume.