A growing competitor to **Nasdaq** or **Cboe Global Markets** in operating financial exchanges.

Like a smaller, but expanding, version of **CME Group** or **Intercontinental Exchange (ICE)**, providing financial trading and clearing infrastructure.

• Equity Options Exchanges: Operates electronic exchanges that provide trading and listing services for U.S. equity options.
• Equity Exchanges: Operates an electronic exchange facilitating the trading and listing of U.S. equities.
• Futures Exchanges: Operates an electronic exchange for the trading and listing of various futures products across different asset classes.
• Market Data Products: Offers real-time and historical market data from its exchanges, providing transparency and analytics to participants.
• Connectivity and Co-location Services: Provides network connectivity and co-location options for participants to access trading platforms and market data directly.

Miami International Holdings, Inc. (MIAX) operates financial exchanges for options, equities, and futures. As such, it sells primarily to other companies, specifically financial institutions that participate in the capital markets.

While MIAX does not publicly disclose a definitive list of its "major customers" by name in its SEC filings, its customer base consists of hundreds of financial institutions that pay for trading access, market data, and co-location services. The major categories of these customer companies include:

• Broker-dealers
• Market Makers
• Proprietary Trading Firms

Based on their significant activity in the U.S. financial markets served by MIAX, prominent examples of companies that are undoubtedly major customers (though not individually named as such by MIAX) include:

• Virtu Financial (VIRT)
• Goldman Sachs (GS)
• Morgan Stanley (MS)

Thomas P. Gallagher, Chairman and Chief Executive Officer

Thomas P. Gallagher is one of the principal founders of Miami International Holdings (MIH) and the MIAX Exchanges. He has served as Chairman of the Board of Directors of MIH and the MIAX Exchanges since 2008 and as Chief Executive Officer since 2012. Before founding MIH, Mr. Gallagher was a founding partner of the corporate and securities law firm Gallagher, Briody & Butler and was associated with the firm until joining MIAX full-time in December 2012. Over 25 years, he counseled numerous public and private companies on corporate and securities matters, including debt and equity financings and transactional matters in various industries. He also serves as Chairman and Chief Executive Officer of several MIH subsidiaries, including MIAX Technologies, MIAX Products, MIAX Global, M 402 Holdings, M 7 Holdings, Dorman Trading, MIAXdx, and TISEG.

Lance Emmons, Executive Vice President, Chief Financial Officer

Lance Emmons joined Miami International Holdings (MIH) as Executive Vice President, Chief Financial Officer in March 2020. He previously served as Chief Financial Officer for several startups, including Princeton Identity. From 2004 to 2016, Mr. Emmons worked at International Securities Exchange (ISE), where he was most recently Senior Vice President, Finance and Administration, Controller. While at ISE, he was involved in its initial public offering in 2005 and led the finance efforts for the exchange's subsequent acquisitions by Deutsche Börse in 2007 and Nasdaq in 2016. Before joining MIH, he was Chief Financial Officer of Fit Small Business.

Shelly Brown, Executive Vice President, Chief Strategy Officer

Shelly Brown joined Miami International Holdings (MIH) in April 2011 and serves as Executive Vice President, Chief Strategy Officer (also referred to as EVP, Strategic Planning and Business Development). Prior to MIH, he was the Director of Business Management for PEAK6 Investments, a Chicago-based trading firm, where he was head of options execution. Mr. Brown's extensive career in financial markets includes positions as Associate Vice President at Nasdaq OMX, Vice President of Derivatives Trading Strategy at PHLX, and Manager of Options Trading Systems and co-head of Options Business Development at Susquehanna International Group, LLC. Before his time at Susquehanna, he was a founder and Managing Director of Risk Information Systems and Consulting.

Barbara J. Comly, Executive Vice President, General Counsel and Corporate Secretary

Barbara J. Comly is one of the principal founders of Miami International Holdings (MIH) and has served as Executive Vice President, General Counsel, and Corporate Secretary since the MIAX Exchange Group's inception in 2007. She joined MIH full-time in these roles in December 2012. Previously, Ms. Comly was a Partner at Gallagher, Briody & Butler, a corporate and securities law firm. She also worked as an associate at Morgan, Lewis & Bockius LLP and Shearman & Sterling LLP, where she practiced corporate and securities law.

Douglas M. Schafer Jr., Executive Vice President, Chief Information Officer, President, Miami International Technologies, LLC

Douglas M. Schafer Jr. has been the Executive Vice President, Chief Information Officer of Miami International Holdings (MIH) since March 2011. He also serves as President of Miami International Technologies, LLC, a subsidiary of MIH, since March 2011. Before joining MIH, Mr. Schafer held various positions at the Philadelphia Stock Exchange from 1993 to 2008 and was Vice President of Derivatives Trading Systems Development for Nasdaq OMX PHLX from 2008 until March 2011.

The clear emerging threat for Miami International Holdings (MIAX) is the growing adoption and development of distributed ledger technology (DLT) and tokenized securities within the financial industry. This technology enables new market structures and trading platforms that have the potential to disintermediate traditional exchange functions, including order matching, clearing, and settlement. Should a significant portion of securities trading migrate to DLT-based platforms, offering advantages such as faster settlement (e.g., T+0), lower costs, or enhanced transparency, it could erode the market share, transaction fees, and market data revenue streams of traditional exchange operators like MIAX.

Miami International Holdings, Inc. (MIAX) operates a diverse set of financial exchanges and services. The addressable markets for its main products and services, where quantifiable, are outlined below:

• U.S. Capital Market Exchange Market (encompassing Equities and Options Exchange Services): The United States Capital Market Exchange Market is projected to reach USD 616.65 billion in 2025. This market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.54% to reach USD 846.65 billion by 2030. This market includes major players like the New York Stock Exchange (NYSE), Nasdaq, Inc., and Cboe Global Markets.
• U.S. Futures Trading Platforms Market: The United States Futures Trading Platforms Market was valued at USD 7.5 billion in 2022 and is projected to reach USD 12.2 billion by 2030, demonstrating a CAGR of 7.1% from 2024 to 2030.
• Crypto Derivative Trading Platforms Market (North America): The Crypto Derivative Trading Platforms Market was valued at USD 13.7 billion globally in 2023 and is projected to reach USD 65.4 billion by 2033, with a CAGR of 17.3% from 2025 to 2033. North America holds the largest market share in this sector.

For MIAX's international exchanges (The Bermuda Stock Exchange and The International Stock Exchange), specific addressable market sizes in monetary value were not available. Similarly, distinct market sizes for their market data offerings and Futures Commission Merchant (FCM) services were not readily quantifiable as separate addressable markets.

Here are 3-5 expected drivers of future revenue growth for Miami International (MIAX) over the next 2-3 years:

1. Expansion of Options Business Market Share and Volume: Miami International Holdings (MIAX) has demonstrated strong performance in its options segment, with net revenue increasing by 55% year-over-year in Q3 2025 and achieving a record average daily volume of 9.6 million contracts. The company also reached a record market share of 17.2% in the third quarter of 2025, up from 13.9% in the prior-year period. This growth was further supported by the launch of the MIAX Sapphire options trading floor in September 2025. MIAX remains focused on continuing to expand its market share in the options business.
2. Launch and Growth of Financial Futures Products: MIAX plans to launch financial futures trading on its proprietary MIAX Futures Onyx trading platform on February 22, 2026. The initial product offerings will include futures contracts for the Bloomberg 500 Index (B500) and the Bloomberg US 100 Price Return Index (B100Q), subject to regulatory approval. The company anticipates that these new financial products will establish a foundation for a broader portfolio of equity index derivatives to be offered on MIAX Futures.
3. Growth in Equities Segment: In the third quarter of 2025, MIAX's equities segment experienced a nearly twofold increase in net revenue compared to the prior-year period, primarily driven by an improved capture rate. The company continues to prioritize maximizing total net revenues in this segment and believes its presence in U.S. equity markets positions it to capitalize on opportunities such as market data and adjacent assets.
4. International Expansion through Acquisitions: The acquisition of The International Stock Exchange Group Limited (TISE) in June 2025 significantly contributed to the growth of MIAX's international segment, with net revenue reaching $5.5 million compared to $0.8 million in the prior-year period. This acquisition provides MIAX with access to the European and U.K. markets and a valuable license in a respected regulatory jurisdiction, thereby accelerating its growth strategy by leveraging TISE's international recognition and expertise.
5. Potential for Options Regulatory Fee (ORF) Increase: MIAX has proposed to increase its Options Regulatory Fee (ORF) from $0.0015 per contract to $0.0017 per contract, effective January 1, 2026. This proposed increase is designed to help the Exchange recover a material portion of its projected regulatory costs, which are anticipated to rise in 2026.

Share Issuance

• Miami International Holdings (MIAX) completed an Initial Public Offering (IPO) in August 2025.
• The company offered 15,000,000 shares of common stock at $23.00 per share, raising approximately $396.8 million gross.
• Underwriters were granted a 30-day option to purchase up to an additional 2,250,000 shares.

Inbound Investments

• The IPO in August 2025 increased MIAX's access to capital markets.
• Proceeds from the IPO allowed MIAX to repay approximately $178.4 million of secured debt.

Outbound Investments

• MIAX acquired MIAX Futures in 2020.
• The company operates multiple exchanges, including The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE), reflecting ongoing strategic investments in regulated financial markets across different geographies.
• MIAX also owns Dorman Trading, a full-service Futures Commission Merchant.

Capital Expenditures

• MIAX launched the MIAX Sapphire options trading floor in Miami in September 2025.
• Significant investments were made in IT and communication costs for the build-out of the MIAX Sapphire Exchange and new technology platforms for MIAX's futures and BSX.
• MIAX announced plans to support trading of financial futures on its MIAX Futures Onyx trading platform in the first quarter of 2026.