A fast-growing, tech-driven financial exchange operator, similar to a modern **CME Group** or **Nasdaq**.

The global infrastructure provider for trading various financial products, akin to a specialized and agile **Intercontinental Exchange (ICE)**.

• U.S. Options Exchanges: Miami International operates multiple regulated platforms for the trading of U.S. options contracts.
• U.S. Equities Exchange: The company operates a regulated platform dedicated to the trading of U.S. cash equities.
• Futures and Options on Futures Exchanges: Miami International operates regulated U.S. and international exchanges for trading futures and options on futures, including agricultural commodities and proprietary index products.
• Proprietary Bloomberg Index Products: The company offers exclusive listings of futures, options on futures, and cash-settled index options based on specific Bloomberg indexes.
• Fully Collateralized Derivatives Trading Platform: MIAX provides a regulated platform for listing and trading fully collateralized U.S. futures, options on futures, and swaps.
• Derivatives Clearing Services: The company offers clearing services for U.S. futures, options on futures, and potentially fully collateralized derivatives through its affiliated clearing organizations.
• Futures Commission Merchant (FCM) Services: Through its subsidiary Dorman Trading, Miami International provides full-service brokerage for futures and options on futures.

Miami International (MIAX) operates regulated financial marketplaces and primarily serves other companies, specifically financial institutions, rather than individual retail investors directly.

The provided company description does not explicitly name specific major customer companies or include their symbols. However, based on MIAX's business model and revenue streams (transaction fees, access fees, and market data fees related to transactions executed on its exchanges), its major customers are typically financial institutions such as:

• Broker-dealers
• Market Makers
• Proprietary Trading Firms
• Futures Commission Merchants (FCMs)

These types of firms are the direct participants who connect to MIAX's exchanges to execute trades, provide liquidity, and consume market data.

Suppliers:

• Bloomberg Index Services Limited
• The Options Clearing Corporation

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, having served as Chairman of the Board of Directors of MIH and the MIAX Exchanges since 2008 and as Chief Executive Officer since 2012. Prior to joining the company full-time in December 2012, Mr. Gallagher was a founding partner of the law firm Gallagher, Briody & Butler, a corporate and securities law firm. He has been instrumental in sourcing capital for MIH and assembling its team of seasoned industry professionals. Under his leadership, MIAX has grown from a single options exchange to a global exchange group operating eight exchanges across options, futures, and equities. He also serves as Chairman and Chief Executive Officer for several MIAX subsidiaries.

Lance Emmons, Executive Vice President, Chief Financial Officer

Lance Emmons has served as the Company's Executive Vice President, Chief Financial Officer since March 2020. Before joining MIAX, he held Chief Financial Officer positions at several startups, including Princeton Identity from June 2018 to April 2019. From March 2004 to December 2016, Mr. Emmons worked at International Securities Exchange, where his most recent role was Senior Vice President, Finance and Administration, Controller.

Shelly Brown, Executive Vice President, Chief Strategy Officer

Shelly Brown was appointed Executive Vice President, Chief Strategy Officer in November 2025 and also serves as Chief Executive Officer for MIAX Futures. He previously held the role of Executive Vice President, Strategic Planning and Business Development from April 2011 until November 2025. Mr. Brown joined the company in 2011 and has significantly contributed to the growth of its options business. Before his time at MIAX, he was the Director of Business Management for PEAK6 Investments, a Chicago-based trading firm, where he led options execution from September 2009 to February 2011.

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

Barbara J. Comly holds the position of Executive Vice President, General Counsel and Corporate Secretary at MIAX.

Edward Deitzel, Executive Vice President, Chief Regulatory Officer and Chief Compliance Officer

Edward Deitzel is the Executive Vice President, Chief Regulatory Officer, and Chief Compliance Officer for the MIAX Exchanges. He has served as Chief Regulatory Officer since March 2009 and as Chief Compliance Officer for the MIAX Exchanges since October 2015. Prior to joining MIH, Mr. Deitzel held various surveillance positions at the Philadelphia Stock Exchange from January 1997 through March 2009.

• Reliance on Success of Bloomberg Products and License Renewal: Miami International has a ten-year exclusive license agreement with Bloomberg to develop and list proprietary products based on Bloomberg indexes, such as futures and cash-settled index options on the B500 Index. The continuity of this license beyond the initial term is contingent upon meeting "certain minimum revenue thresholds." Failure to successfully launch these products on schedule, achieve sufficient market acceptance, or meet the specified revenue targets could lead to the non-renewal of this exclusive agreement, significantly impacting the company's planned future growth and product expansion strategy.
• Competitive Market and Technology Dependency: The company operates in a highly competitive global derivatives exchange market and relies heavily on its proprietary technology for speed, performance, and differentiation. A key risk is the potential for competitors to develop superior technology, or for MIAX's technology to fail or become obsolete, which could erode its competitive advantage, market share, and transaction volumes. Furthermore, revenue is primarily derived from transaction, access, and market data fees, making the business susceptible to declines in overall trading activity due to market conditions or increased competition.
• Regulatory and Compliance Risks: As a financial market infrastructure provider operating multiple exchanges and clearing services regulated by various authorities (including the SEC, CFTC, BMA, and GFSC), Miami International faces significant regulatory risk. Changes in financial market regulations, difficulties in obtaining or maintaining necessary licenses and approvals for existing and new products (such as the planned Bloomberg Products), or increased compliance costs could adversely affect its operations and financial performance.

Miami International (MIAX) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and the continued strength of its existing markets.

Here are 3-5 expected drivers of future revenue growth:

1. Exclusive Launch of Bloomberg-Indexed Proprietary Products: A significant driver will be the rollout of new proprietary products under a ten-year exclusive license agreement with Bloomberg. This includes futures and cash-settled index options on the Bloomberg 500 Index (B500 Index) and the Bloomberg US Large Cap Volatility Index (B500 Volatility Index). The company expects to launch futures on the B500 Index in the fourth quarter of 2025 or the first quarter of 2026 on MIAX Futures, followed by cash-settled index options on the B500 Index in the first half of 2026 on MIAX Options, and options on futures on the B500 Index targeted for the second half of 2026 on MIAX Futures.
2. Expansion of Proprietary and Other Products on MIAX Futures and MIAXdx: Beyond the Bloomberg products, MIAX is actively developing and plans to expand its suite of other proprietary products on MIAX Futures and MIAXdx. This includes the potential to enter into additional clearing as a service agreements with other futures markets, further diversifying its product offerings and revenue streams.
3. Sustained Organic Growth in U.S. Options and Futures Markets: MIAX has a strong track record of organic growth, substantially increasing transaction volume by scaling its operations and launching new marketplaces. This trend is expected to continue, building on the significant increases observed in trading volumes for multi-listed U.S. options (30.5% increase in H1 2025 compared to H1 2024) and futures and options on futures on the MIAX Futures exchange (36.6% increase in H1 2025 compared to H1 2024). The launch of the MIAX Futures Onyx trading system in June 2025 is also expected to support growth in new MIAX Futures products.