U.S. Options
MIAX® operates four U.S. options exchanges using technology originally built to meet the high-performance quoting demands of the U.S. options trading industry.
MIAX operates four fully automated electronic options exchanges in the U.S., each with a distinct allocation and pricing model designed to meet specific client demands. In 2023, our exchanges accounted for 15.4% of total multi-listed options volume.
MIAX Options® launched in December 2012 with a Pro Rata allocation model and Customer Rebate pricing. MIAX Pearl® launched in February 2017 with a Price-Time allocation and Maker-Taker fee structure. MIAX Emerald® launched in March 2019 and offers a Pro Rata allocation model and a Maker-Taker fee structure. Our newest options exchange, MIAX Sapphire™, launched in August 2024 and offers a Price-Time allocation and Taker-Maker pricing structure.
MIAX Options
Pro Rata allocation model
Customers receive priority execution in a market designed to incent tight two-sided quotes and larger bid and offer quantities. MIAX Options also supports a fully electronic price improvement auction open to all exchange members.
Proprietary technology
Our in-house built technology is differentiated by its throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
MIAX Pearl
Price-Time market model
Price-Time priority coupled with Maker-Taker pricing encourages members to aggressively quote in the market.
Proprietary technology
Our in-house built technology is differentiated by its throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
MIAX Emerald
Pro Rata allocation and Maker-Taker pricing
Pro Rata allocation model encourages market participants to quote in large bid and offer sizes while incenting market participants to aggressively seek out liquidity through a Maker-Taker pricing model.
Proprietary technology
Our in-house built technology is differentiated by its throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
MIAX Sapphire
Price-Time allocation and Taker-Maker pricing
Price-Time priority coupled with Taker-Maker pricing encourages members to take posted liquidity in order to earn a rebate.
Proprietary technology
Our in-house built technology is differentiated by its throughput, latency, reliability and wire-order determinism.
Powerful risk controls
Built with risk controls, protections and performance requirements designed to support modern electronic markets.
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 Options in the news
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.