Miami International Holdings Reports Fourth Quarter and Full Year 2025 Financial Results
-
Q4 Net revenue of
$124.5 million (+52% YoY), GAAP diluted EPS of$0.27 -
Q4 Adjusted EBITDA of
$62.2 million (+112% YoY), Adjusted diluted EPS of$0.52 -
FY 2025 Net revenue of
$430.5 million (+56% YoY), GAAP diluted EPS of ($1.00 ) -
FY 2025 Adjusted EBITDA of
$199.1 million (+143% YoY), Adjusted diluted EPS of$1.82 - Establishes 2026 adjusted operating expense guidance
"We ended a milestone year with another exceptional quarter of progress," said
"We have built a strong foundation for capturing emerging secular growth opportunities. Looking ahead, we'll leverage our technology advantage, broad range of regulatory licenses across multiple jurisdictions, diverse and expanding product range, and most importantly, our deep relationships with our customers to drive continued growth."
Fourth Quarter 2025 Highlights
All figures are compared to the fourth quarter of 2024 unless otherwise stated.
- Net revenue, defined as revenues less cost of revenues, grew 52% to
$124.5 million , compared to$81.7 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and the full-year impact of the MIAX Sapphire® electronic options exchange. - Total operating expenses were
$81.8 million , compared to$74.5 million in the prior-year period. The increase was primarily due to planned investments in headcount and technology to support our growth initiatives; increased depreciation and amortization expenses related to the launch of the MIAX Sapphire electronic and floor exchange; and the launch of the MIAX Futures Onyx trading platform. - Operating income of
$42.7 million , compared to$7.2 million in the prior-year period. - GAAP net income of
$29.9 million , compared to$2.9 million in the prior-year period. - Adjusted earnings increased nearly three times to
$57.1 million , compared to$19.6 million in the prior-year period. - Adjusted EBITDA more than doubled to
$62.2 million , compared to$29.3 million in the prior-year period, driven primarily by strong growth in net revenues. - Adjusted EBITDA margin expanded to 50% from 36% in the prior-year period.
Business Updates
- Closed secondary public offering of 7.8 million shares of common stock at
$41.00 per share in the fourth quarter of 2025. The offering consisted entirely of secondary shares. - MIAX options exchanges reached a record average daily volume of 11.1 million contracts in the fourth quarter of 2025, a 46.5% increase year-over-year.
- MIAX options exchanges reached a market share record of 18.2% in the fourth quarter of 2025, a 14.5% increase year-over-year.
- Completed the sale of 90% of the issued and outstanding equity in MIAXdx in
January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership withSusquehanna International Group . MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known asRothera Exchange and Clearing LLC . - Listed new Monday and Wednesday short term option expirations for qualifying stocks in the Short term Options Series Program.
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Summary of Selected Unaudited Condensed Consolidated Financial Results |
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Consolidated Fourth Quarter Results |
4Q25
|
4Q24
|
Change |
|
Total revenues less cost of revenues |
$ 124,501 |
$ 81,705 |
52 % |
|
Operating income |
$ 42,689 |
$ 7,158 |
496 % |
|
Net income attributable to MIH stockholders |
$ 29,944 |
$ 2,891 |
936 % |
|
Diluted EPS |
$ 0.27 |
$ 0.04 |
|
|
Adjusted earnings* |
$ 57,066 |
$ 19,565 |
192 % |
|
Adjusted diluted EPS* |
$ 0.52 |
$ 0.26 |
|
|
EBITDA |
$ 35,041 |
$ 12,623 |
178 % |
|
Adjusted EBITDA* |
$ 62,163 |
$ 29,338 |
112 % |
|
Adjusted EBITDA margin %* |
50 % |
36 % |
39 % |
|
* Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below. |
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Segment Results |
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( |
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Total Revenues Less Cost of Revenues |
4Q25
|
4Q24
|
Change |
|
Options |
$ 106,903 |
$ 73,147 |
46 % |
|
Equities |
6,376 |
1,846 |
245 % |
|
Futures |
4,805 |
5,565 |
(14) % |
|
International |
6,039 |
851 |
610 % |
|
Corporate/Other |
378 |
296 |
28 % |
|
Total |
$ 124,501 |
$ 81,705 |
52 % |
Options
- Net revenue grew 46% to
$106.9 million , compared to$73.1 million in the prior-year period. The growth was primarily driven by higher net transaction fees that benefitted from increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by the full-year impact of the launch of the MIAX Sapphire electronic options exchange. - Operating income increased 80% to
$73.0 million , compared to$40.6 million in the prior-year period. The growth was primarily due to higher net revenues. - Adjusted EBITDA grew 66% to
$82.5 million , compared to$49.7 million in the prior-year period.
Equities
- Net revenue grew 245% to
$6.4 million , compared to$1.8 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing. Equities capture was net neutral for the quarter as compared to historically inverted. - Approached operating breakeven in the fourth quarter, compared to an operating loss of
$6.3 million in the prior-year period. - Adjusted EBITDA of
$1.6 million , compared to($3.8) million in the prior-year period.
Futures
- Net revenue was
$4.8 million , compared to$5.6 million in the prior-year period. The decline was primarily due to lower listings fees, and decreased transaction fees due to lower volumes caused by timing of participant migrations to MIAX Futures Onyx and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex. - Operating loss was
$14.2 million , compared to an operating loss of$11.0 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by increased compensation costs. - Adjusted EBITDA of
($10.0) million , compared to($6.9) million in the prior-year period.
International
- Net revenue was
$6.0 million , compared to$0.9 million in the prior-year period. The increase was primarily due to the acquisition of TheInternational Stock Exchange Group Limited (TISE) inJune 2025 . - Operating income was
$0.9 million , compared to an operating loss of$2.8 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition. - Adjusted EBITDA of
$1.8 million , compared to($2.0) million in the prior-year period.
Capital and Liquidity
- As of
December 31, 2025 , MIAX had cash and cash equivalents of$433.6 million and total debt of$1.5 million .
FY 2026 Guidance
For full year 2026, we expect:
- Adjusted operating expenses, which exclude share based compensation, depreciation and amortization, and litigation expenses, in a range between
$265 million and$275 million ; - Share based compensation expense in a range between
$27 million and$30 million ; - Capital expenditures, including capitalization of internally developed software, in a range between
$40 million and$45 million ; - Depreciation and amortization expense in a range between
$33 million and$38 million ; - Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%. Subject to continued improvements in
U.S. operating results, the Company anticipates that within the next 12 months, sufficient positive evidence should become available to reach a conclusion that a significant portion of the deferred tax valuation allowance (VA) would no longer be required. The Adjusted ETR is based on non-GAAP adjusted earnings and excludes the discrete tax benefit of the anticipatedVA release.
Webcast and Conference Call
MIAX will host a webcast and conference call to review its fourth quarter and full-year financial results today,
Non-GAAP Financial Information
Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments.
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income taxes and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets.
Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by adjusted revenues less cost of revenues.
Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis).
Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The Company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company's ongoing operations.
For a reconciliation of our non-GAAP results to our GAAP results, see the tables below.
About MIAX
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Contact:
Investors
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Condensed Consolidated Statements of Operations (Unaudited) |
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Three and Twelve Months Ended |
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( |
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Three Months Ended |
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Year Ended |
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|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Revenues: |
|
|
|
|
|
|
|
|
Transaction and clearing fees |
$ 321,172 |
|
$ 287,905 |
|
$ 1,189,429 |
|
$ 1,000,114 |
|
Access fees |
28,763 |
|
22,780 |
|
106,048 |
|
89,567 |
|
Market data fees |
10,973 |
|
8,838 |
|
41,598 |
|
33,646 |
|
Other revenue |
8,526 |
|
4,373 |
|
26,998 |
|
16,745 |
|
Total revenues |
369,434 |
|
323,896 |
|
1,364,073 |
|
1,140,072 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
Liquidity payments |
230,913 |
|
201,778 |
|
837,896 |
|
727,177 |
|
Brokerage, clearing, and exchange fees |
12,717 |
|
17,328 |
|
55,264 |
|
68,462 |
|
Section 31 fees |
— |
|
22,032 |
|
35,225 |
|
62,140 |
|
Equity rights program |
— |
|
— |
|
— |
|
1,975 |
|
Other cost of revenues |
1,303 |
|
1,053 |
|
5,158 |
|
4,674 |
|
Total cost of revenues |
244,933 |
|
242,191 |
|
933,543 |
|
864,428 |
|
Revenues less cost of revenues |
124,501 |
|
81,705 |
|
430,530 |
|
275,644 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Compensation and benefits |
41,579 |
|
37,998 |
|
188,313 |
|
145,225 |
|
Information technology and communication costs |
9,678 |
|
7,725 |
|
35,367 |
|
29,167 |
|
Depreciation and amortization |
8,042 |
|
6,265 |
|
29,379 |
|
23,372 |
|
Occupancy costs |
2,966 |
|
2,373 |
|
11,984 |
|
9,405 |
|
Professional fees and outside services |
12,633 |
|
12,993 |
|
42,792 |
|
47,656 |
|
Marketing and business development |
679 |
|
865 |
|
2,756 |
|
3,063 |
|
Acquisition-related costs |
— |
|
— |
|
2,901 |
|
— |
|
General, administrative, and other |
6,235 |
|
6,328 |
|
25,070 |
|
20,581 |
|
Total operating expenses |
81,812 |
|
74,547 |
|
338,562 |
|
278,469 |
|
Operating income (loss) |
42,689 |
|
7,158 |
|
91,968 |
|
(2,825) |
|
Non-operating (expense) income: |
|
|
|
|
|
|
|
|
Change in fair value of puttable common stock |
— |
|
(2,445) |
|
(2,229) |
|
(10,594) |
|
Change in fair value of puttable warrants issued |
— |
|
(3,027) |
|
(1,172) |
|
(4,662) |
|
Interest income |
4,043 |
|
1,326 |
|
9,414 |
|
3,302 |
|
Interest expense and amortization of debt |
(176) |
|
(4,419) |
|
(12,886) |
|
(13,951) |
|
Gain (loss) on sale of intangible asset |
— |
|
— |
|
(2,054) |
|
52,604 |
|
Unrealized gain (loss) on derivative assets |
(15,876) |
|
7,156 |
|
(54,915) |
|
83,840 |
|
Impairment of investments |
— |
|
(4,108) |
|
— |
|
(4,108) |
|
Loss on debt extinguishment |
— |
|
— |
|
(107,656) |
|
— |
|
Other, net |
186 |
|
1,624 |
|
10,951 |
|
1,475 |
|
Income (loss) before income tax provision |
30,866 |
|
3,265 |
|
(68,579) |
|
105,081 |
|
Income tax expense |
(922) |
|
(374) |
|
(1,450) |
|
(3,095) |
|
Net income (loss) |
29,944 |
|
2,891 |
|
(70,029) |
|
101,986 |
|
Net loss attributable to non-controlling interest |
— |
|
— |
|
— |
|
(137) |
|
Net income (loss) attributable to |
$ 29,944 |
|
$ 2,891 |
|
$ (70,029) |
|
$ 102,123 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding |
|
|
|
|
|
|
|
|
Basic |
87,513,159 |
|
63,484,489 |
|
69,836,032 |
|
60,698,967 |
|
Diluted |
109,603,947 |
|
76,386,956 |
|
69,836,032 |
|
74,625,858 |
|
Net income (loss) per share attributable to common |
|
|
|
|
|
|
|
|
Basic |
$ 0.34 |
|
$ 0.05 |
|
$ (1.00) |
|
$ 1.68 |
|
Diluted |
$ 0.27 |
|
$ 0.04 |
|
$ (1.00) |
|
$ 1.39 |
|
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Condensed Consolidated Balance Sheets (Unaudited) |
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( |
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Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 433,648 |
|
$ 150,341 |
|
Cash and securities segregated under federal and other regulations |
27,618 |
|
30,809 |
|
Accounts receivable, net |
98,107 |
|
92,415 |
|
Restricted cash |
6,005 |
|
6,270 |
|
Clearing house performance bonds and guarantee funds |
70,078 |
|
87,744 |
|
Participant margin deposits |
— |
|
1,234 |
|
Receivables from broker-dealers, futures commission merchants, and clearing organizations |
133,533 |
|
147,164 |
|
Current portion of derivative assets |
6,017 |
|
33,536 |
|
Other current assets |
39,232 |
|
23,303 |
|
Assets held for sale |
40,976 |
|
— |
|
Total current assets |
855,214 |
|
572,816 |
|
Investments |
19,180 |
|
31,022 |
|
Fixed assets, net |
46,854 |
|
44,478 |
|
Internally developed software, net |
36,333 |
|
32,262 |
|
|
62,211 |
|
46,818 |
|
Other intangible assets, net |
170,774 |
|
114,224 |
|
Derivative assets, net of current portion |
5,114 |
|
50,304 |
|
Other assets, net |
63,745 |
|
81,727 |
|
Total assets |
$ 1,259,425 |
|
$ 973,651 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and other liabilities |
$ 69,780 |
|
$ 120,361 |
|
Accrued compensation payable |
39,412 |
|
33,523 |
|
Current portion of long-term debt |
1,508 |
|
4,767 |
|
Deferred transaction revenues |
9,572 |
|
2,710 |
|
Clearing house performance bonds and guarantee funds |
69,578 |
|
87,244 |
|
Participant margin deposits |
— |
|
1,234 |
|
Payables to customers |
144,641 |
|
152,637 |
|
Payables to clearing organizations |
11 |
|
2,746 |
|
Liabilities held for sale |
2,758 |
|
— |
|
Total current liabilities |
337,260 |
|
405,222 |
|
Long-term debt |
— |
|
32,268 |
|
Deferred income taxes |
22,386 |
|
10,766 |
|
Puttable common stock, net of current portion |
— |
|
78,424 |
|
Puttable warrants issued with debt |
— |
|
64,188 |
|
Other non-current liabilities |
18,762 |
|
15,166 |
|
Total liabilities |
378,408 |
|
606,034 |
|
Commitments and contingencies |
— |
|
— |
|
Stockholders' equity: |
|
|
|
|
Convertible preferred stock - par value |
— |
|
1 |
|
Common stock - voting and nonvoting, par value |
86 |
|
63 |
|
Common stock in treasury, at cost, 353,799 shares at |
(8,232) |
|
(775) |
|
Additional paid-in capital |
1,522,143 |
|
930,638 |
|
Accumulated deficit |
(632,339) |
|
(562,310) |
|
Accumulated other comprehensive loss, net |
(641) |
|
— |
|
Total stockholders' equity |
881,017 |
|
367,617 |
|
Total liabilities and stockholders' equity |
$ 1,259,425 |
|
$ 973,651 |
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA by segment ($000):
|
|
Three Months Ended |
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|
|
Options |
|
Equities |
|
Futures |
|
International |
|
Corporate / |
|
Total |
|
Net income (loss) allocated to common |
$ 73,308 |
|
$ (48) |
|
$ (13,776) |
|
$ (15,326) |
|
$ (14,214) |
|
$ 29,944 |
|
Interest expense and amortization of |
— |
|
— |
|
5 |
|
— |
|
171 |
|
176 |
|
Interest income |
(344) |
|
— |
|
(186) |
|
(174) |
|
(3,339) |
|
(4,043) |
|
Income tax expense |
— |
|
— |
|
— |
|
489 |
|
433 |
|
922 |
|
Depreciation and amortization |
4,327 |
|
1,029 |
|
1,514 |
|
462 |
|
710 |
|
8,042 |
|
EBITDA |
77,291 |
|
981 |
|
(12,443) |
|
(14,549) |
|
(16,239) |
|
35,041 |
|
Share based compensation(1) |
3,909 |
|
628 |
|
2,600 |
|
496 |
|
1,926 |
|
9,559 |
|
Investment (gain) loss(2) |
— |
|
— |
|
(127) |
|
— |
|
73 |
|
(54) |
|
Litigation costs(3) |
1,306 |
|
— |
|
— |
|
— |
|
435 |
|
1,741 |
|
Unrealized loss on derivative assets(4) |
— |
|
— |
|
— |
|
15,876 |
|
— |
|
15,876 |
|
Adjusted EBITDA |
$ 82,506 |
|
$ 1,609 |
|
$ (9,970) |
|
$ 1,823 |
|
$ (13,805) |
|
$ 62,163 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options of |
|
(2) |
Investment (gain) loss of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
Represents the unrealized loss on 250 million Pyth tokens that remain locked by the Pyth Network as of |
|
|
Three Months Ended |
||||||||||
|
|
Options |
|
Equities |
|
Futures |
|
International |
|
Corporate / |
|
Total |
|
Net income (loss) allocated to common |
$ 41,041 |
|
$ (6,293) |
|
$ (9,893) |
|
$ 4,381 |
|
$ (26,345) |
|
$ 2,891 |
|
Interest expense and amortization of |
— |
|
— |
|
36 |
|
— |
|
4,383 |
|
4,419 |
|
Interest income |
(459) |
|
— |
|
(212) |
|
— |
|
(655) |
|
(1,326) |
|
Income tax expense |
— |
|
— |
|
1 |
|
— |
|
373 |
|
374 |
|
Depreciation and amortization |
3,100 |
|
1,423 |
|
1,045 |
|
157 |
|
540 |
|
6,265 |
|
EBITDA |
43,682 |
|
(4,870) |
|
(9,023) |
|
4,538 |
|
(21,704) |
|
12,623 |
|
Share based compensation(1) |
3,937 |
|
1,049 |
|
2,655 |
|
573 |
|
1,825 |
|
10,039 |
|
Investment gain(2) |
— |
|
— |
|
(510) |
|
— |
|
— |
|
(510) |
|
Litigation costs(3) |
2,086 |
|
— |
|
— |
|
— |
|
695 |
|
2,781 |
|
Change in fair value of puttable warrants |
— |
|
— |
|
— |
|
— |
|
3,027 |
|
3,027 |
|
Change in fair value of puttable common |
— |
|
— |
|
— |
|
— |
|
2,445 |
|
2,445 |
|
Impairment charges(6) |
— |
|
— |
|
— |
|
— |
|
6,089 |
|
6,089 |
|
Unrealized gain on derivative assets(7) |
— |
|
— |
|
— |
|
(7,156) |
|
— |
|
(7,156) |
|
Adjusted EBITDA |
$ 49,705 |
|
$ (3,821) |
|
$ (6,878) |
|
$ (2,045) |
|
$ (7,623) |
|
$ 29,338 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options of |
|
(2) |
Investment gain of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the 2029 Senior Secured Term Loan. |
|
(5) |
The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in |
|
(6) |
Impairment charges include |
|
(7) |
Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of |
|
|
Year Ended |
||||||||||
|
|
Options |
|
Equities |
|
Futures |
|
International |
|
Corporate / |
|
Total |
|
Net income (loss) allocated to common |
$ 235,695 |
|
$ (12,014) |
|
$ (53,710) |
|
$ (58,645) |
|
$ (181,355) |
|
$ (70,029) |
|
Interest expense and amortization of |
— |
|
— |
|
111 |
|
— |
|
12,775 |
|
12,886 |
|
Interest income |
(1,592) |
|
— |
|
(785) |
|
(305) |
|
(6,732) |
|
(9,414) |
|
Income tax expense |
— |
|
— |
|
— |
|
962 |
|
488 |
|
1,450 |
|
Depreciation and amortization |
14,620 |
|
5,639 |
|
5,169 |
|
1,500 |
|
2,451 |
|
29,379 |
|
EBITDA |
248,723 |
|
(6,375) |
|
(49,215) |
|
(56,488) |
|
(172,373) |
|
(35,728) |
|
Share based compensation(1) |
24,815 |
|
4,460 |
|
15,288 |
|
1,473 |
|
11,530 |
|
57,566 |
|
Investment gain(2) |
— |
|
— |
|
(1,797) |
|
— |
|
(8,577) |
|
(10,374) |
|
Litigation costs(3) |
3,321 |
|
— |
|
— |
|
— |
|
1,107 |
|
4,428 |
|
Impairment charges(4) |
— |
|
— |
|
— |
|
— |
|
2,717 |
|
2,717 |
|
Acquisition-related costs(5) |
— |
|
— |
|
— |
|
— |
|
2,901 |
|
2,901 |
|
Change in fair value of puttable warrants |
— |
|
— |
|
— |
|
— |
|
1,172 |
|
1,172 |
|
Change in fair value of puttable common |
— |
|
— |
|
— |
|
— |
|
2,229 |
|
2,229 |
|
Loss on intangible asset(8) |
— |
|
— |
|
— |
|
2,054 |
|
— |
|
2,054 |
|
Unrealized loss on derivative assets(9) |
— |
|
— |
|
— |
|
54,915 |
|
— |
|
54,915 |
|
One time IPO payments(10) |
— |
|
— |
|
— |
|
— |
|
8,048 |
|
8,048 |
|
Warrant modifications(11) |
— |
|
— |
|
— |
|
— |
|
1,516 |
|
1,516 |
|
Loss on extinguishment of debt(12) |
— |
|
— |
|
— |
|
— |
|
107,656 |
|
107,656 |
|
Adjusted EBITDA |
$ 276,859 |
|
$ (1,915) |
|
$ (35,724) |
|
$ 1,954 |
|
$ (42,074) |
|
$ 199,100 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options of |
|
(2) |
Investment gain of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
Impairment charges of |
|
(5) |
Related to the TISE acquisition. |
|
(6) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in |
|
(7) |
The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with the Company's ERPs I and II that have an associated put right which requires the Company to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in |
|
(8) |
Represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. |
|
(9) |
Reflects the unrealized loss resulting from the mark-to-market valuation of the 125 million Pyth tokens upon unlocking prior to their sale during the second quarter of 2025, and of the 250 million Pyth tokens that remain locked by the Pyth Network as of |
|
(10) |
One time IPO bonuses paid to certain employees and termination payments to former directors. |
|
(11) |
Represents expense recognized upon the extension of expiration date of certain warrants. |
|
(12) |
Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan. |
|
|
Year Ended |
||||||||||
|
|
Options |
|
Equities |
|
Futures |
|
International |
|
Corporate / |
|
Total |
|
Net income (loss) allocated to common |
$ 134,831 |
|
$ (27,148) |
|
$ (42,420) |
|
$ 125,650 |
|
$ (88,790) |
|
$ 102,123 |
|
Interest expense and amortization of debt |
— |
|
— |
|
173 |
|
— |
|
13,778 |
|
13,951 |
|
Interest income |
(1,264) |
|
— |
|
(899) |
|
— |
|
(1,139) |
|
(3,302) |
|
Income tax expense (benefit) |
— |
|
— |
|
(2,188) |
|
— |
|
5,283 |
|
3,095 |
|
Depreciation and amortization |
11,216 |
|
5,919 |
|
3,446 |
|
584 |
|
2,207 |
|
23,372 |
|
EBITDA |
144,783 |
|
(21,229) |
|
(41,888) |
|
126,234 |
|
(68,661) |
|
139,239 |
|
Share based compensation(1) |
15,823 |
|
5,977 |
|
11,342 |
|
2,591 |
|
7,898 |
|
43,631 |
|
Investment (gain) loss(2) |
— |
|
— |
|
(952) |
|
— |
|
2,037 |
|
1,085 |
|
Litigation costs(3) |
6,646 |
|
— |
|
— |
|
— |
|
2,215 |
|
8,861 |
|
Change in fair value of puttable warrants issued |
— |
|
— |
|
— |
|
— |
|
4,662 |
|
4,662 |
|
Change in fair value of puttable common |
— |
|
— |
|
— |
|
— |
|
10,594 |
|
10,594 |
|
Settlement fee(6) |
— |
|
— |
|
— |
|
— |
|
3,000 |
|
3,000 |
|
Settlement of induced conversion expense in |
— |
|
— |
|
— |
|
— |
|
1,365 |
|
1,365 |
|
Gain on intangible asset(8) |
— |
|
— |
|
— |
|
(52,604) |
|
— |
|
(52,604) |
|
Impairment charges(9) |
— |
|
— |
|
— |
|
— |
|
6,089 |
|
6,089 |
|
Unrealized gain on derivative assets(10) |
— |
|
— |
|
— |
|
(83,840) |
|
— |
|
(83,840) |
|
Adjusted EBITDA |
$ 167,252 |
|
$ (15,252) |
|
$ (31,498) |
|
$ (7,619) |
|
$ (30,801) |
|
$ 82,082 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options of |
|
(2) |
Investment (gain) loss of |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the 2029 Senior Secured Term Loan. |
|
(5) |
The change in fair value of puttable common stock of |
|
(6) |
The Company recognized expense of |
|
(7) |
Represents the fair value of common stock issued to convertible loan holders in excess of the consideration issuable under the original term loan agreements, offered as an inducement to convert prior to maturity. |
|
(8) |
Represents the realized gain on 125 million Pyth tokens that were unlocked by the Pyth Network and sold by BSX during the second quarter of 2024. BSX sold these tokens for |
|
(9) |
Impairment charges include |
|
(10) |
Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of |
Segment Operating Results
The following sets forth our results of operations by segment ($000):
|
|
Three Months Ended |
|||||
|
|
Options |
Equities |
Futures |
International |
Corporate / |
Total |
|
Revenues: |
|
|
|
|
|
|
|
Transaction and clearing fees |
$ 275,800 |
$ 28,517 |
$ 16,799 |
$ 56 |
$ — |
$ 321,172 |
|
Access fees |
24,718 |
3,823 |
239 |
40 |
(57) |
28,763 |
|
Market data fees |
7,135 |
2,513 |
1,253 |
79 |
(7) |
10,973 |
|
Other revenue |
(27) |
27 |
2,300 |
5,864 |
362 |
8,526 |
|
Total revenues |
307,626 |
34,880 |
20,591 |
6,039 |
298 |
369,434 |
|
Cost of revenues: |
|
|
|
|
|
|
|
Liquidity payments |
199,528 |
28,308 |
3,077 |
— |
— |
230,913 |
|
Brokerage, clearing, and exchange fees |
1,195 |
196 |
11,326 |
— |
— |
12,717 |
|
Other cost of revenues(1) |
— |
— |
1,383 |
— |
(80) |
1,303 |
|
Total cost of revenues |
200,723 |
28,504 |
15,786 |
— |
(80) |
244,933 |
|
Revenues less cost of revenues |
106,903 |
6,376 |
4,805 |
6,039 |
378 |
124,501 |
|
Operating expenses: |
|
|
|
|
|
|
|
Compensation and benefits |
18,503 |
2,843 |
12,139 |
3,020 |
5,074 |
41,579 |
|
Information technology and communication costs |
4,120 |
1,824 |
2,747 |
705 |
282 |
9,678 |
|
Depreciation and amortization |
4,327 |
1,029 |
1,514 |
462 |
710 |
8,042 |
|
Occupancy costs |
1,548 |
173 |
598 |
226 |
421 |
2,966 |
|
Professional fees and outside services |
3,295 |
174 |
651 |
440 |
8,073 |
12,633 |
|
Marketing and business development |
114 |
30 |
297 |
116 |
122 |
679 |
|
General, administrative, and other |
2,031 |
351 |
1,089 |
205 |
2,559 |
6,235 |
|
Total operating expenses |
33,938 |
6,424 |
19,035 |
5,174 |
17,241 |
81,812 |
|
Operating income / (loss) |
72,965 |
(48) |
(14,230) |
865 |
(16,863) |
42,689 |
|
Non-operating (expense) income: |
|
|
|
|
|
|
|
Interest income |
344 |
— |
186 |
174 |
3,339 |
4,043 |
|
Interest expense and amortization of debt |
— |
— |
(5) |
— |
(171) |
(176) |
|
Unrealized loss on derivative assets |
— |
— |
— |
(15,876) |
— |
(15,876) |
|
Other, net |
(1) |
— |
273 |
— |
(86) |
186 |
|
Income (loss) before income tax provision |
73,308 |
(48) |
(13,776) |
(14,837) |
(13,781) |
30,866 |
|
Income tax expense |
— |
— |
— |
(489) |
(433) |
(922) |
|
Net income (loss) attributable to |
$ 73,308 |
$ (48) |
$ (13,776) |
$ (15,326) |
$ (14,214) |
$ 29,944 |
|
|
|
|
(1) |
Futures other cost of revenues includes |
|
|
Three Months Ended |
|||||
|
|
Options |
Equities |
Futures |
International |
Corporate / |
Total |
|
Revenues: |
|
|
|
|
|
|
|
Transaction and clearing fees |
$ 228,005 |
$ 39,834 |
$ 20,018 |
$ 48 |
$ — |
$ 287,905 |
|
Access fees |
19,107 |
3,512 |
182 |
36 |
(57) |
22,780 |
|
Market data fees |
5,414 |
2,429 |
923 |
79 |
(7) |
8,838 |
|
Other revenue |
57 |
— |
3,268 |
688 |
360 |
4,373 |
|
Total revenues |
252,583 |
45,775 |
24,391 |
851 |
296 |
323,896 |
|
Cost of revenues: |
|
|
|
|
|
|
|
Liquidity payments |
165,164 |
34,451 |
2,163 |
— |
— |
201,778 |
|
Brokerage, clearing, and exchange fees |
1,449 |
269 |
15,610 |
— |
— |
17,328 |
|
Section 31 fees |
12,823 |
9,209 |
— |
— |
— |
22,032 |
|
Other cost of revenues(1) |
— |
— |
1,053 |
— |
— |
1,053 |
|
Total cost of revenues |
179,436 |
43,929 |
18,826 |
— |
— |
242,191 |
|
Revenues less cost of revenues |
73,147 |
1,846 |
5,565 |
851 |
296 |
81,705 |
|
Operating expenses: |
|
|
|
|
|
|
|
Compensation and benefits |
16,703 |
4,011 |
10,069 |
1,983 |
5,232 |
37,998 |
|
Information technology and communication costs |
3,085 |
1,432 |
2,464 |
641 |
103 |
7,725 |
|
Depreciation and amortization |
3,100 |
1,423 |
1,045 |
157 |
540 |
6,265 |
|
Occupancy costs |
1,053 |
178 |
477 |
146 |
519 |
2,373 |
|
Professional fees and outside services |
7,000 |
782 |
1,118 |
206 |
3,887 |
12,993 |
|
Marketing and business development |
230 |
12 |
146 |
65 |
412 |
865 |
|
General, administrative, and other |
1,394 |
301 |
1,238 |
428 |
2,967 |
6,328 |
|
Total operating expenses |
32,565 |
8,139 |
16,557 |
3,626 |
13,660 |
74,547 |
|
Operating income / (loss) |
40,582 |
(6,293) |
(10,992) |
(2,775) |
(13,364) |
7,158 |
|
Non-operating (expense) income: |
|
|
|
|
|
|
|
Change in fair value of puttable warrants issued |
— |
— |
— |
— |
(3,027) |
(3,027) |
|
Change in fair value of puttable common stock |
— |
— |
— |
— |
(2,445) |
(2,445) |
|
Interest income |
459 |
— |
212 |
— |
655 |
1,326 |
|
Interest expense and amortization of debt |
— |
— |
(36) |
— |
(4,383) |
(4,419) |
|
Impairment of investments |
— |
— |
— |
— |
(4,108) |
(4,108) |
|
Unrealized gain on derivative assets |
— |
— |
— |
7,156 |
— |
7,156 |
|
Other, net |
— |
— |
924 |
— |
700 |
1,624 |
|
Income (loss) before income tax provision |
41,041 |
(6,293) |
(9,892) |
4,381 |
(25,972) |
3,265 |
|
Income tax expense |
— |
— |
(1) |
— |
(373) |
(374) |
|
Net income (loss) attributable to |
$ 41,041 |
$ (6,293) |
$ (9,893) |
$ 4,381 |
$ (26,345) |
$ 2,891 |
|
|
|
|
(1) |
Futures other cost of revenues includes |
The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA margin for our business segments (
|
|
|
Options |
|
Equities |
||||||||
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
||||
|
|
|
|
|
Percent |
|
|
|
Percent |
||||
|
|
|
2025 |
|
2024 |
|
Change |
|
2025 |
|
2024 |
|
Change |
|
|
Revenues less cost of revenues |
$ 106,903 |
|
$ 73,147 |
|
46.1 % |
|
$ 6,376 |
|
$ 1,846 |
|
245.4 % |
|
|
Operating expenses |
33,938 |
|
32,565 |
|
4.2 % |
|
6,424 |
|
8,139 |
|
(21.1) % |
|
|
Operating income (loss) |
$ 72,965 |
|
$ 40,582 |
|
79.8 % |
|
$ (48) |
|
$ (6,293) |
|
* |
|
|
Adjusted EBITDA(1) |
$ 82,506 |
|
$ 49,705 |
|
66.0 % |
|
$ 1,609 |
|
$ (3,821) |
|
* |
|
|
Adjusted EBITDA margin(2) |
77.2 % |
|
68.0 % |
|
|
|
— |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures |
|
International |
||||||||
|
|
|
Three Months Ended |
|
|
|
Three Months Ended |
|
|
||||
|
|
|
|
|
Percent |
|
|
|
Percent |
||||
|
|
|
2025 |
|
2024 |
|
Change |
|
2025 |
|
2024 |
|
Change |
|
|
Revenues less cost of revenues |
$ 4,805 |
|
$ 5,565 |
|
(13.7) % |
|
$ 6,039 |
|
$ 851 |
|
609.6 % |
|
|
Operating expenses |
19,035 |
|
16,557 |
|
15.0 % |
|
5,174 |
|
3,626 |
|
42.7 % |
|
|
Operating income (loss) |
$ (14,230) |
|
$ (10,992) |
|
* |
|
$ 865 |
|
$ (2,775) |
|
* |
|
|
Adjusted EBITDA(1) |
$ (9,970) |
|
$ (6,878) |
|
* |
|
$ 1,823 |
|
$ (2,045) |
|
* |
|
|
Adjusted EBITDA margin(2) |
* |
|
* |
|
|
|
30.2 % |
|
* |
|
|
|
* Not meaningful |
|
|
|
|
|
(1) |
See Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA above. |
|
(2) |
Adjusted EBITDA margin represents adjusted EBITDA divided by adjusted revenues less cost of revenues. |
Reconciliations of GAAP Net Income (Loss) to Adjusted Earnings
The following table is a reconciliation of net income (loss) allocated to common stockholders to adjusted earnings ($000):
|
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
|
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
Net income (loss) allocated to common shareholders |
$ 29,944 |
|
$ 2,891 |
|
$ (70,029) |
|
$ 102,123 |
|
|
Share based compensation(1) |
9,559 |
|
10,039 |
|
57,566 |
|
43,631 |
|
|
Investment (gain) loss(2) |
(54) |
|
(510) |
|
(10,374) |
|
1,085 |
|
|
Litigation costs(3) |
1,741 |
|
2,781 |
|
4,428 |
|
8,861 |
|
|
Impairment charges(4) |
— |
|
6,089 |
|
2,717 |
|
6,089 |
|
|
Acquisition-related costs(5) |
— |
|
— |
|
2,901 |
|
— |
|
|
Change in fair value of puttable warrants issued with debt(6) |
— |
|
3,027 |
|
1,172 |
|
4,662 |
|
|
Change in fair value of puttable common stock(7) |
— |
|
2,445 |
|
2,229 |
|
10,594 |
|
|
(Gain) loss on intangible asset(8) |
— |
|
— |
|
2,054 |
|
(52,604) |
|
|
Settlement of induced conversion expense in common stock(9) |
— |
|
— |
|
— |
|
1,365 |
|
|
Settlement fee(10) |
— |
|
— |
|
— |
|
3,000 |
|
|
Unrealized (gain) loss on derivative assets(11) |
15,876 |
|
(7,156) |
|
54,915 |
|
(83,840) |
|
|
Loss on extinguishment of debt(12) |
— |
|
— |
|
107,656 |
|
— |
|
|
Warrant modifications(13) |
— |
|
— |
|
1,516 |
|
— |
|
|
One time IPO payments(14) |
— |
|
— |
|
8,048 |
|
— |
|
|
Tax effect of adjustments |
— |
|
(41) |
|
— |
|
(59) |
|
|
Adjusted earnings |
$ 57,066 |
|
$ 19,565 |
|
$ 164,799 |
|
$ 44,907 |
|
|
|
|
(1) |
Share-based compensation represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers. |
|
(2) |
Represents unrealized gain or loss from the TISE investment or acquisition and unrealized gain or loss on marketable equity securities. |
|
(3) |
Litigation costs are associated with ongoing litigation related to the Nasdaq matter. |
|
(4) |
2025 impairment charges related to owned land and building impairments. 2024 impairment charges include |
|
(5) |
Related to the TISE acquisition. |
|
(6) |
The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 Senior Secured Term Loan. The right to put warrants terminated upon completion of the IPO in |
|
(7) |
The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in |
|
(8) |
2025 represents the realized loss on the second tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2025 by the Pyth Network and sold by BSX during the second quarter of 2025. 2024 represents the realized gain on the first tranche of the 125 million Pyth tokens that were unlocked in the second quarter of 2024 by the Pyth Network and sold by BSX during the second quarter of 2024. |
|
(9) |
Represents the fair value of common stock issued to convertible loan holders in excess of the consideration issuable under the original term loan agreements, offered as an inducement to convert prior to maturity. |
|
(10) |
The Company recognized expense of |
|
(11) |
Represents the unrealized gain or loss on Pyth tokens that remain locked by the Pyth Network and unrealized gain or loss resulting from the mark-to-market valuation of the Pyth tokens upon unlocking prior to their sale. These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. |
|
(12) |
Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 Senior Secured Term Loan. |
|
(13) |
Represents expense recognized upon the extension of expiration date of certain warrants. |
|
(14) |
One time IPO bonuses paid to certain employees and termination payments to former directors. |
Earnings Per Share
The following table sets forth the computation of diluted income (loss) and adjusted earnings per share (
|
|
Three Months Ended |
|
Year Ended |
||||
|
|
|
|
|
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income (loss) attributable to MIH |
$ 29,944 |
|
$ 2,891 |
|
$ (70,029) |
|
$ 102,123 |
|
Weighted-average common shares outstanding |
109,603,947 |
|
76,386,956 |
|
69,836,032 |
|
74,625,858 |
|
Diluted net income (loss) per share |
$ 0.27 |
|
$ 0.04 |
|
$ (1.00) |
|
1.39(1) |
|
|
|
|
|
|
|
|
|
|
Adjusted earnings |
$ 57,066 |
|
$ 19,565 |
|
$ 164,799 |
|
$ 44,907 |
|
Diluted weighted average shares outstanding used for |
109,603,947 |
|
76,386,956 |
|
90,582,541 |
|
74,625,858 |
|
Adjusted diluted earnings per share |
$ 0.52 |
|
$ 0.26 |
|
$ 1.82 |
|
$ 0.62(1) |
|
|
|
|
(1) |
Inclusive of the adjustment to net income/adjusted earnings related to interest expense on convertible debt for the year ended |
|
Key Business Metrics |
|||||||||||||||
|
Three and Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended
|
|
Increase/ |
|
Percent Change |
|
Years Ended
|
|
Increase/ |
|
Percent Change |
||||
|
|
2025 |
|
2024 |
|
|
|
2025 |
|
2024 |
|
|
||||
|
Options: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of trading days |
64 |
|
64 |
|
— |
|
— % |
|
250 |
|
252 |
|
(2) |
|
(0.8) % |
|
Total contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market contracts – Equity and ETF (in |
3,907,421 |
|
3,042,309 |
|
865,112 |
|
28.4 % |
|
13,949,424 |
|
11,178,827 |
|
2,770,597 |
|
24.8 % |
|
MIH contracts – Equity andETF (in |
710,111 |
|
484,721 |
|
225,390 |
|
46.5 % |
|
2,384,481 |
|
1,690,223 |
|
694,258 |
|
41.1 % |
|
Average daily volume ("ADV")(defined |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market ADV – Equity and ETF (in |
61,053 |
|
47,536 |
|
13,517 |
|
28.4 % |
|
55,798 |
|
44,360 |
|
11,438 |
|
25.8 % |
|
|
11,095 |
|
7,574 |
|
3,521 |
|
46.5 % |
|
9,538 |
|
6,707 |
|
2,831 |
|
42.2 % |
|
MIH market share |
18.2 % |
|
15.9 % |
|
2.3 pts |
|
14.5 % |
|
17.1 % |
|
15.1 % |
|
2.0 pts |
|
13.2 % |
|
Total Options revenue per contract ("RPC")(2) |
|
|
|
|
|
|
6.0 % |
|
|
|
|
|
|
|
18.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of trading days |
64 |
|
64 |
|
— |
|
— % |
|
250 |
|
252 |
|
(2) |
|
(0.8) % |
|
Total shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market shares (in millions) |
1,189,337 |
|
869,190 |
|
320,147 |
|
36.8 % |
|
4,387,616 |
|
3,064,080 |
|
1,323,536 |
|
43.2 % |
|
MIH shares (in millions) |
11,089 |
|
11,991 |
|
(902) |
|
(7.5) % |
|
45,798 |
|
49,865 |
|
(4,067) |
|
(8.2) % |
|
ADV(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market ADV (in millions)(1) |
18,583 |
|
13,581 |
|
5,002 |
|
36.8 % |
|
17,550 |
|
12,159 |
|
5,391 |
|
44.3 % |
|
|
173 |
|
187 |
|
(14) |
|
(7.5) % |
|
183 |
|
198 |
|
(15) |
|
(7.6) % |
|
MIH market share |
0.9 % |
|
1.4 % |
|
(0.5) pts |
|
(35.7) % |
|
1.0 % |
|
1.6 % |
|
(0.6) pts |
|
(37.5) % |
|
Equities capture (per 100 shares) (defined |
|
|
|
|
|
|
* |
|
|
|
|
|
|
|
* |
|
Futures: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of trading days |
64 |
|
64 |
|
— |
|
— % |
|
251 |
|
252 |
|
(1) |
|
(0.4) % |
|
Agricultural products total contracts |
524,040 |
|
777,110 |
|
(253,070) |
|
(32.6) % |
|
3,260,353 |
|
3,188,735 |
|
71,618 |
|
2.2 % |
|
Agricultural products ADV(1) |
8,188 |
|
12,142 |
|
(3,954) |
|
(32.6) % |
|
12,989 |
|
12,654 |
|
335 |
|
2.6 % |
|
Agricultural products RPC(2) |
|
|
|
|
|
|
(9.8) % |
|
|
|
|
|
|
|
(11.1) % |
|
* Percentage calculation is not meaningful. Represents a change in inverted fees. |
|
|
|
|
|
(1) |
ADV is calculated as total contracts or shares for the period divided by total trading days for the period. |
|
(2) |
RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period. |
|
(3) |
Equities capture per one hundred shares refers to transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees, and Section 31 fees (Net Transaction Fees), divided by one-hundredth of total shares. |
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SOURCE MIAX
