MIAX to Launch Financial Futures Trading on Onyx Platform by 2026

Miami International Holdings Sets 2026 Timeline for Financial Futures Expansion

Miami International Holdings, Inc. (MIAX) has announced plans to support the trading of financial futures on its MIAX Futures™ platform, leveraging its proprietary Onyx trading platform, with an effective date of February 22, 2026. This strategic move signals the company's continued expansion within the regulated financial markets sector.

The Event in Detail

The launch, set for the February 23, 2026, trade date, will introduce financial futures products, initially including Bloomberg 500 Index (B500) and Bloomberg US 100 Price Return Index (B100Q) futures. These offerings are contingent upon regulatory filings with the Commodity Futures Trading Commission (CFTC). The MIAX Futures Onyx trading platform is highlighted for its in-house built, proprietary technology, emphasizing scalability, low latency, reliability, and determinism, designed to meet the high-performance order processing demands unique to U.S. futures. MIAX currently operates nine exchanges across various asset classes, including options, futures, equities, and international markets.

Analysis of Market Reaction

Given the distant launch date in 2026, the immediate market reaction to MIAX's (NYSE: MIAX) stock is anticipated to be minimal. However, the announcement underscores a significant strategic initiative for the company, positioning it for long-term growth and diversification. This expansion into financial futures could broaden MIAX's revenue streams and strengthen its competitive standing in the financial market infrastructure landscape, contingent on successful implementation and adoption.

MIAX has demonstrated robust recent performance, with its stock advancing nearly 29% over the past six months, trading near its 52-week high of $39.73. The company's Initial Public Offering (IPO) in August 2025 saw shares climb 37.6% on debut, valuing the company at $2.51 billion after raising $345 million. Financially, MIAX reported strong Q2 2025 revenue of $327.78 million, a 9.52% year-over-year increase, and a substantial 588.86% surge in net income to $23.53 million. Operationally, the MIAX Exchange Group recorded an average daily volume (ADV) of 9.5 million option contracts in August 2025, a 59.1% increase from the prior year, contributing to a 17.3% market share in the U.S. options market.

Broader Context & Implications

This strategic move follows MIAX's broader trajectory of expanding its multi-asset class offerings and leveraging its technology-driven model. The company's aggressive expansion in its nascent futures business is supported by the capital raised from its IPO. A key enabler for this expansion was the migration of MIAX Futures (formerly the Minneapolis Grain Exchange) from CME Group's Globex platform to MIAX's proprietary technology in July 2025. This transition has allowed MIAX to introduce a wider array of products.

The inclusion of Bloomberg 500 Index (B500) and Bloomberg US 100 Price Return Index (B100Q) futures is a direct result of a ten-year exclusive licensing agreement signed in September 2024 with Bloomberg Index Services. This agreement is central to the development of a suite of index futures and options. The company aims to transfer its established customer relationships from the options market to its futures offerings. In the U.S. options market, MIAX's four exchanges collectively hold approximately 17% market share, positioning it as the fourth largest U.S. options exchange. MIAX's strategy also includes targeting the growing retail futures flow through collaborations and "creative pricing strategies."

Market observers suggest that MIAX is acting as a disruptive force in the U.S. options market, outpacing industry growth. Its strategic ventures, including expansion into digital currency derivatives via MIAX Derivatives Exchange (formerly LedgerX) and the acquisition of Dorman Trading, a full-service Futures Commission Merchant, alongside this futures expansion, collectively indicate a robust strategy to diversify revenue streams and enhance its competitive footprint in the public markets.

Looking Ahead

For MIAX, the successful implementation and market adoption of the new financial futures products will be crucial. Key factors to monitor include the final regulatory approvals from the CFTC for the new index futures and the market's reception to these new offerings on the Onyx platform. The company's ability to leverage its existing customer base and proprietary technology to gain traction in the financial futures market will be a significant indicator of the long-term impact of this strategic expansion.