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Miami International Holdings Reports Trading Results for October 2024; Multiple Options & Equities Exchanges Report Record Volumes

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MIAX Sapphire Reaches 1.7% Market Share in October 2024

MIAMI and PRINCETON, N.J., Nov. 7, 2024 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported October 2024 trading results for its U.S. exchange subsidiaries – MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX SapphireTM (collectively, the MIAX Exchange Group), and MIAX FuturesTM.

October 2024 and Year-to-Date Trading Volume and Market Share Highlights

Total multi-listed options volume for the MIAX Exchange Group reached 156.1 million contracts, a 21.7% increase year-over-year (YoY). October 2024 market share reached 15.3%, a 5.2% increase YoY. Total year-to-date (YTD) volume reached 1.4 billion contracts, a 1.8% increase from the same period in 2023.MIAX Sapphire reached a monthly volume of 17.2 million contracts, with October 2024 market share reaching 1.7%. On October 25, MIAX Sapphire set a daily volume record of 1.0 million contracts with a daily market share record of 2.0%. MIAX Sapphire launched trading on August 12, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, with over 3,800 classes now available for trading.MIAX Options reached a monthly volume of 61.4 million contracts, a 22.2% increase YoY. October 2024 market share reached 6.0%, a 5.6% increase YoY. Total YTD volume reached a record 567.4 million contracts, a 6.2% increase from the same period in 2023.MIAX Pearl Options reached a monthly volume of 32.7 million contracts, a 38.7% decrease YoY. October 2024 market share reached 3.2%, a 47.0% decrease YoY. Total YTD volume reached 404.7 million contracts, a 26.8% decrease from the same period in 2023.MIAX Emerald Options reached a monthly volume of 44.8 million contracts, an 81.4% increase YoY. October 2024 market share reached 4.4%, a 56.8% increase YoY. Total YTD volume reached a record 361.4 million contracts, a 43.9% increase from the same period in 2023.In U.S. equities, MIAX Pearl Equities™ reached a monthly volume of 4.4 billion shares, a 21.0% decrease YoY and representing a market share of 1.6%, a 31.0% decrease YoY. Total YTD volume reached a record 42.3 billion shares, an 11.4% increase from the same period in 2023. YTD market share reached 1.7%, a 3.5% increase from the same period in 2023.In U.S. futures, MIAX Futures, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reached a monthly volume of 237,249 contracts, a 0.5% decrease YoY.

Additional MIAX Exchange Group and MIAX Futures trading volume and market share information are included in the tables below. 

Multi-Listed Options Trading Volume for

 MIAX Exchange Group, Current Month

Year-to-Date Comparison

Multi-Listed Options
Contracts

Oct-24

Oct-23

% Chg

Sep-24

% Chg

Oct-24

Oct-23

% Chg

Trading Days

23

22

20

211

209

U.S. Equity Options Industry

1,019,395,795

881,187,563

15.7 %

879,099,779

16.0 %

9,155,913,905

8,441,344,665

8.5 %

MIAX Exchange Group

156,101,259

128,285,624

21.7 %

124,601,088

25.3 %

1,361,603,000

1,337,877,239

1.8 %

MIAX Options

61,385,978

50,250,770

22.2 %

52,557,584

16.8 %

567,415,224

534,190,112

6.2 %

MIAX Pearl

32,700,382

53,356,464

-38.7 %

28,765,237

13.7 %

404,711,205

552,571,597

-26.8 %

MIAX Emerald

44,769,481

24,678,390

81.4 %

33,473,285

33.7 %

361,374,459

251,115,530

43.9 %

MIAX Sapphire

17,245,418

0

–

9,804,982

75.9 %

28,102,112

–

–

Multi-Listed Options ADV

Oct-24

Oct-23

% Chg

Sep-24

% Chg

Oct-24

Oct-23

% Chg

U.S. Equity Options Industry

44,321,556

40,053,980

10.7 %

43,954,989

0.8 %

43,392,957

40,389,209

7.4 %

MIAX Exchange Group

6,787,011

5,831,165

16.4 %

6,230,054

8.9 %

6,453,095

6,401,327

0.8 %

MIAX Options

2,668,956

2,284,126

16.8 %

2,627,879

1.6 %

2,689,172

2,555,934

5.2 %

MIAX Pearl

1,421,756

2,425,294

-41.4 %

1,438,262

-1.1 %

1,918,063

2,643,883

-27.5 %

MIAX Emerald

1,946,499

1,121,745

73.5 %

1,673,664

16.3 %

1,712,675

1,201,510

42.5 %

MIAX Sapphire

749,801

–

–

490,249

52.9 %

133,185

–

–

Multi-Listed Options Market Share for

MIAX Exchange Group, Current Month

Year-to-Date Comparison

Multi-Listed Options Market Share

Oct-24

Oct-23

% Chg

Sep-24

% Chg

Oct-24

Oct-23

% Chg

MIAX Exchange Group

15.31 %

14.56 %

5.2 %

14.17 %

8.0 %

14.87 %

15.85 %

-6.2 %

MIAX Options

6.02 %

5.70 %

5.6 %

5.98 %

0.7 %

6.20 %

6.33 %

-2.1 %

MIAX Pearl

3.21 %

6.06 %

-47.0 %

3.27 %

-2.0 %

4.42 %

6.55 %

-32.5 %

MIAX Emerald

4.39 %

2.80 %

56.8 %

3.81 %

15.3 %

3.95 %

2.97 %

32.7 %

MIAX Sapphire

1.69 %

–

–

1.12 %

51.7 %

0.31 %

–

–

(1)

MIAX Sapphire launched trading on August 12, 2024, listing a single class for the first week and additional classes in multiple phases on a weekly schedule through the week of October 21, 2024 with over 3,800 classes now available for trading. 

Equities Trading Volume for

MIAX Pearl Equities, Current Month

Year-to-Date Comparison

Equities Shares (millions)

Oct-24

Oct-23

% Chg

Sep-24

% Chg

Oct-24

Oct-23

% Chg

Trading Days

23

22

20

211

209

U.S. Equities Industry

268,304

234,073

14.6 %

237,154

13.1 %

2,463,194

2,288,834

7.6 %

MIAX Pearl Volume

4,397

5,562

-21.0 %

4,054

8.5 %

42,271

37,938

11.4 %

MIAX Pearl ADV

191

253

-24.4 %

203

-5.7 %

200

182

10.4 %

MIAX Pearl Market Share

1.64 %

2.38 %

-31.0 %

1.71 %

-4.1 %

1.72 %

1.66 %

3.5 %

Futures and Options Trading Volume and Open Interest for MIAX
Futures, Current Month

Year-to-Date Comparison

Futures Contracts

Oct-24

Oct-23

% Chg

Sep-24

% Chg

Oct-24

Oct-23

% Chg

Trading Days

23

22

20

211

209

MIAX Futures Volume

237,249

238,404

-0.5 %

185,195

28.1 %

2,648,874

2,429,927

9.0 %

MIAX Futures ADV

10,315

10,837

-4.8 %

9,260

11.4 %

12,554

11,626

8.0 %

MIAX Futures Open Interest

83,963

88,132

-4.7 %

79,682

5.4 %

About MIAX

MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire, LLC (MIAX Sapphire™), MIAX Futures Exchange, LLC (MIAX FuturesTM), LedgerX LLC d/b/a MIAX Derivatives Exchange (MIAXdx™), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism.

MIAX Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Minneapolis Hard Red Spring Wheat Futures. MIAX Futures is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM, DCO, and Swap Execution Facility (SEF) with the CFTC.

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.

MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MIAX Futures offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.

To learn more about MIAX visit www.miaxglobal.com.

To learn more about MIAX Futures visit www.miaxglobal.com/miax-futures.

To learn more about MIAXdx visit www.miaxdx.com.

To learn more about BSX visit www.bsx.com.

To learn more about Dorman Trading visit www.dormantrading.com.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain 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,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements 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. 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.

Media contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
anybo@miaxglobal.com

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Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

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November 24, 2024

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

 

SOURCE Wahed

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Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

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November 24, 2024

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DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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“India Global Forum’s mission more relevant than ever,” says Finance Minister Nirmala Sitharaman ahead of IGF Middle East and Africa 2024

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November 24, 2024

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India Global Forum’s flagship event in UAE kicks off in Dubai on 25 November with IGF ForumPolicymakers, politicians, business figures and celebrities from India, UAE, Africa to converge at inaugural session

DUBAI, UAE, Nov. 24, 2024 /PRNewswire/ — Ahead of India Global Forum’s (IGF) flagship Middle East & Africa 2024 (ME&A 2024) in Dubai on Monday, 25 November, Finance Minister Nirmala Sitharaman commended the role of the organisation in fostering global partnerships.

“Through their impactful and outcomes driven work, India Global Form has consistently provided a platform that fosters a better understanding of modern India and its vast opportunities for the global audience. It has also played an important role in building meaningful cross-border connections.

“India Global Forum’s mission to build corridors of technology, talent, investment and trust is more relevant than ever,” she said.

Under the theme of ‘Limitless Horizons’, IGF ME&A 2024 will foster new partnerships and collaborations between India, the Middle East, and Africa, unlocking opportunities in sectors such as technology, finance, sustainability and innovation.

The two-day event will begin with a special address by India’s Commerce Minister Piyush Goyal.

The inaugural session will also witness UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Omar al Olama, delve into the policies and reforms driving technological innovation in the UAE.

Looking forward to IGF ME&A, Indian Ambassador to the UAE, Sunjay Sudhir said: “The India-UAE relationship has entered an exciting new phase of exponential growth. We are at a moment in history where India-UAE relations are driving the synergy between our regions which has never been greater, and IGF serves as a beacon for harnessing this potential.”

Manoj Ladwa, Founder and Chairman, India Global Forum (IGF), said: “India’s External Affairs Minister, S. Jaishankar, aptly noted during his recent visit to Dubai that the India-UAE ties are in an era of new milestones. These ties are not just about trade figures or agreements – they represent a deeper alignment of values, aspirations, and shared visions for the future. IGF Middle East and Africa is an opportunity to channel this momentum into actionable outcomes that benefit not just our nations but the wider region.”

Featuring over 200 speakers and 1,000 participants across nine streams, IGF ME&A 2024 includes:

IGF Dialogues: An exclusive gathering of industry leaders and policymakers engaging in peer-to-peer roundtable discussions.IGF Forum: A Deep dive into how India, the Middle East, and Africa can embrace limitless horizons in a changing worldLeaders Dinner: An exclusive by-invite only dinner at the BAPS Hindu Mandir in Abu DhabiFounders and Funders Forum: Spotlighting the possibilities and pitfalls of the growing role of AI in India, the Middle East, and Africa.Climate and Business Forum (ClimB) – Exploring how businesses can achieve growth while prioritising sustainability and climate actionIGF Focus Forum – Discussions across diverse event streams, including leadership, entrepreneurship, healthcare, skilling and cultureDisruptors in the Desert – Demystifying emerging trends and technologies across key sectors poised to shape the next decade of the Global South. 

These engagements will tackle pressing global challenges, from climate change and energy transition to the future of AI and digital economies, bringing together a diverse lineup of global leaders, business pioneers, policymakers, and innovators.

Key Speakers across the event include:

H.E. Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work ApplicationsH.E. Sunjay Sudhir, Ambassador of India to UAEMahesh Bhupathi, Indian Tennis LegendYusuf Tambawala, Vice President of Growth & Business Support, DP WorldLeander Paes, Indian Tennis LegendAbhimanyu Munjal, Managing Director and CEO, Hero FincorpHarsh Jain, Co-Founder, Dream11Monish Shah, Founder and CEO, DreamSetGoSanjay Nayyar, Founder and Chairman, Sorin AdvisorsAmnah Ajmal, Executive Vice President, Market Development, Eastern Europe, Middle East and Africa, MastercardNeeraj Makin, Senior Executive Vice President, Group Head – Strategy, Analytics & Venture Capital, Emirates NBDSiddharth Shah, Co-founder, PharmeasyFaizal Kottikollon, Chairman, KEF HoldingsRola Abu Manneh, CEO Middle East, Standard CharteredSiddharth Balachandran, Executive Chairman & CEO, Buimerc CorporationKuppulakshmi Krishnamoorthy, Global Head, Zoho for StartupsMina Liccione, Comedian, Dubomedy

About India Global Forum
India Global Forum tells the story of contemporary India. The pace of change and growth India has set itself is an opportunity for the world. IGF is the gateway for businesses and nations to help seize that opportunity.  To know more, click here

Social Media Handles & Hashtag to Follow
Twitter: @IGFUpdates & @manojladwa
LinkedIn: India Global Forum
#IGFUAE

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