MIAMI INTERNATIONAL HOLDINGS Business Summary

Miami International Holdings, Inc. (MIAX) operates as a high-growth, technology-driven exchange operator generating revenue through transaction-based execution fees, market data subscriptions, connectivity services, and listing fees across multiple asset classes. The company’s primary business segments include U.S. Options—comprising the MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire exchanges—U.S. Equities via MIAX Pearl Equities, and U.S. Futures through MIAX Futures (formerly MGEX). Additionally, the firm maintains an international footprint through the Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE) in Guernsey. MIAX competes directly with global exchange giants Cboe Global Markets, Nasdaq, Inc., and Intercontinental Exchange (ICE), positioning itself as a disruptive challenger that leverages a proprietary, low-latency trading architecture to capture significant market share, which reached approximately 17.6% in the U.S. multi-list options space as of early 2026. Led by Chairman and CEO Thomas P. Gallagher, a principal founder with a deep pedigree in corporate and securities law, the executive team includes Chief Information Officer Douglas M. Schafer Jr., Chief Technology Officer Matthew Rotella, and Chief Financial Officer Lance Emmons. The leadership group is further strengthened by Chief Strategy Officer Shelly Brown, who also serves as CEO of MIAX Futures and oversees the firm’s expansion into Bloomberg-indexed derivatives. MIAX’s board features prominent industry figures such as Murray Stahl, co-founder of Horizon Kinetics, and Talal Jassim Al-Bahar. Following its August 2025 initial public offering on the NYSE, the company continues to benefit from a strategic investor base that includes major market-making firms and institutional stakeholders integrated through its unique Equity Rights Programs.