Core Insights - MIAX Exchange Group achieved a record 2.4 billion multi-listed options contracts in 2025, marking a 41.1% increase compared to 2024 [1] - The average daily trading volume (ADV) for MIAX Exchange Group reached 11.1 million contracts in Q4 2025, a 46.5% year-over-year increase [5] - MIAX Exchange Group's annual market share reached a record 17.1% in 2025, reflecting a 13.1% increase year-over-year [5] Trading Volume and Market Share - The average daily trading volume for U.S. multi-list options in December 2025 was 53,703 thousand contracts, an 11.4% increase from December 2024 [4] - MIAX Exchange Group's options ADV in December 2025 was 9,201 thousand contracts, a 16.7% increase from December 2024 [4] - MIAX Futures achieved an annual ADV record of 12,989 contracts in 2025, a 2.7% increase year-over-year [5] Performance Comparison - MIAX Exchange Group's quarterly market share reached 18.2% in Q4 2025, a 14.1% increase year-over-year [5] - The market share for MIAX Exchange Group options was 17.1% in December 2025, up from 15.1% in December 2024 [4] - MIAX Pearl's ADV in December 2025 was 120 million, a decrease of 34.3% from December 2024 [4]