MIAX

Thank you for standing by. My name is Chad, and I will be your conference operator today. At this time, I would like to welcome everyone to the Miami International Holdings, Inc. first quarter 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. Please note, this event is being recorded. It is now my pleasure to turn the call over to John T. Williams, Senior Vice President and Head of Investor Relations. You may begin your conference.

Thank you, operator. Good afternoon and thank you for joining us for Miami International Holdings, Inc., or MIAX's first quarter 2026 earnings conference call. I'm John T. Williams, Head of Investor Relations. With us today are Thomas P. Gallagher, Chairman and Chief Executive Officer, and Lance Emmons, Chief Financial Officer. We'll also have Douglas Schafer Jr., Chief Information Officer, and Shelly Brown, Chief Executive Officer of MIAX Futures and Chief Strategy Officer of MIH, joining us for the Q&A session following our prepared remarks. Our earnings announcement was released prior to this call, and we published an accompanying slide presentation on our investor relations website at ir.miaxglobal.com. In addition, this call is being webcast, and an archived version will be available there shortly after the conclusion of the call.

Our discussion today includes forward-looking statements that are based on the expectations, estimates, and projections regarding the company's future performance, anticipated events or trends, and other matters that are not historical facts. The forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties, and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance, and therefore you should not place undue reliance on them. We refer you to our earnings press release and filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of MIAX.

We do not intend to update any forward-looking statements made on this conference call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events except as required by law. During today's call, we will refer to non-GAAP measures as defined and reconciled in our earnings materials. With that, I'll now turn the call over to Tom.

Thanks, John, and good afternoon, everyone. We appreciate you joining us today. In Q1, we executed well and continued to benefit from industry tailwinds, posting record quarterly revenue in a volatile market environment. That is the story of this quarter, and I wanna spend a few minutes walking you through what drove our results before Lance takes you through the financial details. I'll first highlight three things I hope every investor takes away from today's call. First, we continue to execute well, and our options business had another strong quarter. We are seeing the benefits of our technology investment show up in sustained year-over-year volume growth and healthy revenue per contract levels. This continued strong performance is the result of the strong relationships we have built over the last decade. Second, we continue to benefit from powerful secular tailwinds in our core market.

Options industry ADV reached 63 million contracts in Q1, up 17% year-over-year, driven by elevated volatility, broad investor participation, and growing volume in the new short-term expirations in single-name stocks. On top of that, when the market gets volatile, industry volumes tend to rise. Third, we are seeing broadening revenue and margin contributions across our business and continue to invest in offerings that will drive the next leg of our growth. Our equities business maintained its positive trajectory, and our international segment performed well. Our futures business is set to expand as we are on track for the May 17th launch of our Bloomberg Equity Futures. Q1 was defined by elevated volatility across asset classes, driven by geopolitical tensions, trade policy uncertainty, and shifting expectations around rates and growth. While most businesses are volatility adverse, for MIAX, elevated volatility is good for our business.

Sustained geopolitical volatility drives an increased need for risk management tools for virtually all market participants, institutions hedging equity exposure, corporations managing exposure to underlying markets, or retail investors protecting positions. Options are an important tool that can help end users manage risk, and increased hedging demand translates directly into higher contract volumes on our exchanges. All of these factors contribute to our Q1 performance. First quarter total net revenue grew 40% year-over-year to $129 million, and adjusted EBITDA margin improved by 800 basis points year-over-year to 51%. Q1 adjusted diluted EPS was $0.42. These results reflect the continued strength of our options business, the operating leverage in our model, and the broadening contributions we are seeing across the platform.

Taking a broader look at our business segments, our options franchise continued to perform well in Q1, with market share and volumes tracking ahead of levels seen in the first quarter of 2025. Our market share in multi-listed options was 17.3% in the first quarter, up from 16% in the prior-year period. We continue to see opportunity for share gains over time as we build out new functionality and bring new products to market. Our Sapphire Trading Floor continues to build momentum. On April 14th of this year, we had our first million contracts day. We've also seen improvements in our equities business with improved capture rates during Q1 and line of sight to sustain profitability. Our international segment delivered another strong quarter. Looking ahead, we'll continue to streamline operations across TISE and BSX to maximize revenue as well as cost synergies.

In futures, our Onyx platform continues to perform well, and we are in the final stages of industry testing ahead of the launch of our new Bloomberg Equity Index Futures. We will be launching the first product, a retail-sized contract based on the Bloomberg 100 Equity Index on the evening of May 17th. We are launching with three different contracts designed to serve both institutional and retail participants. The full B500 contract provides large notional exposure for institutions, while the Tini B500 and B100 contracts are smaller-sized versions of those indexes targeted at retail investors with fees that we expect will be very competitive with existing contracts traded by our peers. These new futures will clear at the Options Clearing Corporation, giving our members real margin efficiencies as part of their broader equity derivatives activity.

The Bloomberg 500 and the Bloomberg 100 indices are built differently than the competing futures and options market benchmarks. Rather than relying on a committee to make decisions about which companies belong in the index, Bloomberg uses a transparent, rules-based algorithmic methodology. Constituents are added and removed based on predetermined criteria, eliminating subjectivity and delays, and newly minted public companies can be added faster than under a committee-driven process. We think this is a better construction and a meaningful structural advantage as the IPO pipeline improves, and we believe the market will come to appreciate these differences. We have been working closely with liquidity providers on both onboarding and platform integration, and Bloomberg is an active partner in our go-to-market effort. Building a futures market takes time, but we are doing it in the right way.

The infrastructure is in place, the participants are engaged, and we are confident in the long-term opportunity this product suite creates for MIAX, Bloomberg, and our members. Following our Bloomberg product launch and given clear customer demand, we intend to bring additional commodity and agricultural products to the market. I also wanna provide a brief update on our sale of MIAXdx, now called Rothera. As previously announced back in January, we completed the sale of 90% of the business to a joint venture established by Robinhood Markets in partnership with Susquehanna International Group. MIAX retains a 10% equity stake in that joint venture, giving us accelerated access to the predictions marketplace without tying up capital or resources. We will carry that stake at cost with any future distributions flowing through as dividend income.

In other words, this is not something investors should be building into their revenue models. What it represents for MIAX is real long-term optionality, a position in a growing market alongside two strong partners with upside if the prediction market volumes scale the way we believe they can. We remain focused on what we can control, which is running our business exceptionally well. With positive free cash flow, we are generating cash and ended Q1 with more than $550 million in cash on our balance sheet. Our capital allocation priorities are unchanged. Organic growth opportunities, including our futures business, supporting the Bloomberg product launch, and investing in technology and people. Beyond that, we are open to opportunistic acquisitions that fit our strategy and make sense for our business. We understand that our cash position is a competitive advantage, and we intend to deploy it thoughtfully.

With that, I will turn it over to Lance to walk through the financial details.

Thanks, Tom, and good afternoon. We are pleased with how the quarter came together across the business. Before I get into the numbers, let me briefly remind you of MIAX's revenue model. We generate revenue from transaction and non-transaction fees. Our key performance drivers for transaction fees include industry trading volumes, market share, and revenue per contract or share, which measures the average revenue we earn per contracts or shares traded. Also, as a reminder, we provide RPC and capture rates on a three-month rolling average basis on our investor relations website. For non-transaction fees, we generate revenue from access fees, which we charge customers to connect to our exchanges, for market data, which we earn through direct subscriptions and through our participation in the U.S. tape plans, and from listings fees, primarily in our international segment.

Q1 total net revenue grew 40% year-over-year to a record $129 million, reflecting strong performance in our options business and growing contributions from our other business segments. Organic net revenue growth, excluding the contribution from TISE, was approximately 35% year-over-year. Adjusted Q1 operating expenses were $63 million, compared to $52 million in the prior-year period. This increase was primarily due to planned expansion of headcount to support our growth initiatives and higher employer payroll taxes tied to the timing of incentive compensation payments. Adjusted EBITDA was $66 million, up 66% year-over-year, and adjusted EBITDA margin was 51%, up 800 basis points year-over-year. This reflects the operating leverage in our model as revenue scales across a largely fixed cost base.

GAAP income of $170 million includes a $51 million gain on the sale of MIAXdx and a $70 million income tax benefit for the quarter, primarily resulting from the release of our valuation allowance on deferred tax assets. The release is based on 12 quarters of cumulative positive pre-tax income and our expectations for future profitability. Adjusted earnings grew 51% year-over-year to $45 million in Q1 compared to $30 million in the prior-year period. Moving to Q1 segment performance, starting with options. Options segment net revenue was $111 million, up 37% year-over-year. This represents average daily volume of 10.9 million contracts, a 27% year-over-year increase that outpaced industry ADV of 17%. Options segment net revenue growth was driven by an increase in both net transaction fees and non-transaction fees.

Growth in net transaction fees reflected higher industry average daily volume, continued year-over-year market share gains, and higher revenue per contract. Non-transaction fee growth of 45% was primarily due to increases in member connections, fee increases, market data sales, and the expiration of certain MIAX Sapphire fee waivers. I will note that Q1 2026 included $2.7 million in ad hoc historical market data sales from a new market data offering. We expect this type of revenue will be episodic in nature, and we would not recommend modeling it as a run rate item. Our options market share for the quarter was 17.3%, up year-over-year, but down slightly on a sequential basis. Market share fluctuates quarter-to-quarter, and we continue to manage our business for the right mix of volume and economics rather than for a headline share number.

With that in mind, we do continue to see opportunities to grow share over time. Underneath the share number, our technology remains differentiated. Our complex order franchise continues to grow, and the Sapphire floor is performing well. RPC remains strong, reflecting the quality of order flow we are attracting. That includes complex orders and high-touch flow routed through our Sapphire Trading Floor, which carry higher capture rates. Early market share in the single name Monday and Wednesday expirations across the nine names has largely tracked in line with our historical share in those classes. We view this as an additive volume driver and support expansion to additional names over time, subject to market demand and regulatory approvals. Our equities segment net revenue was $7 million, up from $4 million in the prior-year period, primarily due to higher net transaction fees from improved pricing.

Equities capture was net positive for the quarter compared to inverted in the year-ago period. Futures segment net revenue was $5 million compared to $6 million in the prior-year period due to lower listings and interest revenues and decreased net transaction fees. Our international segment net revenue was $6 million compared to $1 million in the year-ago period due to the acquisition of TISE in June of 2025. Following our TISE acquisition, we're beginning to streamline sales and marketing processes across our international operations to better serve global debt issuers and listings clients. Turning to our balance sheet. We ended the quarter with cash and cash equivalents of $551 million and outstanding debt of less than $2 million. Now, let's walk through our 2026 guidance.

We are reaffirming our full-year 2026 adjusted operating expense guidance of $265 million-$275 million. We note that our expense expectations for the rest of the year include planned increases in marketing costs, including for quoting incentives associated with our Bloomberg Index Futures products and for our recently launched Excellence in Every Exchange nationwide advertising campaign. We continue to expect full-year share-based compensation expense in a range between $27 million and $30 million. We also continue to expect full-year capital expenditures in a range between $40 million and $45 million. CapEx was a bit front-loaded in Q1 as we locked in many equipment purchases ahead of AI-driven price increases. Given that, we're comfortable with reiterating our full-year guide.

Our Q1 adjusted effective tax rate, which excludes the release of our deferred tax valuation allowance, was 27.2%. Beginning in Q2, we expect our tax rate will be in the 27%-29% range, consistent with the guidance we provided in February. I'll now turn it back over to Tom.

Thanks, Lance. We are very excited about our recent progress and look forward to another productive year in 2026. We'll keep doing the things we said we'll do and leverage the four competitive pillars you've heard me talk about before: our high-performance technology, our broad range of regulatory licenses, our diverse and expanding product range, and our deep customer relationships that now include Bloomberg. These remain real competitive advantages and will help us drive long-term shareholder value. We like what we see ahead. The upcoming launch of our Bloomberg Index Futures products represents a major milestone, and the growth we are seeing in single name short-dated expirations is encouraging. We also see incremental volume opportunities for our exchanges, given an improving IPO pipeline and continued growth in structured products that use options as part of their strategies.

Before we close, I want to acknowledge the recent sudden passing of our friend and board member, Murray Stahl, who passed away a few weeks ago. Murray was an exceptional leader who brought insight and integrity to our board, and his positive impact will be felt by our team for years to come. One of the things Murray believed is that there was a real opportunity for a truly global exchange operator. Thanks to him and the support of our employees, members, and shareholders, we're well on our way towards realizing this vision. We're grateful to each of you for joining us today, and as a reminder, Doug and Shelly are here with Lance and I for Q&A. So, let's begin. Operator?

Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch-tone phone. To withdraw your question, please press star then two. And at this time, we will pause momentarily to assemble our roster. The first question will be from Patrick Moley from Piper Sandler. Please go ahead.

Yes, good afternoon. Thanks for taking the question. Maybe just starting off with one on options market share. The year-over-year growth has been quite impressive, and you mentioned that you were optimistic on some of the opportunities for further market share gains there. I understand, you know, the Bloomberg options would probably be some of or part of that, but maybe if you could just walk us through what you think are the biggest opportunities to grow market share and how we should think about some of the puts and takes here throughout the rest of the year. Thanks.

Thanks very much, Patrick, for that question. I'll start, and maybe I'll turn to some of my colleagues here. There always are normal shifts in volume and market share quarter-to-quarter, and obviously, myself and our team watch it really closely. With regards to Q1, our RPC was very strong, and I think it reflected order flow quality and market share gains in areas with higher capture rates. Anecdotally, I did see some shifts in what I would call lower capture or negative capture volume, but I consider this the normal quarter-to-quarter migrations from time to time.

At my disposal, we have a range of pricing mechanisms that we can use to grow market share and, you know, what we really do is try and target the right mix of volume and economics rather than, you know, look for a headline share number. Maybe I'll turn it over to Shelly to talk about some of the ways that we think we can increase that market share that we experienced here in Q1 of 17.3%. Shelly?

Thank you, Tom, and thank you, Patrick, for the question. As Tom said, we focus not just on market share but also capture rate. By changing, by our changing market share in terms of less low capture volume and less negative capture volume, it's truly a positive from a revenue perspective. As Tom said, we do have some ability to raise market share by focusing on other lower quality or lower volume, sorry, excuse me, lower capture products, and it's constant mix between net market share and net capture.

Shelly, in terms of the dials to increase our volumes and our market shares, can you just talk about quickly the Sapphire floor and maybe some other releases coming out in 2026?

Absolutely, Tom. We continue to see growth in the Sapphire floor. That's higher capture business from rather than the electronic business, which tends to be lower capture. We're seeing growth there, and we have additional releases coming throughout the year, first one next month, to enhance functionality, which we believe will draw a greater flow to the trading floor. Again, that trading floor is higher capture than the electronic markets.

Shelly, just quickly to finalize the question from Patrick, give us a sense of what the volumes were on floors in Q4 versus Q1 of this year.

Market shares on the trading floors have been ranging from about 6%-8%. The first quarter this year, it was 8.1% across all the trading floors versus 6.5% in 2025. We're seeing growth in the volume on trading floors, and we're seeing some growth from our trading floor as well, and I expect the continued growth with the new functionality.

Great. I think lastly, Patrick, you know, the secular tailwinds that have been driving ADV in the industry and driving ours, to me, they remain intact. Some of the same concerns and issues with global strife, interest rate questions, political season, those are still creating the tailwinds that we had as we ended 2025. Thank you for the question.

The next question will come from Michael Cyprys from Morgan Stanley. Please go ahead.

Great. Thanks so much for taking the question. I was just hoping to dig in a little bit further on the market share. You mentioned scope for new functionality, new products. I was hoping you could elaborate exactly on what that entails, what the timing looks like, what the sort of, I guess, benefit, and ramping that you expect on the back of that. Thank you.

Yeah. I think, Shelly, if you wouldn't mind just following up on that. You know, the things that I'm thinking about are the, you know, the expanded single name expiration, Shelly, and the IPOs. Do you wanna throw a little more color on that for Michael?

Absolutely. Michael, thank you for the question. There's multiple aspects to this, as Tom said. We see continued growth in the, it's still very early, in the daily weeklies on equities, equity options. That's been very positive for the industry and positive for us as well. Our overall market share in those names tends to be higher, continues to be higher than the other names that we trade. The flow of IPOs in the marketplace has improved over the last year and gonna accelerate into this year. As you're aware, there's three, I think they're calling them mega IPOs, expected to happen this year, and we believe there will be tremendous option volume in those classes once they become options eligible. So, there's definitely tailwinds here.

Then, the functionality enhancements, it's a constant, we're constantly working with our members in the trading floor to see what we can do to help them bring additional volume here to our marketplace. That growth, we believe, will continue throughout the year with the additional releases bringing additional volume to the trading floor.

Shelly, would you speak for a moment about maybe increases in the folks that are joining the Sapphire floor and how does that look?

Well, there's continued growth on the floor. We have additional brokers coming to the floor as well as additional market makers. There's a lot of interest in what's going on on our trading floor. When members from other exchanges come down and visit the floor, they're very impressed with the functionality, with the feature set we've built and the environment and of course, the fabulous economic environment in Miami. There's a lot of excitement about our floor, and I believe there are more members to come, which will, of course, bring additional volume.

Thank you, Michael.

The next question comes from Kenneth Worthington from JPMorgan. Please go ahead.

Hi. Good afternoon. Thanks for taking the question. On the short-dated company options, clearly, they're off to the races. Maybe first, could you refresh us on your market share in these short-term company options in the quarter? You mentioned the mega IPOs, but how are you thinking about the build-out of new single company options? I think to my question last quarter, you said you preferred the build-out of new options rather than doing the Tuesdays and the Thursdays. How does the pathway to more listings look for you?

Yeah. Shelly, why don't you take that as well, Shel?

Sure. Thank you.

Okay.

Our market share in those nine classes range between 18% and 20% of the multi-listed volume, which is higher than our overall market share across all classes. That's why we believe we win these new listings. We're excited about that program eventually expanding. It's an open discussion, and there's actually been discussion at several recent industry events, including this week at OIC, about whether the growth in the single name weekly options will come from adding Tuesdays and Thursdays or adding additional classes. The reality is both options are available to the industry. It's not our decision individually as an exchange to decide. These listings, whichever exchange adds new classes or to add Tuesdays and Thursdays, the entire industry will follow.

I believe that expanding the program across additional classes is probably the next wave, but it's still very early in the program, and we're still just letting the industry absorb this new volume and these new products, and that the decision will be made over the next several months as to which way that we will build out additional volume.

Thank you.

Thank you very much, Ken.

The next question will be from Jeff Schmitt with William Blair. Please go ahead

Good afternoon. The EBITDA margin expansion continues to be really strong, helped by higher volatility in the quarter. What do you think is kind of a good run rate there in a more normalized environment? Obviously, it should go up over time but, you know, would you expect that to fall a bit if, as volatility comes down?

Thanks for the question, Jeff. We're very excited about the continued margin expansion, that 800 basis points, very proud of, and we'll give you some more details. Lance?

Yeah, hi Jeff. I mean, look, we do focus on our maintaining and growing that EBITDA margin and getting that above 50%, obviously, it was a big milestone for us in the fourth quarter and continued in the first quarter. We do expect to grow that over time, especially as we bring in revenues outside of the options business. You can see the equities business has remained profitable in the quarter, nice contribution in the international business now with the acquisition of TISE. I think in the futures business, you know, as we see new revenue come in from the Bloomberg and other products we're going to launch, you know, that will come at a very high incremental margin.

You know, quarter-to-quarter, you might see some shifts, particularly, you know, in the next couple quarters as we start to spend more on branding and marketing initiatives, and incentives around the launch of the Bloomberg products. Again, we'll be very judicious in how we spend those. But we really think we've got some really good opportunities to bring in volume and new revenue in the futures business.

Okay. And then, the physical trading floor, I may have missed it, but did you mention what your share was of those industry volumes, which I think you said were, like, hovering around 6%-8%? You know, do you see that floor helping with adoption of index options potentially later this year? I mean, aren't a lot of those volumes still traded on floors? Thanks.

I'll cover the market share, and Shelly, you can discuss the index options. The market share for the quarter was about 40 basis points-50 basis points. So, slowly, slowly ticking up, but again, we think as we release additional functionality over the next several months that we'll be able to capture even more and, you know, more than our sort of 1/6 of that 8%.

Shel, you wanna take the follow-up?

Yes. Thank you. To add on what Lance said about the market share, we've been steadily rising from about 5% of floor volume to about 10% of floor volume. There's an ebb and flow each day, but that's growing over time. With regards to index options in the trading floor, the first point I want to make is we're listing the cash-settled options on the Bloomberg indexes on MIAX Options, and our trading floor is Sapphire options. They are two different exchanges within the MIAX family. That being said, we certainly have the optionality to carve out part of the physical space on the existing Sapphire Trading Floor and make that a MIAX Options trading floor specifically for index products. That is one option we have in our back pocket.

It's really an open question as to whether or not an index product really needs a trading floor. Certainly, our competitor has a trading floor. The products initially traded in the trading floors before they went electronic many years ago. They've seen a steady shift of volume from the floor to the screens. That being said, we did experience during COVID, the shutdown of the trading floors and 100% of that index volume went electronic for several months, eventually coming back to the trading floor. My belief is that you can operate a full suite of index options on an electronic marketplace without a trading floor, that the incumbent chooses to keep their trading floor open because that's what they've traditionally done, and they have a lot of members on their trading floor.

I believe having a fully electronic market would lead to better quality markets, more screen activity because of tighter markets and more liquidity being shown because the electronic market makers who are also the floor market makers aren't competing with themselves in the electronic versus floor. A lot of the floor business is also complex business, and the incumbents do not allow electronic options over a certain size. We think those are disadvantages to customers, and we will automate those functions. Therefore, we think our product will be a superior product because of the electronic features.

Great. Thank you.

Great.

The next question is from Chris Allen from KBW. Please go ahead.

Yeah. Afternoon, everyone. Appreciate you taking the question. I was wondering if you could unpack the growth in access fees, a very nice trajectory, both on a year-over-year and sequential basis. I know you mentioned member connections and fee increases. Just wondering if you could maybe quantify the impact of the fee increases, whether any of the MIAX Sapphire fee waivers were in there as well. Just trying to understand organic growth trajectory in terms of what's being driven by new connections, new sales versus fee increases.

That's a great question, Chris. Lance, you wanna take that?

Yeah. Hey, Chris. Good to hear from you. It's basically split down the middle between new member connections for the most part and fee changes. On the fee changes, it was both fee increases we made January 1st, as well as the expiration of some Sapphire fee waivers. Just like we've done in the past, when we launch a new exchange, we tend to either waive fees or discount them and then kind of remove those waivers over time. Net-net, half is fee increases and half is new member connections.

Thanks. That's it for me.

Thanks, Chris.

Next question is from Patrick O'Shaughnessy from Raymond James. Please go ahead.

Hey, good afternoon. Curious if you guys anticipate any impact, either positively or negatively from options regulatory fee reform that looks like it's gonna take place on July 1st?

Thanks for the question, Patrick. As have other exchanges, we have, in fact, filed rule changes that may or may not be effective on July 1, depending upon whether the industry is capable to do what they have to do from the technology perspective. We have not finalized our rates as of this time, so I really don't have an opinion as to whether or not these will cost us, you know, impact revenues, or they'll be neutral. Right now, this evening, I'm really not in a position to tell you how that's gonna impact our regulatory expense reimbursement or any other exchange. Lance, any color on that you wanna add?

Nope. I think you covered it, Tom.

Okay.

All right. Appreciate that. For my follow-up, you mentioned that you're launching the Bloomberg 100 product on May 17th. What's the sequencing then for launching the 500 products, and why are you starting with the 100 rather than the 500?

Great question, Patrick. Shel, you wanna pick up?

Sure. Thank you, Patrick. That was a very good question. It was an interesting call between the three initial futures, which to list first. Working closely with our retail firms that are interested in the product, many of them felt that their retail customers would have more interest in the B100 Index initially, because of the makeup of the index. They find a lot of their retail likes to trade in that family of indexes, the software technology companies. That's why we made that choice. As far as the rollout, we certainly wanted to start slow, so, we're starting with just one product on day one on May 18th.

We're listing the B500 Tini contract two weeks later on June 1st. The B500 Big contract a week later from that, June 8th. We want a slow rollout. It's a new product. It's a new data center for us. A new relationship because we're clearing these products at OCC, which benefits the entire industry from a margin and capital perspective. So, that was the decision process.

When do we follow with the Big, Shelly, to answer the back end of the question?

The Big is June 8th. The B500 Big will be June 8th. It's the third rollout.

Very helpful. Thank you.

Of course. Thank you.

Great. Shelly, maybe before we break, Shelly, just a question, I mean, a point to make. You know, what has you excited about, you know, this new proprietary product suite now that we finished the Onyx trading platform, the clearing, and now the relationship with OCC for futures? What has you excited about this launch?

The buzz in the industry has been there hasn't been a real strong competitor to the existing index complex. I believe over 95% of index volume is concentrated in two products, the SPX, for the options side, the SPX and the VIX. The industry of buzz is we need competition. We'd like to see competition in these products. We'd like to see competition across exchanges. We believe these are better constructed indexes for all the reasons Tom mentioned earlier. We believe our technology is a differentiator. It's how we've gone from zero to 17%+ market share, just since the last 15 years.

Combine those with, again, electronic trading, and some of the other functionality we built, the buzz both from the market makers, who are interested in trading the product and the retail firms has been very positive.

Thank you, Shelly. I think we have time for one more question.

Certainly, and that question will be from Chris Brendler from Rosenblatt. Please go ahead.

Hey, thanks. Good afternoon. Congrats on really strong results here. I wanted to ask a question just, you know, given it's topical, since I covered more of the crypto names. Bullish's acquisition, recently sort of throwing some ideas around about tokenization. It seems like it's really gathering steam. How do you guys think about tokenization and how it might impact your business?

Great question, Chris. Tokenization is not our focus right now. Our focus is really on the core business and maximizing the new product launches, particularly in the futures area, based on the investments that we've made over the last several years. You know, we're gonna watch it. We're gonna see what develops over the course of the next year. You know, I really wanna focus on the businesses that we've acquired and the organic growth and the technology we've just, you know, brought to the futures market. You know, we're watching it closely, but I just wanna be very frank, it's not a core focus today.

Yeah, makes sense. I'll ask a core business question as a follow-up. I may have missed this but is the impact from the new single stock weeklies, I assume that's still negligible at this point, it's not actually having a material impact on your results?

Yeah. Yeah. That's correct. Lance, you wanna just add some color to that?

Yeah. I mean, we're hearing the same. I mean, we're seeing the same things in the data. It's still early days. I mean, we all sort of believe in across the industry that it is additive, but as I said, it's still a small negligible contributor at this point. We do think it could grow over time.

Absolutely. Just add to the secular tailwinds. Thanks so much, guys.

Yeah.

Thanks, Chris.

Thanks, Chris.

Ladies and gentlemen, this concludes today's question-and-answer session. I would like to turn the conference back to Tom Gallagher for any closing remarks.

Well, thank you very much, everyone, for joining on this evening. Obviously, we've had a great quarter, and we're very grateful for the support of all of our member firms and our shareholders that have helped us get to this spot. I'm continued to focus on our four pillars that have gotten us here, and we're gonna continue to work closely with the members that we have developed relationships since our first launch in 2012. We're really proud of the new relationship with Bloomberg, and I think we've got a real exciting future here in 2026. Thanks very much for your participation this evening, and we're happy to follow up individually over the next few days. Have a nice evening. Thank you again.

And thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Thank you for standing by. My name is Debbie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Miami International Holdings, Inc. Fourth Quarter and Year-End 2025 Earnings Call. [Operator Instructions]. It is now my pleasure to turn the call over to John T. Williams, Senior Vice President and Head of Investor Relations. You may begin your conference.

Good afternoon, and thank you for joining us for Miami International Holdings or MIAX's Fourth Quarter and Full Year 2025 Earnings Conference Call. I'm John T. Williams, Head of Investor Relations. With us today are Thomas P. Gallagher, Chairman and Chief Executive Officer; and Lance Emmons, Chief Financial Officer. We will also have Douglas Schafer, Jr., Chief Information Officer; and Shelly Brown, Chief Executive Officer of MIAX Futures and Chief Strategy Officer, joining us for the Q&A session following our prepared remarks. Our earnings announcement was released prior to this call, and we have published an accompanying slide presentation on our Investor Relations website, ir.miaxglobal.com. In addition, this call is being webcast, and an archived version will be available there shortly after the conclusion of the call. Our discussion today includes forward-looking statements that are based on the expectations, estimates and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts. The forward-looking statements in our discussion are subject to various assumptions, risks, uncertainties and other factors that are difficult to predict and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These statements are not guarantees of future performance, and therefore, you should not place undue reliance on them. We refer you to our earnings press release and filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results and financial condition of MIAX. We do not intend to update any forward-looking statements made on this conference call to reflect events or circumstances after today or to reflect new information or the occurrence of unanticipated events, except as required by law. During today's call, we will refer to non-GAAP measures as defined and reconciled in our earnings materials. With that, I'll now turn the call over to Tom.

Thanks, John, and welcome to MIAX. We're excited to have you on board as our new Head of Investor Relations, taking over for Andy Nybo, who will turn his focus back to Corporate Communications. Thank you all for your interest in MIAX. What an extraordinary year 2025 has been, as we've achieved significant strategic milestones while delivering outstanding financial performance across our business. Today, I will provide high-level fourth quarter and full year results, update you on our business segments and discuss key strategic developments. Then Lance will walk through our financial highlights and our 2026 guidance. For the fourth quarter, total net revenue grew 52% year-over-year to $125 million. Adjusted EBITDA more than doubled year-over-year to $62 million, and adjusted EBITDA margin improved by 1,400 basis points to 50%. Q4 adjusted diluted EPS was $0.52. For the full year 2025, total net revenue grew 56% year-over-year to $431 million, and adjusted EBITDA more than doubled to $199 million. Full year adjusted EBITDA margin was 46%, reflecting 1,600 basis points of year-over-year improvement, while adjusted diluted EPS was $1.82. These impressive results reflect our ability to capitalize on elevated market volatility and drive continued volume and market share gains across our core business lines. Our market share in multi-listed options grew to a record 18.2% in the fourth quarter, up from 15.9% in the prior year period. This represents average daily volume of 11.1 million contracts, a 46% year-over-year increase that far outpaced industry ADV growth of approximately 28.4%. We have significantly increased our market share over the past few years and see additional opportunities for further expansion. And we'll continue to balance market share growth with healthy RPC levels. 2025 also brought several transformational developments for MIAX. Following on our successful IPO, we completed a secondary public offering in December with the closing of a public offering of 7.8 million shares of common stock, which consisted entirely of secondary shares. While MIAX did not sell shares or receive proceeds from this offering, it represents another milestone in our evolution as a public company and enhances our liquidity. In late '25, we announced the strategic sale of 90% of MIAX Derivatives Exchange or MIAXdx to Robinhood Markets in partnership with Susquehanna International Group while retaining a 10% equity stake. This transaction, which closed in January of 2026, provides MIAX with expedited access to the growing prediction markets through our retained equity position while also enabling us to maintain focus on our core product offerings. The strategic alignment with Robinhood and Susquehanna closely aligns with our approach of partnering with industry leaders to offer innovative trading products, and we're excited about the long-term value potential that our equity stake creates for MIAX's shareholders. Our MIAX Sapphire options trading floor in Miami that we launched in the third quarter continues to perform in line with our expectations and demonstrates the continued value of floor-based trading in today's hybrid market structure. We continue to build out new and innovative functionality to support the needs of our floor broker community and their customers, and we intend to roll out a number of additional enhancements in the first half of 2026. Miami's emergence as Wall Street South continues to accelerate, and we're proud to be at the center of this transformation as we look to scale our market share over time. Reflecting back on other notable accomplishments in 2025. The acquisition of TISE enables us to expand our international footprint, the launch of MIAX Futures Onyx and the completion of the new MIAX Futures clearing infrastructure allow us to provide the industry with a high-performance proprietary trading and clearing platform with state-of-the-art risk management capabilities. We remain very excited about our Bloomberg Index Futures products and plan to launch B100 and B500 Futures in the second quarter of 2026. While we previously communicated a February launch date, we recently made the decision to reschedule it to ensure we have the same reliability and performance profile on our futures platform that we pioneered in options markets. Importantly, we want to ensure the full ecosystem of participants are, in fact, connected to the new exchange on day 1. We will be introducing retail size contracts first to meet retail broker demand for access to products with low trading fees. We are also focused on offering products to meet emerging retail investor demand that allow them to hedge and efficiently manage exposure to equity markets. We maintain strong conviction in the strategic importance of these products to MIAX's long-term growth trajectory. Taking a broader look at several of our business segments. The options market environment in 2025 was exceptionally favorable for MIAX. Industry volatility remained elevated throughout the year, driven by a complex web of factors. While many businesses are volatility adverse, for MIAX, volatility creates increased demand for risk management tools and our technology infrastructure has proven its resilience during these high-volume periods. We expect elevated volatility throughout 2026, driven by geopolitics, domestic policy and political dynamics, tariff impacts and the evolving AI investment cycle. We're particularly excited about the rapid growth in new Monday and Wednesday short-term expirations in single stocks. This market segment has become increasingly important to retail and institutional participants alike. And our technology advantage with industry-leading throughput, low latency and deterministic performance positions us exceptionally well to capture this growing opportunity. We listed new Monday and Wednesday short-term options in 9 actively traded options classes, which we expect will contribute to both industry and our volume growth in 2026. Furthermore, we are positioned to benefit from an improving IPO pipeline and continued growth in structured products that use options as part of their strategies. Together, these should create additional trading opportunities and volume growth across our platforms. These trends, combined with our technology advantages, position us well to capitalize on the evolving options landscape. Turning to equities. Our equities business continues to evolve as our U.S. equity market presence creates strategic positioning to capture opportunities across market data and related asset classes. We have implemented an improved rate structure and reached breakeven adjusted EBITDA in the fourth quarter, demonstrating our commitment to operational efficiency. Our international operations continue to demonstrate their strategic value with the annuity value of this business becoming increasingly evident throughout 2025. We are actively working to maximize operational and revenue synergies across our TISE and BSX businesses, reflecting our ongoing commitment to optimizing our international footprint. As we look ahead, we remain focused on our 4 key competitive pillars: our differentiated technology, our broad range of regulatory licenses across multiple jurisdictions, our diverse and expanding product range and most importantly, our deep relationships with customers that allow us to develop the technology, services and products that support their evolving strategies. We are particularly optimistic about the current regulatory landscape, which creates exciting opportunities for us to expand into new products and services. On the operational front, we see opportunity to expand our market share on the MIAX Sapphire trading floor as we continue to enhance functionality to support demands from floor participants. We're experiencing strong growth in options products across our exchanges, driven by increased activity in short-term weekly options, the improving IPO pipeline and structured products and ETFs, all of which we expect to support sustained volume growth across the industry and on our exchanges. Perhaps most importantly, our collaboration and relationships with our members and industry participants remain strong and continue to be drivers of volume growth. These strategic relationships position us well to capitalize on market opportunities and continue delivering value to our customers as we execute on our strategic vision. Now I will turn the call over to Lance to provide details on our fourth quarter financial performance and 2026 guidance.

Thanks, Tom, and good afternoon. We had an exceptional fourth quarter and full year 2025 across our business. I will briefly remind you of MIAX's revenue model before I jump into the financial details. We generate revenue from transaction and nontransaction fees. Our key performance drivers for transaction fees include industry trading volumes, market share and revenue per contract or share, which measures the average revenue we earn per contracts or shares traded. Also, as a reminder, we provide RPC and capture rates on a 3-month rolling average basis on our Investor Relations website. In terms of non-transaction fees, we generate revenue from access fees, which we charge customers to connect to our exchanges; from market data, which we earn through direct subscriptions and through our participation in the U.S. pay plans; and from listings fees, primarily in our International segment. Full year 2025 total net revenue was $431 million, representing 56% year-over-year growth. Adjusted EBITDA more than doubled year-over-year to $199 million, and adjusted EBITDA margin was 46%, a significant increase from 30% in the prior year period. This performance demonstrates our ability to scale efficiently while also continuing to invest in our growth initiatives. Q4 total net revenue grew 52% year-over-year to $125 million, while adjusted EBITDA more than doubled year-over-year to $62 million. Q4 adjusted EBITDA margin was 50%, up 14 percentage points year-over-year. Adjusted earnings nearly tripled year-over-year to $57 million in Q4 versus $20 million in the prior year period. Adjusted Q4 operating expenses were $62 million compared to $53 million in the prior year period. This increase was primarily due to higher compensation and benefits costs, driven by planned expansion of headcount to support our growth initiatives. Also contributing to the increase were higher investments in IT and communications costs due to the build-out of the MIAX Sapphire Exchange and new technology platforms we rolled out for MIAX Futures and BSX. Moving to Q4 segment performance. Our Options segment delivered strong results with net revenue of $107 million, up 46% year-over-year. Market share was 18.2%, up from 15.9% in the prior year period. This, along with elevated options industry volume, led to the MIAX average daily volume of 11.1 million contracts for the fourth quarter, representing a 46% increase year-over-year. Our Equities segment net revenue reached $6 million, up from $2 million in the prior year period, primarily due to higher net transaction fees from improved pricing. Equities capture was net neutral for the quarter as compared to historically inverted. Our Futures segment net revenue was $5 million compared to $6 million in the prior year period due to lower listings revenues and decreased transaction fees. The decrease in transaction fees was 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. In the International segment, net revenue was $6 million compared to $1 million in the prior year period, with the increase primarily due to the acquisition of TISE in June 2025. Turning to our balance sheet. Our cash balance at year-end was $434 million, and we had less than $2 million in outstanding debt. Also as of December 31, 2025, we have classified the assets and liabilities of MIAXdx as held for sale. Now on to our 2026 guidance. We expect full year 2026 adjusted operating expenses in a range between $265 million and $275 million, representing a 13% to 18% increase over full year 2025 or a 6% to 10% increase from our annualized Q4 2025. This accounts for increased headcount and technology costs to support our new product launches, higher public company expenses as well as increased company branding and advertising. We expect full year share-based compensation expense in a range between $27 million and $30 million. The year-over-year decrease is due to IPO-related accelerations, partially offset by new 2026 grants. We expect full year CapEx, which includes capitalization of internally developed software, in a range between $40 million and $45 million and depreciation and amortization in a range between $33 million and $38 million. On our tax rate, we expect to release our deferred tax valuation allowance during 2026, reflecting our ability to realize the benefit of our NOLs. Following that release, we expect our effective tax rate on adjusted earnings to be in the range between 27% and 29%. In summary, we delivered outstanding financial results in 2025 while making strategic investments in our technology platforms and expanding our product offerings. That, along with our strong balance sheet, positions us well for continued growth in 2026. I will now turn it back over to Tom.

Thanks, Lance. As you can see, we are very excited about our recent progress and look forward to another productive year in 2026. We'll keep doing the things we said we'd do. We'll continue to leverage the strategic pillars you've heard me talk about before: our technology, our regulatory licenses, broad product range and relationships with our customers. These are real competitive advantages that will help us drive long-term shareholder value over time. Thank you again for joining us on today's call. We're now ready to begin Q&A. As a reminder, Doug and Shelly are here with Lance and me, so let's begin. Operator?

[Operator Instructions]. Our first question comes from Patrick Moley with Piper Sandler.

Thomas, maybe just starting off high level. You talked a little bit about it in your prepared remarks, but if you could just maybe give an update on your outlook for options volumes this year and how MIAX is positioned? And then on the market share side of things, you reported record market share in the fourth quarter. That's come down a little bit in 1Q. So just also wondering if you could talk through some of the dynamics there and how you expect market share to play out throughout the rest of the year?

Thanks, Patrick. Really appreciate the question. I think that the market dynamics, as we are in Q1 here 2026, are going to continue to provide volatility. Issues surrounding the tariff, issues surrounding the midterms coming up and issues surrounding some of the tension in global politics, particularly the Middle East, I think, are going to lead to continued volatility. I also think that the presence of the short-dated expirations, which just came on the market in January are going to continue to fuel strong growth in our U.S. options marketplace. So I think you're not going to see, I believe, the kind of growth we had almost 30% growth in volumes in 2025, but I think you're going to see continued growth throughout the balance of 2026. Shelly, any comment on that from your perspective real quickly?

Yes, Tom, thank you. And Patrick, thank you for the question. I agree that the growth in the industry will continue. The short-dated options in those 9 stocks, we're only a few weeks into that program. It's been successful so far, and there's certainly a chance that could expand going forward. With regards to our market share. October was an outlier in volume. While we were 18.2% for the quarter, if you look at the last 3 calendar months, November, December and January, it's been very consistent. We look at market share relative to capture, where our fees evolve according to needs within the market, but we're comfortable with the market share as it is.

Okay. Great. And then as a follow-up, on the Bloomberg derivative products that you're rolling out in 2Q, you said that you were planning to start with retail size contracts and putting those on our retail platforms. Could you talk about just your conversations with those platforms, and maybe how many platforms you plan to launch on initially and how that will scale over time?

I'm going to turn that over to you, Shelly.

Thank you, Tom. Another great question, Patrick. I'm not going to talk so much about how many firms. There's a lot of interest in the retail firms in these smaller products. A lot of the growth in the futures markets over the last 2 years have come from these smaller retail-sized products. We're going to start with what we call our T&E contract size for both the Bloomberg 100 and the Bloomberg 500 Index, very focused in the retail market, working closely with the liquidity providers as well as the retail firms to come up with a model that works for the retail. And they're very excited about having competition in this space. It's traditionally been a market held by one competitor, and they're looking for competition in price and bringing our technology to that marketplace.

The next question is from Michael Cyprys with Morgan Stanley.

Maybe just continuing with the B100 and the B500 Index options that you're looking to bring to the marketplace here in the coming months. Can you just maybe elaborate a bit how you're thinking about how you might make this model work for retail? I think maybe one of the challenges -- but maybe not a challenge from a volume standpoint. But just one of the, I guess, frictions maybe has been commissions on some of these products on the index side. Is there -- what's the scope for commission free? How are you thinking about economics between what you might capture versus what the brokers might capture?

Michael, great question. And a centerpiece of our strategy for launching the B100 and the B500, particularly the minis or the Tinis is to get retail engagement. And if you look at someone like a Robinhood or someone like a Webull or a Ninja, they're all about cost of execution. And if you can get cost of execution for them down to something similar to what they enjoy in the options marketplace, where essentially their customers trade for free, I think you have a real ability to get quick adoption of a competitor to the S&P franchise. So I think we think about doing things that have not had to happen before, whether it's on CME or Cboe because they had basically a monopoly franchise on the S&P. So what we're going to try and do is come up with some alternative pricing mechanisms that will allow for these firms to enjoy extremely low cost of execution and then also provide opportunities with respect to strategies to engage with the market makers. Maybe 30 seconds for you, Shelly, on that side of it.

Yes. It's about getting retail engagement in the retail -- as Tom said, retail has gotten used to trading virtually for free in the equities and options space. Without giving away my full pricing strategy, we believe we can work with the retail firms and engage the retail customer. And what I believe we'll see is growth across the industry, just like free trading and options spurred growth from 18 million contracts a day pre-2020 to 60 million contracts-plus in the most recent year. So we think the whole pie will grow, and we believe we have a very competitive product, and the fees will be very appealing for the retail firms.

Thank you, Shelly.

And then could you maybe elaborate on what the suite might look like initially versus over time? Would you expect to launch with the 0DTE complex initially or roll into that, what that might look like? And then can you talk a little bit about the go-to-market strategy? How you're thinking about building the brand, the awareness, the investor education? What sort of resources are you putting up against that?

Great question, Michael. So to be clear, we're starting to launch with the futures first. Futures will launch in the second quarter. The options will follow sometime later based on the take-up in the futures. You need a solid futures market for hedging purposes to support those options. Both the futures and the options will have a similar pricing strategy. Once we do list the options, we certainly plan to list short-dated options. Those have been extremely successful in other index products. I believe it's over 60% of the volume in SPX is short-dated options. So we certainly are planning to go down that path. You will see a very similar product suite across all products for both the Bloomberg 100 and the Bloomberg 500 compared to what's out there today with one of the key differentiators being all of our products will clear at the Options Clearing Corporation.

And then just on the investor education?

In the investor education, we're going to work extremely closely with Bloomberg and also with the retail firms who are known for their great educational tools that they use, whether it's an NinjaTrader, whether it's a Schwab or whether it's a Robinhood. So we're going to work closely with the retail firms and then also with Bloomberg, who is very much aligned with us in this regard.

Yes. It's a combination of getting investors to understand that you get very similar exposure with these products. What we believe with Bloomberg to be a better constructed product based on the deterministic algorithmic methodology for our stocks that will be added, deleted from the indexes without a committee bias. Add that to the fact that, again, we're going to be very fee-friendly, but we're going to work very closely with the retail firms to provide co-education. And then Bloomberg, of course, is involved.

The next question is from Ken Worthington with JPMorgan.

I wanted to dig more into the Monday and Wednesday options. Maybe what are you seeing in terms of activity initially? And you and your peers sort of launched at the same time, how is market share trending between you and the others? And are you seeing the technology advantage sort of accrue to your benefit in terms of share?

Thank you, Ken. Great question. I'll start and maybe I'll talk to Shelly, who runs this business and turn to you about some of the volumes. But it's early right now, Ken. It only got listed on January 22, but we think the volumes in these names will come to us, but it's a bit early to tell. I think it really grows the pie overall for the options marketplace. And I'm very comfortable that we're going to get our normal cut of what we've been seeing in these 3 symbols. But Shelly, do you want to comment on what you're seeing so far?

Sure. And thanks for the question, Ken. It's been very successful to date. Of course, we've only been through a few weeks of expirations, today being one of them. We're seeing very large volume in each of these 9 stocks on these Monday and Wednesday expirations, similar to what we've seen on the Fridays historically. We think this is very positive for the industry. It's still too early to say how big of an impact it will have on overall volume. I think it is worth pointing out that in these 9 stocks, our market share over the last several months leading into this program has been just over 20% compared to 17.6% recent volume overall market. So we do outperform in these classes before the Mondays and Wednesdays were introduced. We're seeing similar market share in those front weeklies. Again, it goes back to the technology that Doug's team has built and the risk protections. So we do outperform in those stacks, and we believe that this will help us outperform overall.

Okay. Great. Maybe as a follow-up, when do we start to see the Tuesday and the Thursdays come online? And what do you need to see out of the -- I know it's just launched and I'm already asking that, right? What a j***. But given -- once you get all 5 days, it's different dynamics. So what do you think you need to see in the Mondays and Wednesdays to start to realistically consider asking for the Tuesdays and the Thursdays?

Reasonable question, Ken. There's a couple of considerations here. One of the things we're doing is we're trying to avoid earnings days for these stocks. So we're going to be careful not to saturate the calendar too much. I would expect that going forward, expansion of the program would be adding additional stocks to the Monday and Wednesday program long before we had Tuesdays and Thursdays to these 9 classes. I think that having Monday, Wednesday and Friday gives us good coverage across the week. They only are listed out 2 weeks. So there's a limited focus here. But I believe the pilot -- or it's not a pilot program, but the program will expand across classes far before it adds additional days. If you remember back when Mondays and Wednesdays were added to the ETFs, primarily SPY, QQQ and IWM, they were Monday, Wednesday, Friday for quite a long period of time. But I think investor demand would be better answered by expanding the program to additional classes rather than adding the Tuesdays and Thursdays.

The next question is from Jeff Schmitt with William Blair.

You had guided to adjusted operating expense growth of 13% to 18% for '26. What does that assume for top line growth? Or I guess, how should we think about the sensitivity of that number to volumes?

Good question. Yes, we don't -- it's Lance here, Jeff. Look, it's very hard to predict total top line revenue given that 60% of the revenue is transaction-based, so it's really based on market volumes. I will say there's certainly some sensitivity in those expenses, there is some discretionary investments that if volumes don't pan out the way we anticipate them to that we could peel that back. But nevertheless, we do have some planned investments in futures as well as some additional new product launches that's baked into that number.

Okay. And then I may have missed it, but do you plan on -- still plan on launching crypto and event-based products later this year? Or where do you stand on those plans?

So as you know, we announced that we recently entered into a transaction with Susquehanna and Robinhood, whereby we sold our stake in MIAXdx. So we now have accelerated access to the prediction markets. As it relates to the crypto markets, we're really focused on expanding our market share in the mature but robust options business and then executing the strategy that I've laid out for our new futures products, transforming MIAX Futures from a one-product agricultural exchange to a full-service financial futures exchange that not only caters to the institutional firms, but also the retail. So if an opportunity comes along that we think makes sense in the crypto area, we'll look at it, but it's not our primary focus right now. We have been in discussions with a number of folks, but it's not something I'm focused right now in 2026.

The next question is from Patrick O'Shaughnessy with Raymond James.

So you had some market makers participate in your secondary offering in December. Is there any evidence that they've shifted their market share at all since selling some of their shares?

Great question. So we see no evidence of that whatsoever. I think that you should look at us as similar to our exchange peers. Our equity rights program that allowed the strategic members to get their position in our company through their warrants and possibly the exercise of those warrants helped grow the business in the early years. But what's really keeping these market participants trading every day is the technology that Doug built with the low latency, high throughput, extreme determinism and also the risk protections that Shelly and Doug worked on together. So to the extent that a member firm was to sell some of their shares in that secondary offering, we've seen no impact whatsoever in our market share or their use of our 4 options and equities exchanges.

Very helpful. And then I appreciate that you're not giving a quantitative outlook for access fees and market data revenue in 2026. But can you kind of broadly speak to your expectations for how those revenue streams might trend?

Access fees and market data, Patrick?

Correct. How they would trend.

Yes. Look, I think in terms of access fees, we did put in some fee increases in January of this year. We think that will add a couple of percentage points to some fee increases. And then we continue to see member adoption taking additional lines in that nature. So continued growth in that area. In terms of market data, we have launched some new products, particularly in the last -- actually in the first quarter that we think will continue to grow our market data, not just again, the share from the tape plans, which is mostly driven by market share of trades loosely, but also from our own proprietary market data offerings. Shelly, if you want to talk for 10 seconds just on the new market data offering we introduced?

I don't know if I can only talk for 10 seconds. Some of the market data offerings are historical data and reports. There are several new reports out that are high demand. There's some both historical data available and ongoing reports. So it's been very good for us. We have several new reports in the pipeline. And it's again, high demand data that's very valuable in the industry. So we're mining our data and monetizing that.

The next question is from Chris Brendler with Rosenblatt Securities.

Great job. I wanted to ask a follow-up actually on the fee increases that are proposed last week. Just some of the strategy and the thought process around the different categories here and whether or not you would have any impact on market share within your larger constituents versus your smaller customers? What's sort of the goal here? And how much elasticity do you think there is with some of these fee changes?

Thanks, Chris. Shelly, do you want to take that?

Sure. The primary fee change that you've seen going into March, we didn't change transaction fees. We did -- we had a small transaction fee change in January. The primary change you're seeing for March is we waived non-transaction fees for members on the Sapphire trading floor. And those members that have gone out to memorialize the fact that the waiver period ends the end of this month, this Friday, and fees will start to be charged on March 1. So that's the primary change for March.

Yes. Our practice, Chris, has historically been that when we launch a new venue, we have no non-transaction fees for a period of time or much lower to try and accommodate firms as they connect and volumes grow. So that was really just an expiration of what I thought was quite a generous moratorium on fees that started in September and it's going all the way through to the end of this month.

That's fantastic color. Follow-up question is in a different area, and I'm not sure if this is relevant or not yet, but just thinking about how fast markets are developing and this push towards tokenized equities, does tokenization have any implications for MIAX today and possibly in the future?

Yes. Great question, Chris. We currently have no plans with respect to tokenization, but we are evaluating potential opportunities from partners. As you know, obviously, we operate several markets across securities and futures products and internationally. So when the right opportunity comes by, I think we're well positioned to take advantage of this. But I want to be very clear, it's not our primary focus right now. But as a market disruptor from the day we launched our first exchange in 2012, I fully support market innovation. But for right now, it's not part of our current plan. And I also want to see what shakes out in some of the filings that have been made by our competition with respect to some types of tokenized equity securities. Shelly, any last comments in a minute or 2?

Yes. I also understand that up to this point, the tokenization is focused on clearing of equities. Equities is a very small piece of our business right now. The majority of our business is options. There hasn't been talk about tokenization and options. And again, the talk of tokenization is primarily focused on post-trade clearing, not of actual trading. I'm not sure the technology is near ready for trading of tokenized securities on the chain.

Yes, our reliance is on OCC in this regard. So that's kind of our view on tokenization right now, Chris.

That's fantastic color. Enough growth in the core business, you don't need to worry about it right now.

Yes. Thanks very much. Thanks for the support.

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Tom Gallagher for closing remarks.

Thank you very much, Debbie. I just want to thank those of you that listened in today to our presentation. And I can't tell you how excited we are to bring to the marketplace our new financial futures products. From day 1 in working with Doug and our team, we never bring a product to market until prime time and everybody is connected. And we're really excited about the opportunity to demonstrate our capabilities as we move from options to cash equities into a full suite of financial futures products and primarily also taking advantage of the risk protections and the pricing strategies that Shelly, Doug and myself have developed. So really appreciate the support. It's been an exciting 6 months since the IPO. It's hard to believe it's been 6 months. But stay tuned for an exciting year in 2026, as we bring our futures products to market. So thank you very much, and have a great evening.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.