Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Miami International Holdings, Inc. (MIAX) is a privately held financial technology and exchange holding company that owns and operates regulated securities exchanges in the U.S. derivatives and equities markets. The company focuses on the operation of electronic trading platforms, primarily for options and cash equities, and provides exchange-related services to broker-dealers, market makers, and institutional investors. Its core revenue drivers are transaction fees, access fees, and market data fees generated through trading activity on its exchanges.
Founded in 2010, MIAX was established to introduce competition and technology-driven innovation into the U.S. options market. The company launched its first exchange, MIAX Options, in 2012 and subsequently expanded through the development and acquisition of additional exchange platforms. MIAX is recognized for its proprietary low-latency trading technology and has positioned itself as a multi-exchange operator competing with larger exchange groups in the U.S. market structure ecosystem.
Business Operations
MIAX operates several registered national securities exchanges, each functioning as a distinct business segment. Its principal operating segments include MIAX Options, MIAX PEARL Options, MIAX Emerald Options, and MIAX PEARL Equities. These exchanges facilitate the trading of listed options contracts and U.S. listed equities, generating revenue primarily from per-contract transaction fees, exchange access fees, and the sale of proprietary market data products.
Operations are primarily domestic, with all exchanges regulated by the U.S. Securities and Exchange Commission. MIAX controls and develops its own matching engine and trading infrastructure, which it deploys across its exchanges to achieve operational efficiencies and performance consistency. The company’s exchanges operate independently but share common technology, surveillance, and regulatory compliance frameworks under the MIAX holding structure.
Strategic Position & Investments
MIAX’s strategy centers on organic growth through market share expansion in listed options and the selective build-out of adjacent asset classes. The launch of MIAX PEARL Equities marked its entry into the U.S. cash equities market, extending its exchange operating model beyond derivatives. The company has emphasized technology investment as a strategic differentiator, focusing on deterministic performance, resiliency, and scalable exchange architecture.
Rather than pursuing large-scale acquisitions, MIAX has historically favored internal development and regulatory approvals to launch new exchanges. Its portfolio consists primarily of wholly owned exchange subsidiaries, and there is no publicly verified evidence of significant minority investments or non-exchange operating businesses. Data inconclusive based on available public sources regarding material external joint ventures beyond standard industry connectivity and regulatory arrangements.
Geographic Footprint
MIAX is headquartered in Miami, Florida, with significant operational and technology presence in Princeton, New Jersey, a major hub for U.S. exchange and market infrastructure. Its exchanges serve market participants across the United States, including global trading firms accessing U.S. markets through broker-dealers and exchange members.
While MIAX does not operate international exchanges, its market data and trading venues are accessed by international firms participating in U.S. securities markets. Its geographic influence is therefore global in terms of customer reach, though its regulated operations and physical infrastructure remain concentrated in the U.S.
Leadership & Governance
MIAX is led by an executive team with extensive experience in exchange operations, market structure, and financial regulation. The leadership emphasizes technology-driven competition, regulatory compliance, and operational reliability as core elements of the company’s strategic vision.
Key executives include:
- Thomas P. Gallagher – Chairman and Chief Executive Officer
- Eric Swanson – Chief Operating Officer
- Andrew McDonald – Chief Financial Officer
- Douglas M. Yones – President, MIAX PEARL Equities
The company is privately owned, and governance is structured around oversight of its regulated exchange subsidiaries, each subject to SEC approval and ongoing regulatory supervision.