Miami International Holdings, Inc.

Thank you for standing by. My name is Gary, and I will be your conference operator today. At this time, I would like to welcome everyone to the Miami International Holdings, Inc. Third Quarter Earnings Call. All lines will be placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Please note, this event is being recorded. It is now my pleasure to turn the call over to Andy Naibo, Chief Communications Officer. You may begin your conference.

Good afternoon. Thank you all for joining us today for my third quarter earnings conference call, and our first earnings call as a public company. With us today are your hosts, Thomas D. Gallagher, Chairman and Chief Executive Officer, and Lance Simmons, Chief Financial Officer. We also have Douglas Schaefer, Chief Information Officer, and Shelley Brown, Chief Strategy Officer on the call, who will participate in the Q&A session today. Everyone should have access to our earnings announcement, which was released prior to this call. We have also published a slide presentation to accompany the press release. In addition, this call is being webcast, and an archived version will be available shortly after the call ends. All of these materials can be found on the investor relations section of our website at ir.myxglobal.com. We want to remind everyone that part of our discussion today includes forward-looking statements, which are based on expectations, estimates, and projections regarding the company's future performance, anticipated events and 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 do not guarantee the future performance, and therefore, undue reliance should not be placed upon them. We refer all of you to our press releases and followings with SEC for a more detailed discussion of the risks and uncertainties that could impact the future operating results, financial condition, and MIACs. We undertake no obligation to update any forward-looking statements made in this announcement to reflect events or circumstances after today. or to reflect new information or the occurrence of unanticipated events, except as required by law. During the call today, we will be referring to non-GAAP measures as defined and reconciled in our earnings materials. With that, I'd now like to turn the call over to Tom. Please go ahead, Tom.

Thanks, Andy, and welcome to our third quarter 2025 earnings call. We're excited to have you join us for our first call as a public company and appreciate your interest in MyEx. Today, I will provide high-level third quarter results and a brief overview of MIACS, followed by Lance walking through our third quarter 2025 financial highlights, and then we'll open it up to your questions. For the third quarter, MIACS delivered strong results, growing net revenues 57% year-over-year to a record $109.5 million. These results were primarily driven by elevated industry options volumes and increased MIAC's market share. Our market share in multi-listed options grew a record, 17.2% in the third quarter, up 24% from the prior year period. Furthermore, our successful IPO in August of this year represented a significant milestone that increased our access to capital markets and further enhanced our brand awareness. The proceeds from the offering allowed us to retire $140 million of debt, and build a strong cash position. I'll now take a few minutes to walk through our value proposition and the factors supporting our long-term growth. MyEx is a technology-driven leader in building and operating regulated financial markets across multiple asset classes. Since our inception, we have built and launched four options exchanges and one equities exchange. We've also grown strategically through acquisitions. And since 2020, we've acquired two futures exchanges and clearinghouses, two international exchanges, and a futures commission merchant. This broad portfolio of licenses supports our growth initiatives and allows us to offer new products designed to meet the needs of a multitude of investor segments, both domestically and internationally. Our vision remains to cater to the needs of our customers and trading community, and serve as the exchange of choice by delivering best-in-class technology, customer support, risk protection, and reliability. A critical differentiator for MIACS is our commitment and focus on technology, which is the lifeblood of an exchange. Importantly, MIACS differentiates its technology by providing low-latency, high throughput, and industry-leading determinism, which serves as the foundation of our technology-first, customer-centric approach to building innovative marketplaces. When we built our technology infrastructure, I like to say we built the church for Easter Sunday. Even when volume and quote traffic spikes in periods of extreme volatility, such as the 2020 COVID outbreak or what was experienced in April this year, We were ready, and our technology performed without issue. In fact, these high volatility events reinforce our reputation for providing best-in-class technology. We understand the importance of continuing to invest in order to provide our members with high-performance technology to support their activity in today's rapidly evolving derivatives markets. Broadly, the options market is experiencing significant growth. Multi-listed options volumes are surging to record levels, with industry third quarter 2025 average daily volume of 56 million contracts, up 26% year over year. September industry ADV reached 61 million contracts, while October ADV reached 67 million contracts. This growth has been driven by periods of elevated volatility in certain market sectors, as well as continued strong demand from a range of market participants, especially for shorter expiration options products. While many industries and businesses are volatility adverse, for MIACS, volatility creates an increased need for risk management tools. As we look ahead, we continue to expect elevated volatility due to geopolitical tensions, uncertain trade policy, and an evolving interest rate policy. Additionally, Structural tailwinds, including increased retail participation, which has begun extending into the futures markets, and growing international investor demand, are creating secular growth opportunities as we launch new futures products. Just as retail trading growth has fueled record options volume, expanding retail participation in futures represents another significant opportunity alongside our comprehensive product expansion pipeline. Our focus remains on offering technology designed to support the needs of our market makers. By providing high throughput, low latency, and highly deterministic technology with industry-leading risk protections, we allow our market makers to have greater confidence in their ability to properly manage their quotes and risks during volatile markets, offering those market makers the ability to quote more aggressively. For the retail investor, This means tighter and deeper markets, not just during normal trading, but also during times of volatility when liquidity is most in demand. In options, we see additional growth potential from a number of areas, including short-dated expirations for the most actively traded stocks, options listings on new IPOs, and the use of options in structured product listings, all of which support higher industry volumes. Furthermore, we launched our new MyEx Sapphire trading floor in Miami in September. This state-of-the-art facility, which we built to address customer demand, allows us to capture the additional volume opportunity in multi-listed options while bringing greater efficiencies to floor brokers and market makers. Miami has emerged as a major global financial center and is quickly becoming Wall Street's south. and we're proud to have expanded our presence in our namesake city. We remain excited about the substantial growth opportunities in options as an asset class driven by continued elevated global volatility issues that support the ongoing use of options for dynamic risk management. Moving to our growth initiatives, we continue to cultivate collaborative and strategic relationships across the industry that we are leveraging to introduce new and innovative proprietary products. In our futures business, the launch of the new MyEx futures Onyx trading platform at the end of June brings the MyEx technology advantage to this new asset class and offers MyEx the ability to list a range of new futures products. We plan to list futures on the Bloomberg 500 Index in collaboration with Bloomberg. starting in Q1 2026, with futures on the Bloomberg 100 Index to follow. Importantly, the new financial products will trade in a data center located in close proximity to U.S. equity markets, allowing our market participants to reduce potential latency in their trading strategies. Additionally, the Bloomberg 500 Index and Bloomberg 100 Index futures products will clear at the Options Clearing Corporation, which is the central clearinghouse for all U.S. listed options. This provides our members with improved margin efficiencies in their equity derivative trading strategies. We believe these Bloomberg Index Futures will provide the foundation for a broad portfolio of equity index derivatives we plan to offer on MIAC Futures. Now, moving to our equities business. Our current focus is to maximize revenue by continuing to improve our capture rate and profitability. We continue to believe our presence in U.S. equity markets positions us to leverage a range of opportunities, including market data and adjacent assets. With the acquisition of the International Stock Exchange, or TICE, in Guernsey, we have expanded our ability to offer listing services worldwide. to global debt issuers beyond what we currently provide through the Bermuda Stock Exchange. The TICE acquisition provides us with access to the European and UK markets and a valuable license in a respected regulatory jurisdiction. This helps accelerate our growth strategy by utilizing both BFX's and TICE's numerous international recognition and expertise in their respective products and markets. Now, I'll turn over the call to Lance to provide details on our third quarter financial performance.