Miax reaffirms $265M-$275M 2026 adjusted opex as it targets May 17 Bloomberg Equity Index futures launch

MIAX reported record Q1 revenue and volume driven by elevated options-market volatility, which management said benefits its business. The firm reiterated 2026 adjusted operating expense guidance of $265m–$275m while preparing to support the planned May 17 Bloomberg Equity Index futures rollout — an initiative expected to boost participant engagement but require higher marketing and incentive spending. Management flagged risks: revenues could decline if volatility eases and outcomes from pending regulatory fee reforms remain uncertain. Market impact: the index/futures launch and continued volatility could lift exchange volumes and revenues, but near-term profit upside may be offset by elevated promotional spending and regulatory headwinds.