Miami International Holdings (MIAX), which operates regulated exchanges across multiple asset classes, launched its first group of Bloomberg index products in May this year as it aims to grow its financial futures suite.

Thomas Gallagher, chairman and chief executive of MIAX, said on the second quarter results call on 5 August that the group was “thrilled” to launch its first Bloomberg index products. He said they were an important milestone that create the foundation for its financial futures ecosystem.

MIAX has a 10-year exclusive license with Bloomberg Index Services to list index futures, options on futures, and cash index options in North and South America. On May 19 2026 MIAX launched Tini Bloomberg 100 Index Futures, the first in a suite of equity index products on Bloomberg equity indices. The Bloomberg US 100 Price Return Index is a modified market-capitalization weighted index of the 100 highest capitalized companies with a sector classification of tech, health care, consumer staples, consumer discretionary, or communications.

Subsequently, Tini Bloomberg 500 Index Futures began trading on 1 June on MIAX and Bloomberg 500 Futures started trading on 8 June. The Bloomberg 500 index gives investors exposure to the 500 largest U.S. companies by market capitalization.

Gallagher described these products as delivering similar broad equity market exposure as the S&P 500 and NASDAQ 100 indices, with the added benefits of earlier inclusion of new IPOs and a “very competitive” fee structure.

“Screens are lit, market depth and volumes are in line with our expectations,” he added. “Enabling retail access is the next big step and that work is actively underway.”

MIAX is in discussion with retail brokers and working with them on educational and marketing programs regarding the benefits of trading the B500.

The index composition, fee structure, MIAX technology, and the group’s existing relationships with market makers and trading firms provide market participants with compelling reasons to choose the new products over incumbents according to Gallagher.

“We think of ourselves as a disruptor in this category and we believe there is room for a differentiated alternative to take root and grow the overall pie, not just take share,” he said. “It is still early but we very much like our position.”

Gallagher argued that another reason for market participants to use the new futures is that they are all cleared at the Options Clearing Corporation (OCC), the U.S. equity derivatives clearing organization.

In May this year MIAX announced a clearing and settlement agreement between its futures exchange and the OCC. This increases capital efficiency for MIAX Futures market participants who are members of OCC. They can cross-margin contracts listed on MIAX Futures against complementary products listed by MIAX Futures and other securities exchanges (including the MIAX exchanges) and futures markets.

MIAX Futures, a registered derivatives clearing organization (DCO) and designated contract market (DCM), will continue to clear its flagship product, the  Minneapolis Hard Red Spring Wheat contract, and all other agricultural products listed on the exchange.

Shelly Brown, chief executive of MIAX Futures and chief strategy officer of Miami International Holdings, said on the call that more liquidity providers for the new Bloomberg contracts will join over the next few weeks. Brown added that several retail firms are working through various phases of connectivity and clearing.

“We expect several retail firms will enable customer activity over the next several weeks,” Brown added. “So we are very excited about that.”

Brown continued that the firm wants to grow the overall pie for index futures.

“There hasn’t been any competition for a long time, either in the broad market or the technology market,” said Brown. “ Bringing these products to market with Bloomberg is a breath of fresh air and retail, institutions and liquidity providers are all excited.”

In addition, MIAX’s futures commission merchant (FCM) is in the process of applying for OCC membership, which Gallagher said further demonstrates the group’s strong commitment to financial futures. In that connection, MIAX is increasing the FCM’s net capital by $40m.

“We had people that wanted to trade some of the products on MIAX Futures, but they did not have an access point,” said Gallagher. “The whole idea of the FCM is to create less friction for predominantly retail firms to have access to our host of new financial futures products.”

Outside financial futures, MIAX is going launch the first in a series of agricultural futures that are primarily focused on the fertiliser segment in late October this year.

“The four fertiliser contracts are somewhat novel products in the industry,” added Brown. “There has been greater demand given the supply chain problems that have occurred due to geopolitical issues overseas.”

Perpetual futures, contracts without an expiration date which have become popular in crypto markets, and have came up frequently ini nvestor conversations over the past few months according to Gallagher.

He added: “Our focus remains on our core options and futures businesses, although we are open to offering new supplemental products if and when regulatory approval and market demand exist.”

MIAX Futures Exchange  is capable of supporting perpetuals with some enhancements.  As potential opportunities arise, Gallagher said MIAX may consider using its modern, agile trading and clearing infrastructure, as well as its CFTC licensed futures exchange and clearinghouse to offer capital-efficient derivatives products.

Options

In the options business, average daily volume rose 25% year-over-year in the second quarter to 11 million contracts due to elevated market volatility, according to MIAX.

The options exchanges achieved market share of 16.5% in the second quarter, just down from 16.7% in the prior year period although Gallagher described revenue per contract as a “strength.”

MIAX continues to see opportunities to grow options share through adding new functionality and calibrate pricing where it makes sense. Gallagher added that the growing pipeline of new listings, including SpaceX, Elon Musk’s space and AI company, and SK Hynix, the South Korean chip manufacturer, are part of a broader trend of additional IPO supply that is good for MIAX and the broader options market.

“Our early market share in these new listings is tracking ahead of our overall market share,” he added. “We view this as an additive volume driver and believe volumes will grow as additional companies come to market.”

Financials

MIAX reported record second quarter net revenue of $141m, up 35% year-on-year. The firm said the increase was primarily driven by strong options business performance, including increased industry volumes and higher non-transaction revenue.

Operating income was $27.8m in the second quarter, compared to $27.3m in the prior-year period.

Gallagher said:  “Net revenue reached a record level and our margins once again improved, and we did it while continuing to invest in our product pipeline.

Lance Emmons, chief financial officer, said on the results call that futures net revenue was $5m, which was flat compared to the prior year period. The Bloomberg financial futures products launched in May did not contribute materially to the second quarter results.

Gallagher said: “Getting retail distribution for our Bloomberg products is our top near-term priority. We continue to see opportunity in an improving IPO pipeline, strong retail demand for options, and growth of structured products that use options in their strategies.”