Miami International Holdings (MIAX), an exchange group operating across multiple asset classes, has launched the first in a suite of equity index futures based on Bloomberg indices, after growing its market share in options.

MIAX Futures, a registered derivatives clearing organization (DCO) and designated contract market (DCM), listed the first contract in the suite, the Tini Bloomberg 100 Index Futures, on 17 May 2026. The future mirrors the Nasdaq 100 and targets retail traders.

Shelly Brown, chief executive of MIAX Futures, told Markets Media that the launch had been “very smooth” with 25,000 contracts trading on Tuesday 19 May and 11,000 on the following day. Liquidity providers have been trading the contracts and retail brokers are expected to connect over the coming weeks. He added: “We are thrilled to have tight markets and the launch has been great.”

Brown was appointed chief executive of MIAX Futures in November 2025 to oversee the execution of the exchange’s growth strategy including the upcoming launch of futures, after being with the company since 2011. In addition, he was appointed chief strategy officer at Miami International Holdings as the company said Brown had contributed significantly to the growth of its options business. The futures exchange’s technology is based on the same software as used for the options business.

MIAX previously announced its licensing agreement with Bloomberg Index Services Limited (Bloomberg Indices) to develop a suite of index futures, options on futures, and cash options products based on Bloomberg Indices’ portfolio of benchmarks.

The second contract, the Tini Bloomberg 500 Index Futures is scheduled to start trading on 1 June 2026, and the third, the Bloomberg 500 Index Futures is due to begin trading own 8 June 2026.

Emanuele Di Stefano, head of index product, Bloomberg Index Services Limited, said in a statement: “The Bloomberg 500 and 100 were built to set a new standard for U.S. equity benchmarks; transparent, systematically constructed, and designed to quickly adapt to changes in market composition.”

Thomas Gallagher, chairman and chief executive of MIAX, said in a statement that the Bloomberg Indices’ transparent, rules-based methodology provides a meaningful structural advantage among competing futures and options market benchmarks as they are designed to eliminate subjectivity and delays that the market will come to appreciate particularly as the IPO pipeline improves.

OCC cross-margining

All three new products will be listed on MIAX Futures and clear at the Options Clearing Corporation (OCC).

On 20 May MIAX Futures said in a statement that it had agreed a cross-margining agreement with the OCC. MIAX Futures market participants who clear at the OCC can cross-margin products listed on MIAX Futures against complementary products listed by MIAX Futures and other securities exchanges (including the MIAX exchanges) and futures markets.

Andrej Bolkovic, chief executive Officer of OCC, said in a statement that he was pleased to welcome MIAX Futures as OCC’s fifth participant exchange under the MIAX name. Bolkovic added: “MIAX Futures will benefit from our full range of clearing and risk management capabilities available to all our participating exchanges, and provide our clearing members with potential capital efficiencies through our internal cross-margining program.”

Brown described the OCC agreement as “extremely important.” He said: “Clients can offset all the contracts they clear at OCC that are in the same class which increases capital efficiency.”

MIAX Futures will continue to clear its flagship product, the Minneapolis Hard Red Spring Wheat, and all other agricultural products listed on the exchange. The business also aims to expand its commodities futures and Brown highlighted that any new futures can also be cross-margined at the OCC, if they are in the same risk bucket.

Financials

For the first quarter of 2026, MIAX reported that net revenue for the futures business was $4.6m, down from $5.9m in the prior-year period.

MIAX said the decline was primarily due to a decline in transaction fees and lower volumes caused by timing of participant migrations to MIAX Futures Onyx, reduced commodity market volatility, and lower rates per contracts, lower listings fees and interest income

However, the group reported record quarterly revenue. Total net revenue grew 40% year-over-year to $128.6m and adjusted EBITDA increased 66% to $66.1m.

The company said it capitalized on elevated market volatility in the first quarter of this year, increasing market share in multi-listed options to 17.3% from 16% in the first quarter of 2025.  This represented a 27% year-over-year increase in average daily volume to 10.9 million contracts.

Gallagher said in a statement: “MIAX continues to invest in technology and people, collaborating closely with our member firms and customers to drive growth across our exchanges. As we expand into new asset classes, launch new products, and deepen our relationships, we remain focused on leveraging these advantages to deliver sustained growth and long-term shareholder value.”