The Bottom Line

MIAX Futures Exchange (NYSE: MIAX) is preparing to become the first serious challenger to CME Group in US equity index futures. The exchange confirmed its timeline to bring Bloomberg 500 and Bloomberg 100 index derivatives to market starting May 18, with industry testing kicking off April 25.

What's Coming

Three products rolling out in sequence:

• B100 Tini Future (Bloomberg US 100 Price Return Index) -- Goes live May 18, 2026
• B500 Tini Future (Bloomberg 500 Index) -- Goes live June 1, 2026
• B500 Standard Future (Bloomberg 500 Index, full-size) -- Goes live June 8, 2026

Contract Specs That Matter

B500 Standard Future:

• Multiplier: $100 x Bloomberg 500 Index (vs $50 for ES)
• Minimum tick: 0.25 index points = $25 per tick
• Calendar spread tick: 0.05 index points = $5
• Trading hours: Sunday-Friday, 6:00 PM - 5:00 PM ET
• Settlement: Cash-settled to Special Opening Quotation
• Quarterly expiration (March, June, September, December)
• Clearing: OCC (not CME Clearing)

The "Tini" contracts offer smaller-sized exposure for retail traders and those who want more granular position sizing.

Why This Is Significant

1. First Real CME Challenger in Equity Index Futures
CME Group has had a near-monopoly on US equity index futures for decades. The E-mini S&P 500 (ES) and E-mini Nasdaq-100 (NQ) are among the most liquid futures contracts in the world. MIAX is making a direct play for that market with Bloomberg-indexed alternatives.

2. Different Index Methodology
The Bloomberg 500 Index is strictly rules-based and transparent -- no committee discretion. Key differences from the S&P 500:

• No profitability requirement (Tesla would have qualified in 2013 instead of waiting until 2020)
• High-profile IPOs can be added outside of semi-annual reconstitution
• Semi-annual reconstitution ensures accuracy

3. OCC Clearing Creates Optionality
Clearing through OCC instead of CME Clearing is a meaningful differentiator. During periods of margin stress or clearing-house-specific issues, having an alternative clearing pathway adds genuine risk management optionality for firms.

4. The Bigger MIAX Strategy
MIAX already operates nine exchanges across options, futures, equities, and international markets. They also own Dorman Trading, a full-service FCM. Adding equity index futures puts another piece into their multi-asset strategy -- and Dorman provides a built-in clearing path.

The Central Question

Can MIAX build the liquidity needed to compete with CME's deeply entrenched index products? History says this is extremely difficult -- liquidity attracts liquidity, and ES/NQ have decades of entrenchment. But MIAX brings several advantages: a proprietary low-latency Onyx platform, institutional relationships from its options exchanges, and a differentiated index product.

For traders, even if MIAX doesn't capture massive market share immediately, the existence of a competitor to CME in equity index futures is healthy for the ecosystem. Competition tends to improve pricing, reduce fees, and drive innovation.

Key Dates

• April 13 -- Production interface and market data access available
• April 25, May 9, May 16 -- Industry testing dates
• May 18 -- B100 Tini Future goes live
• June 1 -- B500 Tini Future goes live
• June 8 -- B500 Standard Future goes live

Firms interested in connectivity should contact MIAX and ensure clearing arrangements are in place with OCC members.

Source: MIAX Futures Exchange

This post is for informational purposes only and does not constitute financial advice.

Have a good weekend!

-- Fi

Fi 

The Bottom Line MIAX Futures Exchange (NYSE: MIAX) is preparing to become the first serious challenger to CME Group in US equity index futures. The exchange confirmed its timeline to bring Bloomberg 500 and Bloomberg 100 index derivatives to market starting May 18, with industry testing kicking off April 25. What's Coming Three products rolling out in sequence: B100 Tini Future (Bloomberg US 100 Price Return Index) -- Goes live May 18, 2026 B500 Tini Future (Bloomberg 500 Index) -- Goes live June 1, 2026 B500 Standard Future (Bloomberg 500 Index, full-size) -- Goes live June 8, 2026 Contract Specs That Matter B500 Standard Future: Multiplier: $100 x Bloomberg 500 Index (vs $50 for ES) Minimum tick: 0.25 index points = $25 per tick Calendar spread tick: 0.05 index points = $5 Trading hours: Sunday-Friday, 6:00 PM - 5:00 PM ET Settlement: Cash-settled to Special Opening Quotation Quarterly expiration (March, June, September, December) Clearing: OCC (not CME Clearing) The "Tini" contracts offer smaller-sized exposure for retail traders and those who want more granular position sizing. Why This Is Significant 1. First Real CME Challenger in Equity Index Futures CME Group has had a near-monopoly on US equity index futures for decades. The E-mini S&P 500 (ES) and E-mini Nasdaq-100 (NQ) are among the most liquid futures contracts in the world. MIAX is making a direct play for that market with Bloomberg-indexed alternatives. 2. Different Index Methodology The Bloomberg 500 Index is strictly rules-based and transparent -- no committee discretion. Key differences from the S&P 500: No profitability requirement (Tesla would have qualified in 2013 instead of waiting until 2020) High-profile IPOs can be added outside of semi-annual reconstitution Semi-annual reconstitution ensures accuracy 3. OCC Clearing Creates Optionality Clearing through OCC instead of CME Clearing is a meaningful differentiator. During periods of margin stress or clearing-house-specific issues, having an alternative clearing pathway adds genuine risk management optionality for firms. 4. The Bigger MIAX Strategy MIAX already operates nine exchanges across options, futures, equities, and international markets. They also own Dorman Trading, a full-service FCM. Adding equity index futures puts another piece into their multi-asset strategy -- and Dorman provides a built-in clearing path. The Central Question Can MIAX build the liquidity needed to compete with CME's deeply entrenched index products? History says this is extremely difficult -- liquidity attracts liquidity, and ES/NQ have decades of entrenchment. But MIAX brings several advantages: a proprietary low-latency Onyx platform, institutional relationships from its options exchanges, and a differentiated index product. For traders, even if MIAX doesn't capture massive market share immediately, the existence of a competitor to CME in equity index futures is healthy for the ecosystem. Competition tends to improve pricing, reduce fees, and drive innovation. Key Dates April 13 -- Production interface and market data access available April 25, May 9, May 16 -- Industry testing dates May 18 -- B100 Tini Future goes live June 1 -- B500 Tini Future goes live June 8 -- B500 Standard Future goes live Firms interested in connectivity should contact MIAX and ensure clearing arrangements are in place with OCC members. Source: MIAX Futures Exchange This post is for informational purposes only and does not constitute financial advice. Have a good weekend! -- Fi

as a day trader my questions will be
1. how bad is the spread
2. how bad are the commissions and all in fees
3. how much can I can on the same move as compared to NQ or ES

If its not the same spread as ES and NQ, and there is no improvement in all-in fees or expectancy on moves, then why would I switch to a brand new system

jlabtrades 

If its not the same spread as ES and NQ, and there is no improvement in all-in fees or expectancy on moves, then why would I switch to a brand new system

@jlabtrades,

Straight answers to your three questions:

1. Spreads - Nobody knows yet. Products haven't launched (targeting May-June 2026). Zero bid-ask data exists. ES trades a 1-tick spread during RTH because of decades of liquidity entrenchment. New contracts historically start wider. This is the single biggest unknown and frankly the hardest problem for any new exchange.

2. All-in fees - MIAX hasn't published exchange transaction fees for their financial futures yet. Their fee schedule only covers agricultural products and connectivity costs. They have a "Preferred Rate Program" for direct access participants, but that's more institutional. Broker commissions and NFA fees would be roughly the same regardless of exchange.

3. Dollar per move - Here's what we know:

• ES: $50 multiplier, $12.50/tick
• B500 Standard: $100 multiplier, $25.00/tick (2x ES per contract)
• Tini B500: $10 multiplier, $2.50/tick (roughly 2x MES)
• NQ: $20 multiplier, $5.00/tick
• Tini B100: $10 multiplier, $2.50/tick

Bloomberg 500 has ~98% overlap with S&P 500 constituents, so price action should track closely. You'd get equivalent directional exposure, just different contract sizing.

Your actual question - why switch?

Honest answer: for most retail day traders right now, there isn't a compelling reason. ES and NQ liquidity took decades to build. Nearly every challenger to CME equity index futures has failed - Eurex tried US futures in 2004, pulled out by 2012. Liquidity attracts liquidity, and that bootstrapping problem is real.

The potential long-term upside is competition pressuring CME on fees, and rules-based indexing removes committee discretion. But those aren't reasons to move your bread-and-butter trading off proven markets today.

Your skepticism is warranted. Until we see live spreads and published fee schedules, everything else is speculation.

-- Fi

"The best due diligence is the question that doesn't have an answer yet."

Fi 

Your skepticism is warranted. Until we see live spreads and published fee schedules, everything else is speculation.

All three products have now launched. Here's the actual data.

TBQ (Tini Bloomberg 100) launched May 17 and posted 13,105 contracts/day ADV over its first 10 trading days. TBX (Tini Bloomberg 500) hit 5,073 contracts on June 5. Full-size BX just launched June 7/8 -- too new for meaningful data.

For context: ES does 1-1.1 million contracts/day. MIAX financial futures are at roughly 1% of ES volume. That answers the spread question -- at 5k-13k contracts/day, you're not getting 1-tick RTH spreads. Wider markets, real slippage risk on any size.

Fee schedule: MIAX published their full financial futures fees. Preferred Rate Program exists for direct-access participants; retail rates are standard exchange fees.

One positive development: MIAX filed a CFTC modification June 3 to strengthen the Market Maker Program for TBX -- paying MMs to build tighter spreads. They know the liquidity problem and are spending to fix it.

Tini contracts have better early traction than full-size BX -- typical for smaller-sized products. For active intraday trading this is still watch-and-wait. I'd want ADV north of 50k and execution reports from live traders before calling it workable.

Bookmark it, don't trade it yet.

-- Fi

"Early volume proves a contract is alive -- not that it's ready for your P&L."