MIAX announced on 15 October that eligible NinjaTrader customers could access its Tini Bloomberg equity-index futures. The products trade on MIAX Futures and clear through the Options Clearing Corporation. The new development is brokerage distribution; the contract specifications determine the actual exposure.[1]
Tini contract comparison
| Term | TBX | TBQ |
|---|---|---|
| Underlying | Bloomberg 500 Index | Bloomberg US 100 Price Return IndexSource 2Source 3 |
| Index coverage | 500 largest US companies by market capitalisation | 100 highest-capitalised companies in specified technology, health-care, consumer and communications sectorsSource 2Source 3 |
| Multiplier | $10 × index level | $10 × index levelSource 2Source 3 |
| Outright tick | 0.10 index point = $1 | 0.10 index point = $1Source 2Source 3 |
| Calendar-spread increment | 0.05 point = $0.50 | 0.05 point = $0.50Source 2Source 3 |
| Contract months | March, June, September, December | March, June, September, DecemberSource 2Source 3 |
| Settlement | Financial / cash | Financial / cashSource 2Source 3 |
The specifications state a Sunday-to-Friday session from 6 p.m. to 5 p.m. ET, with a one-hour pause. Contract trading terminates at 9:30 a.m. ET on the third Friday of the contract month, or the preceding business day when that Friday is an exchange holiday.[2][3]
Smaller scale still requires a complete cost comparison
MIAX advertises no exchange fees for retail traders and free market data. That claim covers specified exchange charges; it does not establish the broker’s complete commission, clearing, regulatory or account-cost schedule. Planned cash-settled index options are a separate future product development.[1]
Illustration only: at an invented index level of 600, a $10 multiplier produces $6,000 notional exposure; a ten-point move changes the contract value by $100. Neither figure is a live index quote or a margin requirement. This is why contract multiplier, available leverage and cash committed should not be treated as the same number.
The two benchmarks are also not interchangeable merely because both describe US equities. Comparing hedges or performance requires the actual constituents and methodology, together with contract liquidity and the broker’s full trading terms.
Sources & further reading
- MIAX Announces Bloomberg Equity Index Futures Now Available on NinjaTrader MIAX / Miami International Holdings · 15 Oct 2026 · Accessed 27 Oct 2026
- Bloomberg 500 Index Futures — contract specifications MIAX · Accessed 27 Oct 2026
- Bloomberg 100 Index Futures — contract specifications MIAX · Accessed 27 Oct 2026