MIAX Corporate Tax Rate Futures
MIAX Corporate Tax Rate Futures, also known as Corporate Tax Futures, are cash-settled futures contracts developed by MIAX. They are based on the SIL U.S. Corporate Tax Rate Index (index symbol: CTAX), developed by SIG Index Licensing, LLC and traded exclusively on the Minneapolis Grain Exchange (MGEX) on the CME Globex platform. 
The U.S. Corporate Tax Rate Index tracks the highest marginal tax rate imposed by the United States federal government on taxable income of corporations. CTAX is published and distributed daily by Bloomberg at 9 a.m. EST . Historical data is available from 1909, the first year that the U.S. government levied a tax on corporations. Historical data is available from 1909, the first year that the U.S. government levied a tax on corporations. 
MIAX developed Corporate Tax Rate Futures (ticker: TAX) to offer corporations a method of mitigating risk associated with potential changes to the U.S. corporate tax rate. In addition to being valuable to corporate risk managers, Corporate Tax Rate Futures may be used by a wide range of market participants, including liquidity providers, hedge funds and equity investors.
Corporate Tax Rate Futures are the second proprietary futures product developed and launched by MIAX, following the relaunch of SPIKES Futures on December 14, 2020. 
The contracts launched on May 24, 2021 and are cleared by MGEX, a wholly owned subsidiary of MIAX’s parent holding company, Miami International Holdings.
|MIAX Corporate Tax Rate Futures futures|
|Pricing Unit||Need pricing unit!|
|Tick Value||The minimum price increment in the Corporate Tax Futures Contract is 0.10 index points, which has a value of $250.|
|Contract Months||Quarterly expiration cycle, on the March cycle|
|Last Trading Day||The last trading day for the Corporate Tax Futures Contract will be at 3:00 p.m. on the trading day immediately before the Final Settlement Date (Generally at 3:00 p.m. Thursday afternoon on the Thursday preceding the 3rd Friday of the month).|
|Note: This contract is electronic ONLY -- no open outcry|
|No Open Outcry||Electronic|
|Trading Hours||N/A||The Corporate Tax Futures will trade as follows (Central Time): Regular Trading Session: 8:30 a.m. – 3:00 p.m. (Monday – Friday)|
|Price Limits||N/A||No price limits during regular trading hours|
- Corporate Tax Rate Futures Now Trading on MGEX. MIAX.
- History of Corporate Tax Rates & Jobs. Corporatetax.procon.org/.
- MIAX and MGEX Announce SPIKES Futures December 14 Relaunch. PRNewswire.