S&P Futures Options Trading

S&P 500 Futures & Options Trading Guide

 

emini sp 500 Futures & Options Trading

 

  • S&P 500 Options Expiration Calendar (PDF)
  • Order Execution Analysis: E-mini S&P 500 Futures (PDF)
  • S&P 500 Fact Card (PDF)
  • FAQ E-mini products
    indicies emini futures

 

 

S&P 500 Future

E-mini S&P 500 futures provide a way to efficiently gain exposure to the key benchmark for large-cap U.S. stocks and arguably the most liquid stock index futures contract in the world.

Traded solely electronically on the CME Globex platform Accessible virtually around the clock, around the world Complete price transparency and anonymity

  • It is 1/5 the size of the standard S&P 500 futures contract
  • It offers substantial liquidity with tight bid/ask spreads and unparalleled depth of market
  • CME Clearing matches and settles all trades and guarantees counterparty creditworthiness.

S&P 500 Futures: About the Underlying Index

The S&P 500 Index is the most widely followed benchmark of stock market performance in the world. It is capitalization-weighted and float-adjusted index of 500 large-capitalization stocks traded on the NYSE, ASE and the NASDAQ National Market System. The Index represents the market value of all outstanding common shares of the 500 firms listed (share price x shares outstanding). A change in the price of any one stock influences the Index in proportion to the relative market value of that firm's outstanding shares. Read more about the underlying Index, including a complete list of stocks represented by the Index, on the Standard & Poor’s Website.

The E-MINI futures market

The E-mini (ES) futures market is based upon the S&P (Standard & Poors) 500 stock index, which is one of the stock indexes of the CME (Chicago Mercantile Exchange) in the US. The S&P 500 index is calculated using the prices of 500 large capitalization US companies. The ES futures market is traded on the Globex electronic trading system, 24 hours per day from 5:00 PM Central Time on Sunday night to 4:30 PM Central Time on Friday night. The ES futures market has a daily trading volume of approximately 1100000 contracts, and a daily price range of approximately 13 points (52 ticks).

CME S&P 500 Futures Contract Specifications

Ticker Symbol ES
ES= Clearing

View product and vendor codes

Contract Size $50 x S&P 500 Index

Tick Size (minimum fluctuation) OUTRIGHT 0.25 index points=$12.50

CALENDAR SPREAD 0.05 index points=$2.50

Trading Hours
All time listed are Central Time CME Globex

(ETH) MON – FRI: 5:00 p.m. previous day – 4:15 p.m.; trading halt from 3:15 p.m. – 3:30 p.m.

Contract Months Five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)

Last Trade Date/Time
View Calendar CME Globex

Trading can occur up to 8:30 a.m. on the 3rd Friday of the contract month

Settlement Procedure Daily E-mini S&P 500 Settlement Procedure (PDF)

Final E-mini S&P 500 Settlement Procedure (PDF)

Daily Price Limits View price limits details.

Position Limits See: CME Rulebook Chapter 5 - POSITION LIMIT, POSITION ACCOUNTABILITY AND REPORTABLE LEVEL TABLE 

Block Trade Eligibility No. View more on block-trade eligible contracts.

Block Minimum N/A

Rulebook Chapter 358 

E-mini S&P 500 Options

Ticker Symbol ES
ES= Clearing

Contract Size One E-mini S&P 500 futures contract

Strike Price Interval 25-point intervals within ± 50% previous day’s settlement price of the underlying futures 10-point intervals within ± 20% previous day’s settlement price of the underlying futures. Once the contract becomes the second nearest contract, 5-point intervals within ± 10% previous day’s settlement price of the underlying futures will be available

Tick Size (minimum fluctuation) OUTRIGHT 0.25=$12.50 for premium >5.00

REDUCED TICK 0.05=$2.50 for premium < or =5.00
CAB 0.05=$2.50

Trading Hours
All time listed are Central Time

CME Globex MON – FRI: 5:00 p.m. previous day – 4:15 p.m.; trading halt from 3:15 p.m. – 3:30 p.m.

Contract Months Four months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Three Serial Months (i.e., Jan, Feb, Apr)

Last Trade Date/Time
View Calendar CME Globex (Electronic Platform)

QUARTERLY:  8:30 a.m. / 3rd Friday of the contract month
SERIAL: 4:15 p.m. / 3rd Friday of the contract month
Strike Listing CME Globex (Electronic Platform) All strike intervals

Exercise Procedure American Style.

Expiration Date Procedure An option can be exercised until 7:00 p.m. on any business day the option is traded.
QUARTERLY OPTIONS - Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on the day of determination of the Final Settlement Price.
SERIAL OPTIONS - Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on Serial Option expiration day.
Settlement at Expiration Option exercise results in a position in the underlying cash-settled Futures contract. Options which are in-the-money on the last day of trading are automatically exercised.

In-the-money QUARTERLY OPTIONS, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of the expiration, are exercised automatically into expiring cash-settled futures, which settle to the SOQ calculated the morning of the 3rd Friday of the contract month.

In-the-money SERIAL OPTIONS, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of the expiration, shall be exercised automatically on serial option expiration day.

Daily Price Limits Option trading is not permitted during trading halts due to price limit events. View price limits details.

Position Limits See: CME Rulebook Chapter 5 - POSITION LIMIT, POSITION ACCOUNTABILITY AND REPORTABLE LEVEL TABLE 

Block Trade Eligibility No. View more on block-trade eligible contracts.

Block Minimum N/A

Rulebook Chapter 358 A 

Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.


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