Clearing » Trading Practices » Block Trades
Block Trades

A Block Trade is a privately negotiated futures transaction executed apart from the public auction market, either on or off the exchange trading floor. There are minimum order size requirements that vary according to product and order type, and eligibility for engaging in such trades is strictly regulated.

Block Trades:

  • Can only be negotiated with futures or options on futures trades
  • Can not include basis trades
  • Are not the same as All-or-None (AON) or Exchange for Physical (EFP) trades
  • Can be negotiated for four types of futures products:
    • Interest rates
    • Foreign exchange (FX)
    • Indexes (except for E-mini stock index and E-mini FX products)
    • Weather futures

To download a Block Trade Reporting form and to view guidelines for reporting Block Trades, see Block Trade Reporting .

For answers to the most frequently asked questions, please see the Block Trade FAQ (PDF). 

Specifications for Block Trades


Products Futures Options Flex Options
Eurodollars executed between the hours of 7:00 a.m. to 4:00 p.m. Mondays - Fridays on Regular Business Days 4,000 contracts - or 1,000 contracts provided that a minimum of 1,000 contracts are transacted in yrs 6-10 4,000 contracts in outright trade; or 4,000 of at least one leg in a combination trade Not available
Eurodollars executed during all hours outside of 7:00 a.m. to 4:00 p.m. Mondays - Fridays on Regular Business Days 500 contracts 500 contracts Not available
Eurodollar 5-Year E-mini Bundles executed between the hours of 7:00 a.m. to 4:00 p.m. Mondays - Fridays on Regular Business Days 2,000 contracts Not available Not available
Eurodollar 5-Year E-mini Bundles executed during all hours outside of 7:00 a.m. to 4:00 p.m. Mondays - Fridays on Regular Business Days 250 contracts Not available Not available
Eurodollar E-mini futures executed between the hours of 7:00 a.m. to 4:00 p.m. Mondays - Fridays on Regular Business Days 40,000 contracts Not available Not available
Eurodollar E-mini futures executed during all hours outside of 7:00 a.m. to 4:00 p.m. Mondays - Fridays on Regular Business Days 5,000 contracts Not available Not available
2-, 5- and 10-year Swap Rates executed between the hours of 6:00 a.m. - 4:00 p.m. Monday - Friday on Regular Business Days 500 contracts Not available Not available
2-, 5- and 10-year Swap Rates executed outside 6:00 a.m. - 4:00 p.m. Monday - Friday on Regular Business Days 100 contracts Not available Not available
T-Bills 100 contracts 100 contracts Not available
Euroyen 200 contracts 200 contracts Not available
One-Month Libor 400 contracts 400 contracts Not available
Credit Index Event 10 contracts 10 contracts 10 contracts
Lehman Brothers U.S. Aggregate Index 50 contracts Not available Not available
Consumer Price Index (CPI) and Eurozone Harmonized Index of Consumer Prices (HICP) 50 contracts Not available Not available
S&P 500 Not available 250 contracts 250 contracts
NASDAQ-100 200 contracts - outrights only 100 contracts 100 contracts
E-mini Russell 1000 , E-mini NASDAQ Composite Index, S&P SmallCap 600, E-mini S&P Asia 50, E-mini MSCI EAFE 50 contracts Not available Not available
TRAKRS Indexes 100,000
contracts		 Not available Not available
S&P  Technology  SPCTR , S&P Financial SPCTR 200 contracts Not available Not available
S&P MidCap 400 *, Russell 2000 *,   S&P 500/Citigroup Growth, S&P 500/Citigroup Value, Nikkei  225 50 contracts 250 contracts 250 contracts
Goldman Sachs Commodity Index (GSCI ), GSCI Excess Return Index 50 contracts outright - 300 contracts for each leg of a spread transaction Not available Not available
Currencies including Euro FX*, Japanese yen*, Swiss franc, British pound, Canadian dollar, Mexican peso, Australian dollar, Brazilian real, New Zealand dollar, Russian ruble, South African rand, Euro FX/British pound, Euro FX/Japanese yen, Euro FX/Swiss franc, CME$INDEX, Israeli shekel, Chinese renminbi, Chinese renminbi/Euro FX, Chinese renminbi/Japanese yen and Korean won 25 contracts - must be executed as a combination trade with foreign exchange options 250 contracts Not available
Weather 20 contracts 20 contracts Not available
       
Wood Pulp 25 contracts 25 contracts Not available
Housing, S&P/GRA Commercial Real Estate Indices 20 contracts 20 contracts Not available

*NOT applicable to E-mini equity indexes except the E-mini NASDAQ Composite Index or E-mini FX.

Benefits of Block Trades

  • Ease of a privately negotiated trade
  • Convenience of negotiating a trade with a designated and appropriate counter party
  • Greatest possible latitude in executing a Eurodollar future or option transaction
  • Security of a trade cleared by CME Clearing
  • Designed to assist institutional trading needs
 
 
 
 
 
 
 
 
 
 
Find a product

Website Information

Related Links