Understanding the SOQ

An In-Depth Explanation of "Special Opening Quotation" or SOQ

Domestic stock index futures traded on CME Group exchanges and on other exchanges are typically settled to a "Special Opening Quotation" (SOQ). SOQs are calculated per normal index calculation procedures except that the values for the respective components are taken as the actual opening values for each of the component equities.

The SOQ for the S&P 500 may be referenced on Bloomberg systems with the ticker symbol "SPXSET <INDEX>". Read the full article for answers to the "settle on published open" and "settle on close" questions, how DMMs are affected by settle method, and how other markets reference SOQ.

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