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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As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.