Contract Specifications and Overview
How are the E-mini contracts similar to their larger counterpart contracts?
The E-mini and the larger contracts are based on the same underlying index (e.g., S&P 500, S&P MidCap 400, NASDAQ-100 and S&P SmallCap 600).
How are E-mini contracts different from the larger contracts?
How do the quarterly E-mini futures settle and when is the last time to trade before expiration?
E-mini quarterly contracts expire at the same time and to the same price as their larger counterpart contracts. For quarterly futures contracts, trading can occur up to 8:30 a.m., Chicago time, on the third Friday of the month.
Is there a post-settlement session for futures in the E-minis?
Are E-mini futures calendar spreads available on CME Globex?
Calendar spread orders for E-minis of any quantity may be accepted for entry on CME Globex.
Are E-mini options spreads available on CME Globex?
Yes. CME Group updated the electronic equity options functionality available on CME Globex to enable trading of standard listed and user-defined spreads (including covered) for E-mini options. Check with your CME Globex access provider to see if they offer this functionality on your trading platform of choice. This functionality is also available through CME EOS Trader.
Are E-mini FLEX options available?
E-mini FLEX options are not currently available.
Is a position of five E-mini futures contracts financially equivalent to a position of one regular-sized larger futures contract on the same side of the market in the same contract month?
Yes. The daily settlement prices for the E-mini futures contracts are the same as the settlement prices for the corresponding contracts months of the regular-size contracts. Accordingly, a customer who has a long position of five E-mini futures contracts and a short position of one regular-sized futures contract in the same contract month is perfectly hedged. CME Group will impose no initial margin (performance bond) requirements on such a hedged position.
May a customer liquidate E-mini futures positions against offsetting positions in the regular-sized futures contract without making additional trades in the market?
Yes. With the customer's consent, a clearing member may offset and liquidate E-mini futures positions against offsetting regular-sized futures positions held in the same account in a 5:1 ratio of E-mini to regular-sized futures contracts. The positions shall be offset at the previous day's settlement price. The clearing member shall notify CME Clearing of offsetting positions by submitting reports to the clearing house through a special online entry screen designed for that purpose
What are the position limits for the E-minis?
Position limits work in conjunction with the existing position limits for the regular-sized contracts. For example, with the E-mini at one-fifth the size of the S&P 500 futures contract, an entity or an account controller could have 100,000 net E-mini S&P 500 futures equivalents, if no other S&P 500 positions were held open.
What is the reportable position limit for the E-mini contracts?
Please see CME Rulebook Chapter 5 - Position Limits, Position Accountability and Reportable Level