Trade at Cash Open (TACO)

Now available for E-mini S&P 500 futures

CME Group now offers a mechanism for better managing risk around the cash index open: Trade at Cash Open, or TACO.

TACO allows you to execute a basis trade on the E-mini S&P 500 futures relative to the day’s official cash index opening level – before the market open.

View TACO FAQs

How it Works

  • Trade at Cash Open uses the same quoting convention as BTIC and allows you to execute a basis trade on the E-mini S&P 500 futures relative to the day’s official cash index opening level, ahead of the market’s opening auction.
  • Just like BTIC trades, the basis price could be positive or negative, depending on market conditions.
  • For TACO transactions, once the official opening index level is published, the associated E-mini S&P 500 futures are cleared at a price equal to the opening S&P 500 cash index level, plus the agreed upon basis.

Benefits and Applications

Available for E-mini S&P 500 futures via a central limit order book on CME Globex and block trades

Better hedge market-on-open (MOO) trade exposures

More easily manage a.m.-expiring options deltas

Trade at a price directly derived from the official cash index open price without slippage

Contract Specifications

Contract Unit

$50 x S&P 500 Index

Minimum Price Fluctuation (Tick Size)

0.05

Trading Hours

10:00 a.m. CT previous day to 8:30 AM CT
For each trade day, trading starts at 10:00 a.m. CT the previous day, except for a Monday trade date, which starts on Sunday at 5:00 p.m. CT.

Minimum Block Threshold

500 contracts

View Full Contract Specifications

Ticker Symbols

Trading Code

ESQ

Platform

CME Direct, CME Globex

 

Trading Code

TQOA Index

Platform

Bloomberg (Front Month)

 

Trading Code

ESQc1

Platform

Thomson Reuters (Front Month)

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