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E-mini S&P 500 Options Contract Specs

Options
Contract Unit One E-mini S&P 500 futures contract
Minimum Price Fluctuation OUTRIGHT 0.25=$12.50 for premium >5.00
CAB 0.05=$2.50
REDUCED TICK 0.05=$2.50 for premium < or =5.00
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. New York Time/ET (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with 15-minute trading halt Monday – Friday 4:15 p.m. - 4:30 p.m. New York time/ET (3:15 p.m. - 3:30 p.m. Chicago Time/CT). Monday - Thursday 5:00 p.m. - 6:00 p.m. New York Time/ET (4:00 p.m. - 5:00 p.m. Chicago Time/CT) daily maintenance period.
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. New York time/ET (5:00 p.m. - 4:00 p.m. Chicago Time/CT).  Monday - Thursday 5:00 p.m. - 6:00 p.m. New York Time/ET (4:00 p.m. - 5:00 p.m. Chicago Time/CT) daily maintenance period.
Product Code CME Globex: ES
CME ClearPort: ES
Clearing: ES
Listed Contracts Four months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
American Style Serial Options currently listed, will expire as regularly scheduled. No new American Style Serial option months will be listed upon expiration of these option contracts. Serial months will be replaced with Week 3 European style options
Termination Of Trading QUARTERLY:  8:30 a.m. / 3rd Friday of the contract month
SERIAL: 4:00 p.m. / 3rd Friday of the contract month

An option can be exercised until 7:00 p.m. on any business day the option is traded.
QUARTERLY OPTIONS - Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on the day of determination of the Final Settlement Price.
SERIAL OPTIONS - Unexercised in-the-money options will be automatically exercised at 7:00 p.m. on Serial Option expiration day.
Position Limits CME Position Limits
Exchange Rulebook CME 358 A
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Prices Strike Price Interval 25-point intervals within ± 50% previous day’s settlement price of the underlying futures
10-point intervals within ± 20% previous day’s settlement price of the underlying futures
Once the contract becomes the second nearest contract, 5-point intervals within ± 10% previous day’s settlement price of the underlying futures will be available

Strike Listing: All strike intervals
Exercise Procedure American Style
Settlement At Expiration Option exercise results in a position in the underlying cash-settled Futures contract. Options which are in-the-money on the last day of trading are automatically exercised.
In-the-money QUARTERLY OPTIONS, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of the expiration, are exercised automatically into expiring cash-settled futures, which settle to the SOQ calculated the morning of the 3rd Friday of the contract month.
In-the-money SERIAL OPTIONS, in the absence of contrary instructions delivered to the Clearing House by 7:00 p.m. on the day of the expiration, shall be exercised automatically on serial option expiration day.
Settlement Method Deliverable
Underlying E-mini S&P 500 Futures

About E-mini S&P 500

An electronically traded futures contract one fifth the size of standard S&P futures, E-mini S&P 500 futures and options are based on the underlying Standard & Poor’s 500 stock index. Made up of 500 individual stocks representing the market capitalizations of large companies, the S&P 500 Index is a leading indicator of large-cap U.S. equities. 

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