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S&P 500 Options Contract Specs

Options
Contract Unit One S&P 500 futures contract
Minimum Price Fluctuation Regular Tick: 0.10 index points ($25.00) for premium > 5.00 index points ($1,250)

Reduced Tick: 0.05 index points ($12.50) for premium at or below 5.00 index points ($1,250)

CAB: 0.05 index points ($12.50)
Trading Hours Open Outcry: Monday - Friday: 9:30 a.m. - 4:15 p.m. Eastern Time (ET)

CME Globex: Sunday - Friday: 6:00 p.m. - 5:00 p.m. ET with a trading halt 9:15 a.m. - 4:30 p.m.

CME Clearport: Sunday - Friday: 6:00 p.m. - 5:00 p.m. ET
Product Code CME Globex: SP
CME ClearPort: SP
Open Outcry: Put: PS Call: CS
Clearing: SP
Listed Contracts Open Outcry: Eight months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)

CME Globex: Current lead month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Termination Of Trading CME Globex: 9:15 a.m. ET on Thursday prior to 3rd Friday of the contract month
Open Outcry: 4:15 p.m. ET on Thursday prior to 3rd Friday of the contract month
Position Limits CME Position Limits
Exchange Rulebook CME 351A
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits 
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures At all multiples of 25 index points within ±50% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures
At all multiples of 10 index points within ±20% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures
Once the option’s underlying futures contract becomes second nearest to delivery, at all multiples of 5 index points within ±10% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures
Exercise Style American Options
Exercise Procedure American Style. An option can be exercised until 8:00 p.m. ET on any business day the option is traded
Settlement At Expiration Option exercise results in a position in the underlying cash-settled futures contract. In-the-money options, in the absence of contrarian instructions delivered to the Clearing House by 8:00 p.m. ET on the day of expiration, are automatically exercised into expiring cash-settled futures, which settle to the SOQ calculated the morning of the 3rd Friday of the contract month.
Settlement Method Deliverable
Underlying S&P 500 Futures

About S&P 500

S&P 500 futures and options offer a capital-efficient means to manage exposure to the leading large –cap companies of the U.S. stock market. Based on the underlying Standard & Poor’s 500 stock index, which is 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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