Asset Class Navigation

S&P 500 Options Contract Specs

Options
Opening Date 1/28/1983
Ticker Symbol CS (Calls)
PS (Puts)
SP= Clearing
View product and vendor codes
Contract Size One S&P 500 futures contract
Strike Price Intervals 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
Tick Size (minimum fluctuation) OUTRIGHT 0.10=$25.00 for premium >5.00
HALF TICK 0.05=$12.50 for premium < or =5.00
CAB 0.05=$12.50
Trading Hours
All time listed are Central Time
Open Outcry MON-FRI: 8:30 a.m. -3:15 p.m.
CME Globex  (Electronic Platform) MON-FRI: 5:00 p.m. previous day – 4:15 p.m. CT, trading halt from 8:15 a.m. – 3:30 p.m.
Contract Months Open Outcry Eight months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) Three Serial Months (i.e., Jan, Feb, Apr)
CME Globex One month in the March Quarterly Cycle (Mar, Jun, Sep, Dec) and Three Serial Months (e.g., Jan, Feb, Apr, May)
Last Trade Date/Time
View Calendar
Open Outcry QUARTERLY:  3:15 p.m. / Thursday prior to 3rd Friday of the contract month
SERIAL: 3:15 p.m. / 3rd Friday of the contract month
CME Globex (Electronic Platform) QUARTERLY: 8:15 a.m. / Thursday prior to 3rd Friday of the contract month
SERIAL: 4:15 p.m. / 3rd Friday of the contract month
Strike Listing Open Outcry All strikes interval
CME Globex (Electronic Platform) All strikes interval
Exercise Procedure American Style.
Expiration Date Procedure 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.
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.
Daily Price Limits Option trading is not permitted during trading halts due to price limit events.
View price limits details.
Position Limits See: CME Rulebook Chapter 5 - POSITION LIMIT, POSITION ACCOUNTABILITY AND REPORTABLE LEVEL TABLE
Block Trade Eligibility Yes. View more on block-trade eligible contracts.
Block Minimum 250 contracts
Rulebook Chapter 351A
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of CME.