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S&P 500 Options Contract Specs

Options
Contract Unit One S&P 500 futures contract
Minimum Price Fluctuation CAB 0.05=$12.50
OUTRIGHT 0.10=$25.00 for premium >5.00
HALF TICK 0.05=$12.50 for premium < or =5.00
Trading Hours CME Globex: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a trading halt Monday – Friday 8:15 a.m. - 3:30 p.m. CT and a 60-minute break each day beginning at 4:00 p.m.
Open Outcry: Monday - Friday 8:30 a.m. -3:15 p.m. CT
CME ClearPort: Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m.
Product Code CME Globex: SP
CME ClearPort: SP
Open Outcry: Put: PS Call: CS
Clearing: SP
Listed Contracts CME Globex One month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
April 2016 and May 2016 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
Open Outcry Eight months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
April 2016 and May 2016 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 CME Globex (Electronic Platform) QUARTERLY: 8:15 a.m. / Thursday prior to 3rd Friday of the contract month
SERIAL: 4:00 p.m. / 3rd Friday of the contract month
DEFAULT 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.
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
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 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 Listings | CME Globex: All Strike Intervals

Strike Listings | Open Outcry: 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 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.