|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: SPCME ClearPort: SPOpen Outcry: Put: PS Call: CSClearing: SP|
|Listed Contracts||CME Globex||One month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
|Open Outcry||Eight months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
|Termination Of Trading||CME Globex (Electronic Platform)||QUARTERLY: 8:15 a.m. / Thursday prior to 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
|Open Outcry||QUARTERLY: 3:15 p.m. / 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 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.
|Underlying||S&P 500 Futures|
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.