Short Term Options: Interest Rates, Equity, Agricultural, FX, Energy and Metals

Manage Short-Term Event Risk Across All Major Asset Classes

CME Group offers short-term options across all asset classes. Encompassing Short-dated options, Mid-Curve options, weekly options and daily options, these products provide traders with more opportunities around high impact economic events, and increased precision and flexibility in managing existing option positions.

Key Benefits

  • Flexibility to manage volatility and gamma
  • Precision timing to target specific market movements
  • Shorter expirations to gain market exposure at a lower premium
  • Available across multiple asset classes

FREE OPTIONS PRICING
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NEWS

Interest Rates

  • Effective for trade date Monday, November 18, 2013 we will expand our Weekly Mid-Curve offering by listing Weekly 2-Year Green Mid-Curve and Weekly 3-Year Blue Mid-Curve options– providing additional high-gamma trading opportunities on the most actively traded Eurodollar contracts.
    Learn More

Agriculture

  • Short-Dated New Crop Options on KC Hard Red Winter (HRW) Wheat futures launched on Monday, August 26, 2013

Short-Term Interest Rate Options

Expanding the range of standardized, short-dated options, Weekly Treasury Options complement the standard and the flexible options on U.S. Treasury futures, and provide users with increased flexibility in managing existing option positions. They also provide new opportunities to trade high impact economic events, such as U.S. Treasury auctions and economic reports. 

Weekly Mid-Curve options allow risk managers to trade Eurodollar options with high gamma on the most actively traded Eurodollar futures expirations.

Features:

  • Listed Treasuries: 3 weeks at a time | Mid-Curves: 2 weeks at a time
  • Expire on the last business day of each week (typically Friday), except day of standard expiration
  • Exercise into the next quarterly futures expiry
  • Same strike price intervals and minimum tick sizes as the serial and quarterly options
  • American Expiration, automatic exercise if in-the-money (ITM)
  • Trade via open outcry and electronically on CME Globex

Products Available:

Weekly Treasury Options

  • 2-Year
  • 5-Year
  • 10-Year
  • T-Bond
  • Ultra

Weekly Eurodollar Mid-Curve Options

  • 1-Yr Red Mid Curves
  • 2-Yr Green Mid Curves
  • 3-Yr Blue Mid Curves

Resources:

Events

  • Treasury Auctions
  • FOMC Meetings
  • Nonfarm Payroll Employment Report
  • Inflationary Numbers (CPI, PPI)

Weekly Equity Options

Complementary to existing quarterly/serial options, weekly equity options offer flexibility and precision in managing shorter duration large-cap U.S. equity market exposure, and create more trading opportunities around economic releases and market events.

Features:

  • Listed 2 weeks at a time
  • Expire on the last business day of each week (typically Friday), except day of standard expiration (S&P 500 options also offer month-end settlement options)
  • 50 strikes up and down from at-the-money
  • European Expiration, automatic exercise if in-the-money (ITM)
  • Trade via open outcry and electronically on CME Globex

Products Available:

  • E-mini S&P 500
  • Standard S&P 500
  • E-mini NASDAQ-100
  • NASDAQ-100

Resources:

Events

  • FOMC Meetings
  • Nonfarm Payroll Employment Report
  • GDP announcement
  • Producer Price Index (PPI)

Weekly Agricultural Options

Complementing the standard and the serial options, Weekly Agricultural Options (WGOs) offer flexibility in managing existing option positions, and create new opportunities to trade high impact economic events, such as changing weather forecasts and USDA reports. The availability of Weekly Agricultural Options means that there is an option expiring every Friday in benchmark Agricultural products. This enables targeted trading based on market movements or during specific time frames.

Short-Dated New Crop Options

Short-Dated New Crop options provide a shorter tenor alternative for trading new crop corn, soybeans and wheat. These options reference the new crop month but expire earlier than the traditional new crop options. For those looking for a cost-effective way to take a position in key deferred futures contracts, Short-Dated New Crop Corn, Soybean and Wheat options offer enhanced hedging flexibility as well as an array of new trading opportunities. Since Short-Dated New Crop options expire much earlier than standard new crop options, they allow market participants to manage risk and take advantage of trading opportunities during targeted times in the growing season at a relatively lower cost.

Features:

Weekly Options:

  • Listed 3 weeks at a time
  • Expire on the last business day of each week (typically Friday), except day of standard expiration
  • Same strike price intervals and minimum tick sizes as the serial and quarterly options
  • American Expiration, automatic exercise if in-the-money (ITM)
  • Trade via open outcry and electronically on CME Globex

Short-Dated New Crop Options:

  • The underlying futures contracts are December Corn, November Soybeans and July Wheat.
  • There are three contract months listed for each product and the expiries coincide with the standard expiry dates of old crop options:
    • Corn and Soybeans: May, July, and September will be listed on the first business day of January.
    • Wheat: December, March and May will be listed on the first business day of September

Products Available:

Weekly Options:

  • Wheat, Corn, Soybeans, Soybean Oil, Soybean Meal, Live Cattle

Short-Dated New Crop Options

  • Corn, Soybeans, Chicago SRW Wheat, KC HRW Wheat

Resources:

Weekly Options:

Short-Dated New Crop Options:

Events

  • USDA Reports
  • Changing Weather Forecasts
  • Crop Insurance Reports

Weekly FX Options

Features:

  • Listed 4 weeks at a time
  • Expire on the last business day of each week (typically Friday)
  • Same strike price intervals and minimum tick sizes as the serial and quarterly options
  • American and European Expiration, automatic exercise if in-the-money (ITM)
  • Trade via open outcry and electronically on CME Globex

Products Available:

  • EUR/USD
  • GBP/USD
  • CAD/USD
  • AUD/USD
  • JPY/USD
  • CHF/USD

Resources:

Events

  • FOMC and foreign Central Bank meetings where rates are determined
  • Nonfarm Payroll Employment Report
  • Inflationary Numbers (CPI, PPI)
  • G10 economic meetings
  • Important elections or votes (i.e. Presidential elections)
  • Fast developing geopolitical events

Short-Term Energy Options

Regional crude oil and natural gas storage data, weather anomalies and other macroeconomic factors can have a dramatic impact on the energy markets. New weekly crude oil and natural gas options provide market participants with greater flexibility to manage volatility arising from these events, with the added benefit of shorter expirations to implement strategies at a lower premium.

Products Available:

  • Crude Oil (WTI)
  • Crude Oil (Brent)
  • Natural Gas (Henry Hub)

Key Benefits:

  • Flexibility to manage short-term volatility and risk
  • Precision timing to target specific market movements or events
  • More expirations (4 weeklies and 1 monthly); more options to limit exposure
  • Shorter expirations to gain market exposure at a lower premium
  • American style with automatic exercise

Features:

  • Expire every Friday that is not already a monthly option expiration
  • Exercise into the active futures expiry
  • Same strike price intervals and minimum tick sizes as the monthly options
  • Trade via open outcry, electronically on CME Globex or via CME Direct, and bi-laterally via CME ClearPort
  • New weekly options listed the business day following an expiration

Resources for Weekly Energy Options:

Short-Term Metals Options

Global macroeconomic uncertainty and volatility underscore the need for tools that enable market participants to manage their metals risk with more precision. Our innovative new weekly metals options contracts provide customers with greater flexibility to manage the risk associated with government economic data, world events and other market-moving factors, with the added benefit of shorter expirations to gain market exposure at a lower premium.

Products Available:

  • Gold
  • Silver
  • Copper

Key Benefits:

  • Flexibility to manage short-term volatility and risk
  • Precision timing to target specific market movements or events
  • More expirations (4 weeklies and 1 monthly); more options to limit exposure
  • Shorter expirations to gain market exposure at a lower premium
  • American style with automatic exercise

Features:

  • Expire every Friday that is not already a monthly option expiration
  • Exercise into the active futures expiry
  • Same strike price intervals and minimum tick sizes as the monthly options
  • Trade via open outcry, electronically on CME Globex or via CME Direct, and bi-laterally via CME ClearPort
  • New weekly options listed the business day following an expiration

Resources for Weekly Metals Options:

Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

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