- Which E-nano Equity Index futures are listed for trading?
- Why did we list these products?
- How do the contract sizes differ between E-nano, Micro E-mini and E-mini Equity Index futures?
Product details
- Under which DCM are these contracts listed?
- What are the contract specifications?
- Why is the tick different for E-nano futures, and what other implications does this have?
- How many contracts are listed at a given time?
- Are E-nano Equity Index futures cash-settled or physically delivered?
- What are the trading hours on Globex?
- How are the daily settlement prices of E-nano Equity Index futures determined?
- How are the final settlement prices of the futures determined?
- Are these futures contracts eligible for block trading or BTIC?
- What are the fees for E-nano Equity Index futures contracts?
- Are these products included in our Equity product volume discounts?
- What are the margin requirements for E-nano Equity Index futures?
- Are E-nano Equity Index futures contracts eligible to be offset with their Micro E-mini and E-mini counterparts?
- What are the codes?
Additional information
Now live: E-nano Equity Index futures
Our most accessible Equity Index contracts yet, available on four major U.S. equity benchmarks.
1. Which E-nano Equity Index futures are listed for trading?
- E-nano S&P 500 futures
- E-nano Nasdaq-100 futures
- E-nano Russell 2000 futures
- E-nano Dow Jones Industrial Average futures
2. Why did we list these products?
We have officially launched our E-nano Equity Index futures suite to enhance market accessibility for all participants. These products feature multipliers that are 1/10 the size of their Micro E-mini (MES) counterparts (i.e., $0.50 multiplier for the E-nano S&P 500 futures contract relative to $5 for the MES futures). Our E-nano Equity Index contracts are also 1/100 the size of our E-mini product suite.
3. How do the contract sizes differ between E-nano, Micro E-mini and E-mini Equity Index futures?
|
Index |
E-nano multiplier |
Micro E-mini multiplier |
E-mini multiplier |
|---|---|---|---|
|
S&P 500 |
$0.50 |
$5 |
$50 |
|
Nasdaq-100 |
$0.20 |
$2 |
$20 |
|
Russell 2000 |
$0.50 |
$5 |
$50 |
|
Dow Jones Industrial Average |
$0.05 |
$0.5 |
$5 |
Product Details
4. Under which DCM are these contracts listed?
These contracts are listed on CME and CBOT. E-nano S&P 500 futures, E-nano Nasdaq-100 futures and E-nano Russell 2000 futures are listed on CME, while E-nano Dow Jones Industrial Average futures are listed on CBOT. This remains consistent with our larger-sized Micro E-mini and E-mini products.
5. What are the contract specifications?
The tick increments are double those of their Micro E-mini and E-mini counterparts and are as follows:
|
Product |
Product code |
Tick size |
Value per tick |
|---|---|---|---|
|
E-nano S&P 500 futures |
NES |
0.5 index points |
0.5 index points * $0.50 multiplier = $0.25 |
|
E-nano Nasdaq-100 futures |
NNQ |
0.5 index points |
0.5 index points * $0.20 multiplier = $0.1 |
|
E-nano Russell 2000 futures |
N2K |
0.2 index points |
0.2 index points * $0.50 multiplier = $0.1 |
|
E-nano Dow Jones Industrial Average futures |
NDOW |
2 index points |
2 index points * $0.05 multiplier = $0.1 |
|
Index |
E-nano tick size |
Micro E-mini tick size |
E-mini tick size |
|---|---|---|---|
|
S&P 500 |
0.5 index points |
0.25 index points |
0.25 index points |
|
Nasdaq-100 |
0.5 index points |
0.25 index points |
0.25 index points |
|
Russell 2000 |
0.2 index points |
0.1 index points |
0.1 index points |
|
Dow Jones Industrial Average |
2 index points |
1 index points |
1 index points |
6. Why is the tick different for E-nano futures, and what other implications does this have?
While E-nano Equity Index futures settle daily to the same price as E-mini and Micro E-mini futures, they settle to the nearest tick, which differs from the larger contract sizes. This approach simplifies the process and prevents rounding complications related to the fractional multiplier. Ultimately, E-nano futures settle to a one-cent increment to align with the index family, though the fractional multiplier means some rounding may still occur in the final financial settlement value.
7. How many contracts are listed at a given time?
We have listed the nearest two quarterly months in the quarterly cycle (Mar, Jun, Sep, Dec) for each of the E-nanos Equity Index products.
8. Are E-nano Equity Index futures cash-settled or physically delivered?
E-nano Equity Index futures are financially settled versus the special opening quotation on the third Friday quarterly opening index print.
9. What are the trading hours on Globex?
Sunday at 6:00 p.m. through Friday at 5:00 p.m. Eastern time (5:00 p.m. Sunday to 4:00 p.m. Friday Central time), with a daily maintenance period from 5:00 p.m. to 6:00 p.m. ET (4:00 p.m. to 5:00 p.m. CT).
10. How are the daily settlement prices of E-nano Equity Index futures determined?
The daily settlement price for E-nano Equity Index futures is determined using the 30-second volume-weighted average price (VWAP) of Globex trades for their corresponding E-mini counterparts, captured between 3:59:30 p.m. and 4:00:00 p.m. ET.
11. How are the final settlement prices of the futures determined?
On the final settlement day, the settlement value for E-nano Equity Index products is determined by the Special Opening Quotation (SOQ) on the contract month's third Friday, matching the SOQ of the corresponding E-mini and Micro E-mini contracts. This SOQ is calculated using the opening price of every component stock in the underlying index, irrespective of their specific opening times.
12. Are these futures contracts eligible for block trading or BTIC?
No, E-nano Equity Index futures contracts are not eligible for block or BTIC trading.
13. What are the fees for E-nano Equity Index futures contracts?
E-nano Equity Index products are part of the Equity Index futures suite according to our fee schedule.
14. Are these products included in our Equity product volume discounts?
No. E-nano Equity Index futures volume does not count towards the current volume-based fee discounts available to members.
15. What are the margin requirements for E-nano Equity Index futures?
Margins are based on current market conditions and thus are subject to change. Use the following links below to find the latest information on margins.
16. Are E-nano Equity Index futures eligible to be offset with their Micro E-mini and E-mini counterparts?
Yes. E-nano Equity Index futures can be offset against opposing positions in their respective Micro E-mini and E-mini counterparts at the following ratios:
- 10:1 vs. Micro E-mini futures
- 100:1 vs. E-mini futures
To execute an offset trade, ask your clearing broker to submit a request directly to our clearinghouse.
17. What are the codes?
|
|
Underlying Index |
Globex |
Bloomberg |
Refinitiv |
|---|---|---|---|---|
|
E-nano S&P 500 futures |
SPX |
NES |
QESA Index |
ESNA |
|
E-nano Nasdaq-100 futures |
NDX |
NNQ |
RNPA Index |
NQNA |
|
E-nano Russell 2000 futures |
RTY |
N2K |
RKIA Index |
K2NA |
|
E-nano Dow Jones Industrial Average futures |
DJIA |
NDOW |
JDWA Index |
NDOW |
Additional Information
18. How can I see prices for E-nano Equity Index futures?
Delayed quotes will be available online on our website. You can also access quotes through major quote vendors.
19. How can I get access to Globex?
To access Globex, you must have a relationship with a clearing member firm.
See how to connect to Globex.
20. Are there circuit breakers on E-nano Equity Index products?
Our U.S. Equity Index price limits (and corresponding CME and CBOT rules) are designed to coordinate with circuit breakers provisions as applied by the New York Stock Exchange (NYSE). E-nano Equity Index futures contracts will follow the same rules as their Micro E-mini and E-mini counterparts.Downside price limits (7%, 13% and 20%): Effective Monday through Friday from 8:30 a.m. to 3:00 p.m. CT. These limits apply strictly to downward price movements based on the parent contract’s fixing price.
Downside price limits (7%, 13% and 20%): Effective Monday through Friday from 8:30 a.m. to 3:00 p.m. CT. These limits apply strictly to downward price movements based on the parent contract’s fixing price.
Up-and-down price limits (7%): Effective Sunday 5:00 p.m. to Monday 8:30 a.m. CT, and Monday through Friday from 3:00 p.m. to 4:00 p.m. CT. (Note: During the 3:00 p.m. to 4:00 p.m. window, the 7% price limit cannot breach the 20% daily limit.)
21. Where can I find more information on E-nano Equity Index products?
Visit cmegroup.com/enano for the latest information.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered legal advice, investment advice or the results of actual market experience. Where regulatory matters are summarized, they represent CME Group’s good faith understanding of the applicable requirements.
