- What’s new with Micro E-mini options?
- How will the listing cycle change?
- How are these products different from related E-mini options?
- What are the contract specifications?
- What are the codes for these products?
- What are the vendor options codes?
- How many contracts will be listed at a given time?
- What are the trading hours on CME Globex?
- What are the exercise procedures for these contracts?
- What is the methodology for determining the expiration day special fixing price?
- What are the fees for Micro E-mini contracts?
- Are these products included in the CME Group Equity product volume discounts?
- Can the Micro E-mini options be offset against the classic E-mini counterparts?
- How can I see prices for Micro E-mini futures and options?
- Where can I find Micro E-mini options market data?
- How can I get access to CME Globex?
- Where can I find more information on Micro E-mini products?
1. What’s new with Micro E-mini options?
Starting June 29, 2026, pending regulatory review, CME Group is introducing new Micro E-mini options, which will be financially settled, p.m.-expiring and European-style.
2. How are these products different from related E-mini options?
CME Group has condensed the listing cycle of both the Micro E-mini S&P 500 options and Micro E-mini Nasdaq-100 options with a new cadence of:
- Two weeks of Monday, Tuesday, Wednesday and Thursday expiries
Eight weeks of consecutive Friday expiries
Product Details
3. How are these products different from related E-mini options?
E-mini S&P 500 and E-mini Nasdaq-100 options are among the most popular options on futures contracts in the world. They have been in the market since 1997 and 1999, respectively, and have provided liquidity and risk-management capabilities since their launch.
Options on Micro E-mini futures have advanced this ecosystem by allowing greater precision at a lower capital cost with these “smaller-sized” options contracts. Similar to the differences between E-mini and Micro E-mini futures contracts, these Micro E-mini options contracts are 1/10 the size of their E-mini counterparts. Unlike the physically settled E-mini options, these options will be financially settled, eliminating the additional operational processes of holding a futures position after option expiration.
4. What are the contract specifications?
| Micro E-mini S&P 500 options | Micro E-mini Nasdaq-100 options | |
|---|---|---|
| Underlying futures | MES | MNQ |
| Underlying futures Multiplier | $5 | $2 |
| Contract unit | 1 MES future | 1 MNQ future |
| Listed contracts |
European-style, p.m.-expiring options: 2 Monday, Tuesday, Wednesday and Thursday options 8 Friday options |
|
| Exercise procedure |
European-style, p.m.-expiring options |
|
| Settlement at expiration | Option exercise results in a financially settled position | |
| Minimum price increments | ||
|---|---|---|
| Regular tick | Reduced tick | |
| Micro E-mini S&P 500 options | 0.25 index points = $1.25 for premium above 5.00 index points | 0.05 index points = $0.25 for premium at or below 5.00 index points |
| Micro E-mini Nasdaq-100 options | 0.25 index points = $0.50 for premium above 5.00 index points | 0.05 index points = $0.10 for premium at or below 5.00 index points |
5. What are the codes for these products?
|
|
Monday WEEKLY |
TueSDAY WEEKLY |
WeDNESDAY WEEKLY |
THURSDAY WEEKLY |
FRIDAY WEEKLY |
|---|---|---|---|---|---|
|
Micro E-mini S&P 500 options |
MS1A-MS5A |
MS1B-MS5B |
MS1C-MS5C |
MS1D-MS5D |
MS1E-MS5E |
|
Micro E-mini Nasdaq-100 options |
D1A-D5A |
D1B-D5B |
D1C-D5C |
D1D-D5D |
MQ1-MQ4 |
6. What are the vendor options codes?
|
OPTION SUBCLASS |
CME GLOBEX CODE |
BLOOMBERG OMON OPTIONS DISPLAY |
THOMSON REUTERS |
|---|---|---|---|
|
MICRO E-MINI S&P 500 OPTIONS |
|||
|
MONDAY WEEKLY 1 – 5 |
MS1A-MS5A |
TBD |
TBD |
|
TUESDAY WEEKLY 1 – 5 |
MS1B-MS5B |
TBD |
TBD |
|
WEDNESDAY WEEKLY 1– 5 |
MS1C-MS5C |
TBD |
TBD |
|
THURSDAY WEEKLY 1 – 5 |
MS1D-MS5D |
TBD |
TBD |
|
FRIDAY WEEKLY 1 – 4 |
MS1E-MS5E |
TBD |
TBD |
|
MICRO E-MINI NASDAQ-100 OPTIONS |
|||
|
MONDAY WEEKLY 1 – 5 |
MN1A-MN5A |
TBD |
TBD |
|
TUESDAY WEEKLY 1 – 5 |
MN1B-MN5B |
TBD |
TBD |
|
WEDNESDAY WEEKLY 1 – 5 |
MN1C-MN5C |
TBD |
TBD |
|
THURSDAY WEEKLY 1 – 5 |
MN1D-MN5D |
TBD |
TBD |
|
FRIDAY WEEKLY 1 – 4 |
MN1E-MN5E |
TBD |
TBD |
7. How many contracts will be listed at a given time?
|
CONTRACT |
HOW MANY ARE LISTED? |
|---|---|
|
Monday |
Two nearest week of Monday Micro E-mini S&P 500/Nasdaq-100 options |
|
Tuesday |
Two nearest week of Tuesday Micro E-mini S&P 500/Nasdaq-100 options |
|
Wednesday |
Two nearest week of Wednesday Micro E-mini S&P 500/Nasdaq-100 options |
|
Thursday |
Two nearest week of Thursday Micro E-mini S&P 500/Nasdaq-100 options |
|
Friday |
Eight nearest weeks of Friday Weeks 1 – 5 Micro E-mini S&P 500/Nasdaq-100 options |
Assuming that today is August 1, 2026, the below illustrates what the listing cycle would look like. As shown, Micro E-mini options can provide flexibility and precision to participants with a variety of maturities available.
8. What are the trading hours on CME Globex?
CME Globex: Sunday 6:00 p.m. – Friday – 5:00 p.m. ET (5:00 p.m. – 4:00 p.m. CT) with a daily maintenance period from 5:00 p.m. – 6:00 p.m. ET (4:00 p.m. – 5:00 p.m. CT)
Contract Mechanics
9. What are the exercise procedures for these contracts?
Exercise procedures for options on Micro E-mini futures will all be European style, exercisable only on expiration day. No contrary instructions are allowed.
Options which are in the money on the last day of trading are automatically exercised. A 3:00 p.m. CT price fixing based on the weighted average traded price fixing (symbol ESF & NQF) of the E-mini S&P 500 futures and E-mini Nasdaq-100 futures in the last 30 seconds of trading on expiration day (2:59:30 p.m. – 3:00:00 p.m. CT) will be used to determine which options are in the money.
10. What is the methodology for determining the expiration day special fixing price?
The fixing price is the volume-weighted average price in E-mini S&P 500 futures (E-mini Nasdaq-100 futures), traded during the 30-second period leading up to 3:00 p.m. CT. Only outright trades of the E-mini futures in the corresponding contract month shall be included in the calculation. Spread trades involving the corresponding contract month of the E-mini futures contract shall be disregarded for the purpose of the fixing calculation.
This fixing price will be disseminated immediately using the symbol “ESF” for S&P 500 and “NQF” for Nasdaq-100.
Fee & Margin Details
11. What are the fees for Micro E-mini contracts?
Micro E-mini S&P 500 and Nasdaq-100 products are part of the Micro E-mini Equity Index futures and options suite, according to the CME Fee Schedule.
12. Are these products included in the CME Group Equity product volume discounts?
No. Similar to the Micro E-mini futures contracts, options volume will not count towards the current E-mini volume-based fee discounts available to members.
13. Can the Micro E-mini options be offset against their E-mini counterparts?
Yes, European-style Micro E-mini options are offset eligible versus their E-mini futures counterparts at 10:1 ratio. This can only be applied to offsetting positions. Requests can be made by your clearing broker directly to CME Clearing.
Additional Information
14. How can I see prices for Micro E-mini futures and options?
Delayed quotes will be available online on the CME Group website. You can also access quotes through major quote vendors.
15. Where can I find Micro E-mini options market data?
The Micro E-mini S&P 500 options market data will be published on MDP 3.0 channel 323. The Micro E-mini Nasdaq-100 options market data will be published on MDP 3.0 channel 319.
16. How can I get access to CME Globex?
To access CME Globex, you must have a relationship with a CME Clearing member firm.
17. Where can I find more information on Micro E-mini options?
Visit cmegroup.com/microeminioptions for the latest information. You can fill out the form on this page to stay informed of Micro E-mini product updates.
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 investment advice or the results of actual market experience.