Single Stock futures are a type of futures contract where the underlying is the stock of an individual company, such as Tesla or Microsoft.

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Please sign up at cmegroup.com/ssf to receive updates in the lead-up to launch.

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Single Stock futures will be security futures products that are jointly regulated between the SEC and CFTC, unlike broad-based index futures which are regulated solely by CFTC.

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Single Stock futures will be available starting this summer, pending completion of all regulatory reviews and processes.

CME Group is currently in close coordination with both the CFTC and SEC and will make additional announcements to ensure client readiness for launch. 

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CME Group has listed a number of broad-based Equity Index futures and options on Globex, beginning with E-mini S&P 500 futures in 1997. Single Stock futures will complement the existing futures and allow traders to express their view on an individual stock, rather than a broad-based futures contract such as E-mini S&P 500 or Nasdaq-100 futures. The Single Stock futures listed will be on the key constituents of these indices and the ecosystem.

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Similar to broad-based index futures, the theoretical price of a Single Stock futures contract is determined by calculating the fair value. A trader must account for all of the costs and benefits of holding the underlying stock until the futures expiration date. This will include the ordinary dividends, which need to be priced into the basis along with the all-in financing rates and time to maturity.

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CME Group has announced 54 names that will be available at launch in this fact card. 

The initial set of names total over $200B in average daily notional volume. By index weighting, they comprise in the range of 55% – 65% of the S&P 500 and Nasdaq-100.

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Yes, CME Group would consider growing the Single Stock futures ecosystem based on feedback and subject to CME listing standards.

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CME

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Please visit cmegroup.com/ssf to find more details and the contract specs.

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The notional value of a CME-listed Single Stock futures contract will be dependent on the price of the futures contract. All Single Stock futures that are initially listed for trading at CME Group will have a contract multiplier of 100 shares x futures price.

For example, if a Nvidia futures contract is traded at $200, the notional value would be $20,000.

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The outright futures contract will trade in 0.01 point increments, each of which is worth $1.00 per tick.

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To start, quarterly contracts for two consecutive quarterly months (Mar, Jun, Sep, Dec) will be listed for trading. Based on client demand and regulatory reviews, CME Group would consider introducing additional expirations.

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Yes, the minimum block threshold is 50 contracts. 

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Yes, all of these transaction types will be available, subject to regulatory reviews.

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These contracts will follow the same trading hours as Equity Index futures at CME Group. Markets will be 5:00 p.m. CT – 4:00 p.m. CT Sunday – Friday with a one-hour maintenance window from 4:00 – 5:00 p.m. CT each day.

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Single Stock futures will be financially settled in U.S. dollars, with the final settlement price being determined using the official closing price of the underlying stock at the respective primary listing exchange on the expiration date (subject to regulatory review).

Thus, trading terminates at 3:00 p.m. CT on the third Friday of the contract month.

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Access more technical documentation for Single Stock futures including corporate actions, halts and testing.

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In addition to the technical operational document linked in the preceding question, view a high-level guide for investors to understand how corporate actions will be addressed.

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A CME Fee Schedule will be published prior to launch. Access more information on fees.

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Similar to broad-based Equity Index futures, CME Clearing will determine both an initial and maintenance margin for each Single Stock futures contract listed for trading.

One key consideration of note: There is a regulatory mandatory minimum margin of 15% set by the joint regulation of the CFTC and the SEC.

Margins will be determined based on market dynamics and analysis performed by CME Clearing. The mandatory minimum will also be accounted for in finalized margins.

The margin model employed will be SPAN. Please note that margin levels are subject to change.

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Single Stock futures can be traded in either futures or securities accounts. FCMs will determine whether they would support either or both account types.

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CME Group does not provide legal or tax advice and advises clients to check with their own legal and tax counsel or via their provider. See CME Rulebook Chapter 9 Rule 990.

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For further details, please see Acceptable Collateral.

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The New Release is available now for clients to start testing.

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During the hours of 9:30 a.m. ET to 4:00 p.m. ET on regular trading days, or 9:30 a.m. ET to 1:00 p.m ET on shortened trading days, both Market Wide Circuit Breakers (MWCBs) and Individual Securities Circuit Breakers will apply.

When level 1, 2 or 3 MWCBs are declared due to the S&P 500 Index having fallen 7%, 13% or 20% for the day, all Single Stock futures will be halted for trading.  Additionally, if a regulatory halt has been imposed on the underlying stock of a Single Stock futures contract by its primary listing exchange, the corresponding Single Stock futures contract will also be halted for trading. Trading of futures will resume when trading of the halted stock(s) in its (their) primary market resumes.

For hours outside of those listed above, there will be no price limit for Single Stock futures. However, Dynamic Circuit Breakers (DCBs) will apply. Please consult the FAQ for more information on how DCBs functions.

Additionally, when E-mini S&P 500 (ES) futures are lock-limited at their overnight price limits, trading in Single Stock futures at CME Group will be halted.

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