- What Micro E-mini products are listed for trading?
- Why are CME Group Micro E-mini useful for participants looking to gain exposure to the equity futures market?
- What are the differences between the currently listed E-mini products and the recently announced Micro E-mini products?
- Under which DCM will these contracts be listed
- What are the contract specifications?
- What are the codes for these products?
- How many contracts will be listed at a given time?
- What are the trading hours on CME Globex?
- How are the daily settlement price Micro E-mini futures determined?
- How are final settlement prices of the futures determined?
- Are these futures contracts eligible for block trading or BTIC?
- What are the fees for Micro E-mini contracts?
- Are these products included in the CME Group Equity Product Volume Discounts?
- What are the margin requirements for Micro E-mini Index futures?
- Are Micro E-mini products fungible with their E-mini counterparts? Can they be offset?
1. What Micro E-mini products are listed for trading?
- Micro E-mini S&P 500 futures
- Micro E-mini Nasdaq-100 futures
- Micro E-mini Dow futures
- Micro E-mini Russell 2000 futures
- Micro E-mini S&P MidCap 400 futures
- Micro E-mini S&P SmallCap 600 futures
2. Why are CME Group Micro E-mini useful for participants looking to gain exposure to the equity futures market?
To make our more market accessible to all, CME Group offers the Micro E-mini suite of futures, which feature multipliers 1/10 the size of their E-mini counterparts (i.e., $5 multiplier for Micro E-mini S&P 500 futures contract vs. $50 for ES futures).
Since their inception in May 2019, numerous new participants have entered the market as a function of the notionally smaller-sized Micro E-mini futures.
3. What are the differences between the currently listed E-mini products and the recently announced Micro E-mini products?
|Index Family||Micro E-mini Multiplier||Micro E-mini Notional Value (as of Feb 1, 2023)||E-mini Multiplier|
|S&P MidCap 400||$10||$27,000||$100|
|S&P SmallCap 600||$10||$13,000||$100|
4. Under which DCM will these contracts be listed
Each of the contracts that are being listed will remain under the same DCM as their E-mini counterparties. A table is shown below:
Micro E-mini S&P 500 futures, Micro E-mini Nasdaq-100 futures, Micro E-mini Russell 2000 futures, Micro E-mini S&P MidCap 400 futures, and Micro E-mini S&P SmallCap 600 futures
Micro E-mini Dow futures
5. What are the contract specifications?
Micro E-mini futures will be listed on the customary U.S. Equity Index futures cycle – there will be five concurrent futures that expire against the opening index value on the third Friday of March, June, September, and December. The tick increments will follow their E-mini counterparts and be as follows:
|Index Futures Contracts||Outright||Calendar Spread|
|Micro E-mini S&P 500 futures||0.25 Index points= $1.25||0.05 Index points= $0.25|
|Micro E-mini Nasdaq-100 futures||0.25 Index points= $0.50||0.05 Index points= $0.10|
|Micro E-mini Dow futures||1.00 Index points= $0.50||1.00 Index points= $0.50|
|Micro E-mini Russell 2000 futures||0.10 Index points= $0.50||0.05 Index points= $0.25|
|Micro E-mini S&P MidCap 400 futures||0.10 Index points= $1.00||0.05 Index points= $0.50|
|Micro E-mini S&P SmallCap 600 futures||0.10 Index points= $1.00||0.05 Index points= $0.50|
6. What are the codes for these products?
|Index Futures Contracts||Underlying Index (Bloomberg)||CME Globex||Bloomberg Front Month|
|Micro E-mini S&P 500 futures||SPX||MES||HWAA Index|
|Micro E-mini Nasdaq-100 futures||NDX||MNQ||HWBA Index|
|Micro E-mini Dow futures||DJIA||MYM||HWIA Index|
|Micro E-mini Russell 2000 futures||RTY||M2K||HWRA Index|
|Micro E-mini S&P MidCap 400 futures||MID||MMC||LVLA Index|
|Micro E-mini S&P SmallCap 600 futures||SML||MSC||MXBA Index|
7. How many contracts will be listed at a given time?
CME will list five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec) for CME Group products. For Dow, it will be four months.
8. What are the trading hours on CME Globex?
Sunday – Friday 6:00 p.m. – 5:00 p.m. ET with a trading halt from 4:15 p.m. – 4:30 p.m. ET
9. How are the daily settlement price Micro E-mini futures determined?
Daily settlement for Micro E-mini futures is based on the 30-second volume-weighted average price (VWAP) of Globex trades between 3:59:30 p.m. and 4:00:00 p.m. ET of their E-mini counterpart.
10. How are final settlement prices of the futures determined?
The Micro E-mini will have the same SOQ value as the corresponding E-mini contract on final settlement day. Final settlement value is based on the Special Opening Quotation (SOQ) on the third Friday of the contract month. The SOQ is based on the opening price of each component stock in the relative index, regardless of when those stocks open.
11. Are these futures contracts eligible for block trading or BTIC?
No, Micro E-mini Equity Index futures contracts will not be block or BTIC trading eligible.
12. What are the fees for Micro E-mini contracts?
Micro E-mini S&P 500, Nasdaq-100, Russell 2000, MidCap 400, and SmallCap 600 products will be part of the Micro E-mini Equity Index futures suite according to the CME Fee Schedule.
Micro E-mini Dow will be part of the Micro E-mini Equity Index futures suite according to the CBOT Fee Schedule.
13. Are these products included in the CME Group Equity Product Volume Discounts?
No. Micro E-mini futures volume will not count towards the current volume-based fee discounts available to members. However, CME Group does intend to provide a market maker program to eligible participants that may feature fee rebates, pending regulatory review (see question 17).
14. What are the margin requirements for Micro E-mini Index futures?
15. Are Micro E-mini products fungible with their E-mini counterparts? Can they be offset?
Yes, Micro E-mini futures are offset eligible versus their E-mini counterparts at 10:1 ratio. This can only be applied to offsetting positions. Requests can be made by your clearing broker directly to the CME Clearing House.
16. How can I see prices for Micro E-mini Index futures?
17. How can I get access to CME Globex?
To access CME Globex, you must have a relationship with a CME Clearing Member Firm.
18. Are there circuit breakers on Micro E-mini products?
CME Group 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). Micro E-mini contracts will follow the same rules as their E-mini counterparts.
- 7%, 13%, and 20% price limits are applied to the futures fixing price and are effective from 8:30 a.m. – 3:00 p.m. CT, Mondays through Fridays. This only applies to the downside.
- 7% up-and-down limits are effective 5:00 p.m. - 8:30 a.m. CT. Sundays through Fridays; 3:00 p.m. - 4:00 p.m. CT, Mondays through Fridays. Between 3:00 p.m. - 4:00 p.m. CT, the 7% price limit will not be allowed to breech the 20% daily limit.
19. Where can I find more information on Micro E-mini products at CME Group?
Visit cmegroup.com/microemini for the latest information. You can fill out the form on this page to stay informed of Micro E-mini product updates.
More about Micro E-mini Futures
Get more information about the Micro E-mini futures contracts at CME Group.
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.