This section describes advanced functionality associated with the following CME Group products.
- Inter-Exchange Spreads - Inter-exchange spreads (IES) are implied futures spreads in which the outright legs are listed on different exchanges. They consist of buying the front leg (exchange A) and selling the back leg (exchange B), with both legs having the same maturity.
- Volatility-Quoted Options - Volatility-Quoted options provide users with implied annualized volatility-quoted markets on the CME Globex platform for options on Foreign Exchange (FX) futures. Volatility quoting allows CME Globex users to trade options volatility with an 'auto-hedge' into the corresponding quarterly month of the underlying futures contract.
- Metals Spreads – Metals spreads include Silver Calendar spreads and miNY Metals spreads.
- Reduced Tick Spread (RTS) Instruments - RTS instruments are Interest Rate futures calendar spreads that trade at a smaller tick from that of their component outright legs.
- Variable Quantity Energy Products - Variable Quantity Energy Products have a fixed contract size and a multiplier, which is applied to the number of lots traded to calculate the total Cleared Quantity.
- Implied Intercommodity Ratio Spreads - For agricultural and energy products, the intercommodity ratio spread represents the price differential between a "raw" product and the yield of one or more of its processed products.
- Fractional Pricing - Certain CME Group products require a decimal-to-fractional price conversion for market data messaging.
- Positive, Zero and Negative Futures Trade and Settlement Prices - CME Globex allows CME Group, and exchanges for which CME Group provides trading and clearing services, to accept and process zero and negative futures trade and settlement prices.