Page tree
Skip to end of metadata
Go to start of metadata


A Basis Trade at Cash Open (TACO) is an outright future trading the differential between the equity future and underlying cash index marking at the publication of the Special Opening Quotation (SOQ).

TACO uses the same quoting convention as BTIC (Basis Trade at Index Close), but uses the cash market open and trades Sunday thru Friday following a unique trading schedule.

Due to the uniqueness of the TACO trading schedule, customers trading TACO using the same session to trade multiple products should be prepared to:

  • manage Fill Notice Execution Reports with different trade dates
  • ensure correct trade date is selected in any User Interface (UIs), including CME Direct and CME FirmSoft.

Example: TACO Order/trades submitted Monday between 10:00 am - 8:30 am Tuesday would be considered a Tuesday trade date. Non TACO orders submitted Monday from 10 am - 4 pm would be considered a Monday trade date.  Customers using the same session to manage multiple products including TACO will need to select the correct trade date when using a UI to query orders/trades. 

CME Group recommends customers thoroughly test this behavior in New Release

The settlement price in Market Data Incremental Refresh (tag 35-MsgType=X, 269=6) message is the price of the last traded differential of the trading session and is used for the following:

  • internal Price Banding
  • display of reference price of the last traded differential on customer systems.
Preliminary and final settlements will be published externally; these prices are not used for Clearing end of day mark to market, the Special Opening Quote (SOQ) for the TACO will be used by Clearing for mark to market purposes.

TACO Trading Hours for Equity Contracts

Sunday – Friday as follows:

  • Sunday Pre-Open 4:00 pm Central Time (CT)
  • Trading starts on Sunday at 5:00 pm (CT) and stops on Monday at 8:30 am (CT)
  • Monday – Friday trading stops and market close at 8:30 am (CT), ALL day orders eliminated
  • Monday – Thursday Pre-Open 9:30 am (CT)
  • Monday – Thursday trades from 10:00 am (CT) – 4:00 pm (CT)
  • Monday – Thursday Market Halt occurs at 4:00 pm – 5:00 pm (CT) - Globex Maintenance Period NO day orders eliminated
  • Monday – Thursday Pre-Open 4:45 pm (CT)
  • Monday – Thursday trades from 5:00 pm (CT) –  8:30 am (CT) next business day
  • No trading allowed after 8:30 am (CT) on Friday, ALL day orders eliminated