This document provides specifications for CME’s average pricing calculations, often referred to as APS (“apes”), for its original implementation in the Average Pricing System.

Average-pricing calculations allow any number of transactions in a contract, on the same side of the market (only buys or only sells), to be offset and then replaced with one or more special transactions at an average price. The input transactions being averaged are considered an average pricing group (“APS 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.

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