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Dear CME® Globex® Users,
Chicago Mercantile Exchange has approved several changes to the trading of its E-miniTM S&P 500® equity options. These include:
- Increasing the number of designated market maker participants;
- Waiving CME Globex fees for customers for nine months from October 1, 2004, through June 30, 2005.
To support these initiatives, the following changes will be made to CME Globex this weekend.
Variable Tick Table for E-mini S&P Options
Effective trade date November 8, 2004 (Sunday, November 7 on CME Globex), the tick increments for E-mini S&P 500 equity options
will change from a standard tick size of 0.25 to a 0.05 tick size for premiums less than or equal to 3.00. Please note that
the S&P 500®, S&P/Barra GrowthTM and S&P/Barra ValueTM, already use a variable tick size, as detailed in the Variable Tick Table (VTT) below.
For more information on VTTs, please see the Calculating Tick Size Based on MO Message component of the MDAPI 2.x Software Development Kit. VTT prices are available to test in the certification environment with the following symbols:
- 8A = E-mini S&P 500 options
- 8B = S&P 500 options
E-mini S&P Options New Quantity Limit
Also effective on trade date November 8, 2004 (Sunday, November 7 on CME Globex), the CME Globex order entry quantity limit
for E-mini S&P 500 options will be reduced from 9,999 orders to 1,500.
For questions regarding these CME Globex changes, please contact your CME Globex Account Manager at 312.634.8700.
Thank you,
Chicago Mercantile Exchange
CME Globex Account Management
312.634.8700
Changes to Equity Options Tick Values
Virtual Tick Table
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