On Monday June 30, 2008 at 3:30 p.m., price limits
for domestic stock index futures were revised to the following levels. These limits will be in
force for the balance of the 3
rd calendar quarter, 2008.
3
rd
Quarter 200
8
Stock Index Price Limits and Bands
|
Contracts
|
5% Limit (Overnight
Hours)
|
10% Limit
|
20
% Limit
|
30
% Limit
|
2x No Bust
Band
|
4x No Bust
Band
|
|
S&P 500
Ò
& E-mini
ä
|
65.00
|
130.00
|
260.00
|
390.00
|
12.00
|
na
|
|
MidCap 400
ä
& E-mini
|
42.00
|
85.00
|
170.00
|
255.00
|
8.00
|
na
|
|
S&P/Citigroup
Growth
ä
|
32.00
|
65.00
|
130.00
|
195.00
|
8.00
|
na
|
|
S&P/Citigroup
Value
ä
|
32.00
|
65.00
|
130.00
|
195.00
|
8.00
|
na
|
|
Russell 2000
Ò
& E-mini
|
35.00
|
70.00
|
140.00
|
210.00
|
8.00
|
na
|
|
NASDAQ-100
Ò
& E-mini
|
95.00
|
190.00
|
380.00
|
570.00
|
24.00
|
na
|
|
E-mini NASDAQ
Composite
Ò
|
120.00
|
240.00
|
480.00
|
720.00
|
24.00
|
na
|
|
E-mini NASDAQ
Biotechnology
Ò
|
40.00
|
80.00
|
160.00
|
240.00
|
24.00
|
na
|
|
S&P 500
Financial
SPCTR
ä
|
15.00
|
30.00
|
60.00
|
90.00
|
6.00
|
na
|
|
S&P 500 Technology
(Telecom/IT) SPCTR
ä
|
13.00
|
26.00
|
52.00
|
78.00
|
6.00
|
na
|
|
S&P Smallcap 600
ä
&
E-mini
ä
|
19.00
|
38.00
|
76.00
|
114.00
|
8.00
|
na
|
|
All TRAKRS
SM
|
|
|
|
|
na
|
1.00
|
Exchange Rules call for the limits to be re-calculated
quarterly at the close of business on the day preceding the commencement of a new calendar quarter. Note that stock index price limits are generally
revised upwards from the limits that were in force during the previous calendar quarter.
The Exchange’s price limits are re-assessed
quarterly rather than established at fixed levels insofar as fixed limits are not responsive to
on-going market fluctuations. CME Rules are designed to coordinate with circuit breaker provisions
as applied by the New York Stock Exchange (NYSE).
The NYSE enforces limits at 10%, 20% and 30%
declines of the Dow Jones Industrial Average (DJIA), calculated at the beginning of each calendar
quarter, using the average closing value of the DJIA for the prior month, rounded to the nearest 50
points. Limits enforced during the current quarter are1,200, 2,400and 3,600(limits were at 1,200, 2,450and 3,650index points during the previous calendar quarter).
The merger between CME and CBOT means that Dow Jones
Industrial Average (DJIA) futures are now an important component of the CME Group’s roster of
benchmark stock index products. Limits are as follows:
|
Contracts
|
5%
Limit
|
10% Limit
|
20% Limit
|
30% Limit
|
|
DJIA Futures
|
600
|
1,200
|
2,400
|
3,600
|
|