Trade at Cash Open (TACO) and TACO+

For E-mini S&P 500 futures

Capture the certainty of the open, several hours or several days ahead

Take advantage of a mechanism to better manage risk around the cash index open: Trade at Cash Open, or TACO.

TACO allows you to execute a basis trade on the E-mini S&P 500 futures relative to the day’s official cash index opening level – before the market open.

With TACO+ launching October 7, add more lead time to capture the certainty of the cash open days instead of hours ahead. Negate the wait to manage risk around an upcoming cash open index value on a set date (e.g., expiration day).

How it Works

  • Trade at Cash Open (TACO) and TACO+ use the same quoting convention as BTIC, allowing you to execute a basis trade on the E-mini S&P 500 futures relative to the day’s official cash index opening level, ahead of the market’s opening auction
  • Just like BTIC trades, the basis price can be positive or negative, depending on market conditions
  • For all TACO transactions, once the official opening index level is published, the associated E-mini S&P 500 futures are cleared at a price equal to the opening S&P 500 cash index level, plus the agreed upon basis.

About TACO and TACO+

Understanding TACO

Introduction to BTIC+ & TACO+

BTIC+ Trading Examples

Benefits and Applications

Available for E-mini S&P 500 futures via a central limit order book on CME Globex and block trades

Better hedge market-on-open (MOO) trade exposures

Easily manage a.m.-expiring options deltas, hours or days in advance

Trade at a price directly derived from the official cash index open price without slippage

Contract Specifications

Underlying Index

S&P 500 Index <ESA Index>

Minimum Price Fluctuation (Tick Size)

0.05

Trading Hours

10:00 a.m. CT previous day to 8:30 AM CT
For each trade day, trading starts at 10:00 a.m. CT the previous day, except for a Monday trade date, which starts on Sunday at 5:00 p.m. CT.

Minimum Block Threshold

500 contracts

Listed Contracts

Five concurrent listed contracts for E-mini S&P 500 futures

Ticker Symbols

Trading Code

ESQ

Platform

CME Direct

Underlying Index

S&P 500 Index <ESA Index>

Minimum Price Fluctuation

0.05= $2.50

Trading Hours

Sunday – Friday 6:00 p.m. - 5:00 p.m. ET (5:00 p.m. - 4:00 p.m. CT)

Listed Contracts

3rd Friday of 3 consecutive months

Minimum Block Threshold

500 contracts

Ticker Symbols

Trading Code

EQ1

Platform

CME Direct

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