Better Manage the Dec-Mar E-mini Futures Roll

E-mini S&P 500 futures open interest surpasses 3.4M contracts as of November 30
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E-mini S&P 500 Weekly Options Contract Specs

Contract Unit	One E-mini S&P 500 futures contract
Minimum Price Fluctuation	Regular Tick: 0.25 index points ($12.50) for premium > 5.00 index points ($250.00) Reduced Tick: 0.05 index points ($2.50) for premium at or below 5.00 index points ($250.00) CAB: 0.05 index points ($2.50)
Trading Hours	CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. Eastern Time (ET) with trading halt 4:15 p.m. - 4:30 p.m. Clearport: Sunday - Friday 6:00 p.m. - 5:00 p.m. ET
Product Code	CME Globex: ES CME ClearPort: ES Clearing: ES
Listed Contracts	Four months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Termination Of Trading	9:30 a.m. ET on the 3rd Friday of the contract month
Position Limits	CME Position Limits
Exchange Rulebook	CME 358 A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	At all multiples of 25 index points within ±50% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures At all multiples of 10 index points within ±20% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures Once the option’s underlying futures contract becomes second nearest to delivery, at all multiples of 5 index points within ±10% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures
Exercise Procedure	American Style. An option can be exercised until 8:00 p.m. ET on any business day the option is traded
Settlement At Expiration	Option exercise results in a position in the underlying cash-settled futures contract. In-the-money options, in the absence of contrarian instructions delivered to the Clearing House by 8:00 p.m. ET on the day of expiration, are automatically exercised into expiring cash-settled futures, which settle to the SOQ calculated the morning of the 3rd Friday of the contract month.
Settlement Method	Deliverable
Underlying	E-mini S&P 500 Futures

Contract Unit	One E-mini S&P 500 futures
Minimum Price Fluctuation	Regular Tick: 0.25 index points = $12.50 for premium above 5.00 index points Reduced Tick: 0.05 index points = $2.50 for premium at or below 5.00 index points CAB: 0.05 index points = $2.50
Trading Hours	CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. Eastern Time (ET) with trading halt 4:15 p.m. - 4:30 p.m. CME Clearport: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code	CME Globex: EW CME ClearPort: EW Clearing: EW
Listed Contracts	Monthly contracts listed for 6 consecutive months
Termination Of Trading	Trading terminates at 4:00 p.m. ET on the last business day of the contract month
Position Limits	CME Position Limits
Exchange Rulebook	358 A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	At all multiples of 25 index points within ±50% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures At all multiples of 10 index points within ±20% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures Once the option’s underlying futures contract becomes second nearest to delivery, at all multiples of 5 index points within ±10% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures
Exercise Procedure	European Style. Exercisable only on expiration day.
Settlement At Expiration	Option exercise results in a position in the underlying cash-settled futures contract. Options which are in-the-money on the last day of trading are automatically exercised. A 4:00 p.m. ET price fixing based on the weighted average traded price fixing (symbol ESF) of the E-mini S&P 500 futures in the last 30 seconds of trading on expiration day (3:59:30 p.m.-4:00:00 p.m. ET) will be used to determine which options are in-the-money. Contrarian instructions are prohibited.
Settlement Method	Deliverable
Underlying	E-mini S&P 500 Futures

Contract Unit	One E-mini S&P 500 futures contract
Minimum Price Fluctuation	Regular Tick: 0.25= $12.50 for premium > 5.00 Reduced Tick: 0.05= $2.50 for premium ≤ 5.00 CAB: 0.05= $2.50
Trading Hours	CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. Eastern Time (ET) with trading halt 4:15 p.m. - 4:30 p.m. Clearport: Sunday - Friday 6:00 p.m. - 5:00 p.m. ET
Product Code	CME Globex: E1A,E2A,E3A,E4A,E5A CME ClearPort: E1A,E2A,E3A,E4A,E5A Clearing: E1A,E2A,E3A,E4A,E5A
Listed Contracts	At any given time, two nearest weeks of E1A, E2A, E3A, E4A, E5A will be listed for trading
Termination Of Trading	4:00 p.m. ET on Monday of the named week
Position Limits	CME Position Limits
Exchange Rulebook	CME 358A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Listing rules will be independent of existing quarterly strike replication 5 index point integer multiples: +5% to -15% of the prior day’s settlement price on the underlying future contract 10 index point integer multiples: +10% to -25% of the prior day’s settlement price on the underlying future contract 25 index point integer multiples: +15% to -35% of the prior day’s settlement price on the underlying future contract
Exercise Procedure	European Style. Exercisable only on expiration day.
Settlement At Expiration	Option exercise results in a position in the underlying cash-settled futures contract. Options which are in-the-money on the last day of trading are automatically exercised. A 4:00 p.m. ET price fixing based on the weighted average traded price fixing (symbol ESF) of the E-mini S&P 500 futures in the last 30 seconds of trading on expiration day (3:59:30 p.m.-4:00:00 p.m. ET) will be used to determine which options are in-the-money. Contrarian instructions are prohibited.
Settlement Method	Deliverable
Underlying	E-mini S&P 500 Futures

Contract Unit	One E-mini S&P 500 futures contract
Minimum Price Fluctuation	Regular Tick: 0.25 index points ($12.50) for premium > 5.00 index points ($250.00) Refuced Tick: 0.05 index points ($2.50) for premium at or below 5.00 index points ($250.00) CAB: 0.05 index points ($2.50)
Trading Hours	CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. Eastern Time (ET) with trading halt 4:15 p.m. - 4:30 p.m. Clearport: Sunday - Friday 6:00 p.m. - 5:00 p.m. ET
Product Code	CME Globex: EW1,EW2,EW3,EW4 CME ClearPort: EW1,EW2,EW3,EW4 Clearing: EW1,EW2,EW3,EW4
Listed Contracts	At any given time, four nearest weeks of EW1, EW2, and EW4 (Weeks 1, 2 & 4) and three nearest weeks of EW3 (Week 3) will be listed for trading
Termination Of Trading	4:00 p.m. ET on Friday of the named week
Position Limits	CME Position Limits
Exchange Rulebook	358A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	EW3 (Week 3) At all multiples of 25 index points within ±50% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures. At all multiples of 10 index points within ±20% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures. Once the option’s underlying futures contract becomes second nearest to delivery, at all multiples of 5 index points within ±10% of Exercise Price Reference, centered on previous day’s settlement price of the underlying futures. EW1, EW2 and EW4 (Week 1, 2 & 4) Strike Listing rules will be independent of existing quarterly strike replication 25 index point integer multiples: +15% to -35% of the prior day’s settlement price on the underlying future contract 10 index point integer multiples: +10% to -25% of the prior day’s settlement price on the underlying future contract 5 index point integer multiples: +5% to -15% of the prior day’s settlement price on the underlying future contract
Exercise Procedure	European Style. Exercisable only on expiration day.
Settlement At Expiration	Option exercise results in a position in the underlying cash-settled futures contract. Options which are in-the-money on the last day of trading are automatically exercised. A 4:00 p.m. ET price fixing based on the weighted average traded price fixing (symbol ESF) of the E-mini S&P 500 futures in the last 30 seconds of trading on expiration day (3:59:30 p.m.-4:00:00 p.m. ET) will be used to determine which options are in-the-money. Contrarian instructions are prohibited.
Settlement Method	Deliverable
Underlying	E-mini S&P 500 Futures

Contract Unit	One E-mini S&P 500 futures contract
Minimum Price Fluctuation	Regular Tick: 0.25 index points ($12.50) for premium > 5.00 index points ($250.00) Reduced Tick: 0.05 index points ($2.50) for premium at or below 5.00 index points ($250.00) CAB: 0.05 index points ($2.50)
Trading Hours	CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. Eastern Time (ET) with trading halt 4:15 p.m. - 4:30 p.m. Clearport: Sunday - Friday 6:00 p.m. - 5:00 p.m. ET
Product Code	CME Globex: E1C,E2C,E3C,E4C,E5C CME ClearPort: E1C,E2C,E3C,E4C,E5C Clearing: E1C,E2C,E3C,E4C,E5C
Listed Contracts	At any given time, two nearest weeks of E1C, E2C, E3C, E4C, E5C will be listed for trading
Termination Of Trading	4:00 p.m. ET on Wednesday of the named week
Position Limits	CME Position Limits
Exchange Rulebook	CME 358A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Listing rules will be independent of existing quarterly strike replication 5 index point integer multiples: +5% to -15% of the prior day’s settlement price on the underlying future contract 10 index point integer multiples: +10% to -25% of the prior day’s settlement price on the underlying future contract 25 index point integer multiples: +15% to -35% of the prior day’s settlement price on the underlying future contract
Exercise Procedure	European Style. Exercisable only on expiration day.
Settlement At Expiration	Option exercise results in a position in the underlying cash-settled futures contract. Options which are in-the-money on the last day of trading are automatically exercised. A 4:00 p.m. ET price fixing based on the weighted average traded price fixing (symbol ESF) of the E-mini S&P 500 futures in the last 30 seconds of trading on expiration day (3:59:30 p.m.-4:00:00 p.m. ET) will be used to determine which options are in-the-money. Contrarian instructions are prohibited.
Settlement Method	Deliverable
Underlying	E-mini S&P 500 Futures

About E-mini S&P 500

An electronically traded futures contract one fifth the size of standard S&P futures, E-mini S&P 500 futures and options are based on the underlying Standard & Poor’s 500 stock index. Made up of 500 individual stocks representing the market capitalizations of large companies, the S&P 500 Index is a leading indicator of large-cap U.S. equities.

Welcome to E-mini S&P 500 Futures

Whether you are a new trader looking to get started in futures, or an experienced trader looking to expand your exposure to the U.S. stock market, E-mini S&P 500 futures provide you with the opportunity you need.

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