S&P 500 OPTIONS - CONTRACT SPECS

Options
Contract Unit 1 S&P 500 Stock Price Index futures contract
Minimum Price Fluctuation Reduced Tick: 0.05 index points = $12.50 for premium at or below 5.00
Outright: 0.10 index points = $25.00 for premium above 5.00
CAB 0.05 index points = $12.50
Price Quotation U.S. dollars and cents per index point
Trading Hours CME Globex: Sunday - Friday: 6:00 p.m. - 5:00 p.m. ET with a trading halt 9:15 a.m. - 4:30 p.m.
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Open Outcry: Monday - Friday: 9:30 a.m. - 4:15 p.m. ET
Product Code CME Globex: SP
CME ClearPort: SP
Open Outcry: Put: PS Call: CS
Clearing: SP
Listed Contracts CME Globex: Quarterly contracts (Mar, Jun, Sep, Dec) listed for 1 quarter
CME ClearPort and Open Outcry: Quarterly contracts (Mar, Jun, Sep, Dec) listed for 8 consecutive quarters
Termination Of Trading Open Outcry: 4:15 p.m. ET on Thursday prior to 3rd Friday of the contract month

CME Globex: 9:15 a.m. ET on Thursday prior to 3rd Friday of the contract month
Position Limits CME Position Limits
Exchange Rulebook CME 351A
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits 
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures 100 index point integer multiples, when listed:  +30% to -50% of the prior day’s settlement price on the underlying future contract

50 index point integer multiples, when listed:  +20% to -40% of the prior day’s settlement price on the underlying future contract

10 index point integer multiples, when the underlying future is the second closest contract:  +10% to -25% of the prior day’s settlement price on the underlying future contract
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5 index point integer multiples, 35 days prior to expiry (or 5 Weeks):  +5% to -15% of the prior day’s settlement price on the underlying future contract 
Exercise Style American Options
Exercise Procedure An option can be exercised until 6:30 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 6:30 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 S&P 500 Futures

About S&P 500 Futures and Options

S&P 500 futures and options offer a capital-efficient means to manage exposure to the leading large –cap companies of the U.S. stock market. Based on the underlying Standard & Poor’s 500 stock index, which is 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.

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