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S&P 500 Options Contract Specs

Options
Contract Unit One S&P 500 futures contract
Minimum Price Fluctuation Globex Regular Tick: 0.10 index points ($25.00) for premium > 5.00 index points ($1,250)

Globex Reduced Tick: 0.05 index points ($12.50) for premium at or below 5.00 index points ($1,250)
CPC and Pit Regular Tick (Outrights): 0.10 index points ($25.00) for premium > 5.00 index points ($1,250)
 
CPC and Pit Reduced Tick (Outrights): 0.05 index points ($12.50) for premium at or below 5.00 index points ($1,250)
 
CPC and Pit Regular Tick (Spreads): 0.10 index points ($25.00) for premium > 10.00 index points ($2,500)

CPC and Pit Regular Tick (Spreads): 0.05 index points ($12.50) for premium at or below 10.00 index points ($2,500)

CAB: 0.05 index points ($12.50)
Trading Hours Open Outcry: Monday - Friday: 9:30 a.m. - 4:15 p.m. Eastern Time (ET)

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 - Friday: 6:00 p.m. - 5:00 p.m. ET
Product Code CME Globex: SP
CME ClearPort: SP
Open Outcry: Put: PS Call: CS
Clearing: SP
Listed Contracts Open Outcry: Quarterly contracts (Mar, Jun, Sep, Dec) listed for 8 consecutive quarters.

CME Globex: Quarterly contracts (Mar, Jun, Sep, Dec) listed for 1 quarter.

CME Clearport: 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 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 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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