E-Mini S&P Futures

E-Mini S&P Futures

The Chicago Mercantile Exchange (CME) introduced the first e-mini product in 1997 when it established the E-Mini S&P 500. A smaller version of the S&P 500 allowed more participation in the stock index futures markets because it traded at one-fifth the size of the bigger contract, making it much more available to individual investors and traders. The e-mini S&P 500 is one the most popular contract of its kind and traded by many different users. In the 3rd quarter of 2017 E-Mini’s traded over 1.4 million contracts.

 

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E-minis(ES) represent agreements to buy or sell the cash value of an underlying contract at a specified date in the future and is cash settled. Each contract is sized at a certain value multiplied by the underlying contract’s price. The e-mini S&P 500, for example, has a contract size of $50 times the S&P 500 Index. Like stocks, the value of the contract changes throughout the trading session in response to economic events and market activity with the value of the underlying stocks.

E-Minis(ES) offer a market with the most liquid and transparent way to gain access to the S&P 500 Index. The S&P 500 Index tracks 500 of the biggest companies in the US electronically at the CME. Customers can access the E-Mini S&P 500 (ES) using multiple platforms at DAW Trading that best fit their trading needs. ES offers deep liquidity and tight spreads which can reduce your costs.

Contract Unit$50 x S&P 500 Index
Trading HoursCME 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.
BTIC: Sunday – Friday 6:00 p.m. – 4:00 p.m. ET
Clearport: Sunday – Friday 6:00 p.m. – 5:00 p.m. ET
TACO on CME Globex: Sunday – Friday 6:00 p.m. – 9:30 a.m. ET. Monday –
Thursday 11:00 a.m. – 5:00 p.m. ET; no 11:00 a.m.- 5:00 p.m. ET session on
Friday. Monday – Thursday 5:00 p.m. – 6:00 p.m. ET daily maintenance
period.
TACO on Clearport: Sunday 6:00 p.m. – Monday 9:30 a.m. ET. Monday –
Thursday 11:00 a.m. – 5:00 p.m. ET and 6:00 p.m. – 9:30 a.m. ET. Friday
11:00 a.m. – 5:00 p.m. ET. Monday – Thursday 5:00 p.m. – 6:00 p.m. ET
daily maintenance period.
Minimum Price
Fluctuation
Outright: 0.25 index points=$12.50
Calendar Spread: 0.05 index points=$2.50
BTIC: 0.05 index points=$2.50
TACO (ESQ): 0.05 index points=$2.50
Product CodeCME Globex: ES
CME ClearPort: ES
Clearing: ES
BTIC: EST
Listed
Contracts
Five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Settlement
Method
Financially Settled
Termination OfTrading can occur up to 9:30 a.m. Eastern Time (ET) on the 3rd Friday of the
Tradingcontract month
BTIC trading terminates at 4:00 p.m. Eastern Time (ET) on the Thursday
before the 3rd Friday of contract month
TACO trading terminates at 9:30 a.m. ET on the Thursday before the 3rd
Friday of the contract month

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