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S&P 500 Futures and Options
S&P 500 futures provide a way to efficiently gain exposure to the large-cap U.S. stock market with
contracts on the world's most widely followed financial benchmark. They also enable you to:
- Benefit from lower costs compared to trading individual stocks or Exchange-Traded Funds (ETFs)
- Use a financial tool that accommodates a range of strategies, different market environments and varied
objectives
- Together with other CME Group equity products, effectively replicate all your global equity exposure on
a single platform
Things to know:
- Trading takes place:
- On the CME Group trading floor during open outcry trading hours
- Electronically on the CME Globex platform when the trading floor is closed
- CME Clearing matches and settles all trades and guarantees counterparty creditworthiness
About the Underlying Index
The S&P 500 Index is a perhaps the most widely followed benchmark of stock market performance in the
world. It is a capitalization-weighted and float-adjusted index of 500 large-capitalization stocks traded on
the NYSE, ASE and the Nasdaq National Market System. The Index represents the market value of all
outstanding common shares of 500 firms listed (share price x shares outstanding). A change in the price of
any one stock influences the Index in proportion to the relative market value of that firm's outstanding
shares.
Read more about the underlying Index, including a complete list of stocks currently represented, on the
Standard & Poor's Web site.
Contract Specifications
| S&P 500 Futures |
| Opening Date |
4/21/1982 |
| Ticker Symbol |
SP
SP= Clearing
View product and vendor codes |
| Contract Size |
$250 x S&P 500 futures price |
| Tick Size (minimum fluctuation) |
OUTRIGHT
0.10 index points=$25
CALENDAR SPREAD
0.05 index points=$12.50
|
Trading Hours
All times listed are Central Time |
Open Outcry
MON-FRI: 8:30 a.m.-3:15 p.m.
CME Globex (Electronic Platform)
MON-THURS: 3:30 p.m.-8:15 a.m.
(daily maintenance shutdown from 4:30 p.m.-5:00 p.m.)
SUN: 5:00 p.m.-8:15 a.m
|
| Contract Months |
Open Outcry
Eight months in the March Quarterly Cycle
(Mar, Jun, Sep, Dec)
CME Globex
One month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
|
Last Trade Date/Time
View Calendar |
Open Outcry
MON-FRI: 8:30 a.m. -3:15 p.m.
(Mar, Jun, Sep, Dec)
CME Globex
On the rollover date (typcially eight days prior to last trade date for open outcry) when
the lead month goes off the screen and the deferred month becomes the new lead month.
View Rollover Dates |
| Final Settlement Procedure |
Cash Settlement. All open positions at close of last day of trading are settled
in cash to the Special Opening Quotation (SOQ) on Friday a.m. of the S&P 500 Index.
See SOQ FAQ.
|
| Daily Price Limits |
RTH: Successive 10%, 20%, 30% limits (downside only)
ETH (overnight): 5% up or down
View price limits details
|
| Position Limits |
20,000 net long or short in all contract months combined.
|
| Rulebook Chapter |
351 |
| Exchange Rule |
These contracts are listed with, and subject to, the rules and regulations of CME. |
| S&P 500 Options |
| Opening Date |
4/21/1982 |
| Ticker Symbol |
SP
SP= Clearing
View product and vendor codes
|
| Contract Size |
$250 x S&P 500 futures price |
| Tick Size (minimum fluctuation) |
OUTRIGHT
0.10 index points=$25
CALENDAR SPREAD
0.05 index points=$12.50
|
Trading Hours
All time listed are Central Time |
Open Outcry
MON-FRI: 8:30 a.m.-3:15 p.m.
CME Globex (Electronic Platform)
MON-THURS: 3:30 p.m.-8:15 a.m.
(daily maintenance shutdown from 4:30 p.m.-5:00 p.m.)
SUN: 5:00 p.m.-8:15 a.m
|
| Contract Months |
Open Outcry
Eight months in the March Quarterly Cycle
(Mar, Jun, Sep, Dec)
CME Globex
One month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
|
Last Trade Date/Time
View Calendar |
Open Outcry
MON-FRI: 8:30 a.m. -3:15 p.m.
(Mar, Jun, Sep, Dec)
CME Globex
On the rollover date (typcially eight days prior to last trade date for open outcry) when the lead month goes off the screen and the deferred month becomes the new lead month.
View Rollover Dates |
| Final Settlement Procedure |
Cash Settlement. All open positions at close of last day of trading are settled in cash to the Special Opening Quotation (SOQ) on Friday a.m. of the S&P 500 Index.
See SOQ FAQ.
|
| Daily Price Limits |
RTH: Successive 10%, 20%, 30% limits (downside only)
ETH (overnight): 5% up or down
View price limits details
|
| Position Limits |
20,000 net long or short in all contract months combined.
|
| Rulebook Chapter |
351 |
| Exchange Rule |
These contracts are listed with, and subject to, the rules and regulations of CME. |
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