CME Group S&P 500

The CME Group S&P 500 futures are cash-settled contracts based on the S&P 500 Stock Index, a capitalization weighted index of large-cap U.S. equities. CME Group currently lists futures and options contracts on both the full-size S&P 500 ($250 times the S&P 500 Index) and the all-electronic E-mini S&P 500 ($50 times the S&P 500 Index). Futures are listed on eight months in the March quarterly cycle (March, June, September, and December). Listed options include:
*Quarterly/Serial: Eight months in the March Quarterly Cycle, plus three serial months (for example, Jan, Feb, Apr);
*End-of-month: Six consecutive calendar months; and
*Weekly: Two weekly contracts listed at any one time.
==Historical Dates==
*April 21, 1982: First day of trading for S&P 500 futures contract
*January 28, 1983: Quarterly/serial options first listed
*September 9, 1997: E-mini S&P 500 launched
*May 26, 2007: End-of-month options listed
*August 24, 2009: Weekly options listed 
==Contract Specifications==
Standard & Poor's 500 Index Futures	Standard & Poor's 500 Index Futures	Standard & Poor's 500 Index Futures
Contract Unit 	$250 x S&P 500 Index 	$250 x S&P 500 Index
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.
Trading Hours 	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
Trading Hours 	Open Outcry: 	Monday - Friday: 9:30 a.m. - 4:15 p.m. ET
Minimum Price Fluctuation 	Outright: 0.10 index points=$25
Calendar Spread: 0.05 index points=$12.50	Outright: 0.10 index points=$25
Calendar Spread: 0.05 index points=$12.50
Product Code 	CME Globex: SP
CME ClearPort: SP
Open Outcry: SP
Clearing: SP	CME Globex: SP
CME ClearPort: SP
Open Outcry: SP
Clearing: SP
Listed COntracts 	Open Outcry: Eight months in the March Quarterly Cycle (Mar, Jun, Sep, Dec),and three additional December contract months
CME Globex: Current lead month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)	Open Outcry: Eight months in the March Quarterly Cycle (Mar, Jun, Sep, Dec),and three additional December contract months
CME Globex: Current lead month in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
Settlement Method 	Financially Settled 	Financially Settled
Termination of Trading 	Open Outcry: 4:15 p.m. ET on Thursday prior to 3rd Friday of the contract month
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	Open Outcry: 4:15 p.m. ET on Thursday prior to 3rd Friday of the contract month
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
Settlement Procedures 	Settlement Procedures 	Settlement Procedures
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 351 	CME 351
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Standard & Poor's 500 Index Options	Standard & Poor's 500 Index Options 	Standard & Poor's 500 Index Options
Contract Unit 	One S&P 500 futures contract 	One S&P 500 futures contract
Minimum Price Fluctuation 	Globex regular tick: 0.10 index points = $25.00 for premium above 5.00 index points
Globex reduced tick: 0.05 index points = $12.50 for premium at or below 5.00 index points
CPC and Pit regular tick (outrights and spreads): 0.10 index points = $25.00 for premium above 5.00 index points
 
CPC and Pit reduced tick (outrights and spreads): 0.05 index points $12.50 for premium at or below 5.00 index points
 
CAB: 0.05 index points = $12.50	Globex regular tick: 0.10 index points = $25.00 for premium above 5.00 index points
Globex reduced tick: 0.05 index points = $12.50 for premium at or below 5.00 index points
CPC and Pit regular tick (outrights and spreads): 0.10 index points = $25.00 for premium above 5.00 index points
 
CPC and Pit reduced tick (outrights and spreads): 0.05 index points $12.50 for premium at or below 5.00 index points
 
CAB: 0.05 index points = $12.50
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.
Trading Hours 	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
Trading Hours 	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 	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 	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 	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 	CME Position Limits
Exchange Rulebook 	CME 351A 	CME 351A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Price Limit or Circuit 	Price Limits 	Price Limits
Vendor Codes 	Quote Vendor Symbols Listing 	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
?
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.	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
?
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 	American Options
Exercise Procedures 	An option can be exercised until 6:30 p.m. ET on any business day the option is traded 	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.	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 	Deliverable
Underlying 	Russian Ruble Futures 	Russian Ruble Futures
Standard & Poor's 500 Quarterly PM Options European	Standard & Poor's 500 Quarterly PM Options European 	Standard & Poor's 500 Quarterly PM Options European
Contract Unit 	Each option is exercisable into one Standard and Poor’s 500 Stock Price Index Futures Contract 	Each option is exercisable into one Standard and Poor’s 500 Stock Price Index Futures Contract
Minimum Price Fluctuation 	Regular Tick (Outrights/Spreads): 0.10 index points = $25.00 when premium is above 5.00 index points.
Reduced Tick (Outrights/Spreads): 0.05 index points = $12.50 when premium is at or below 5.00 index points. 	Regular Tick (Outrights/Spreads): 0.10 index points = $25.00 when premium is above 5.00 index points.
Reduced Tick (Outrights/Spreads): 0.05 index points = $12.50 when premium is at or below 5.00 index points.
Price Quotation 	$250 x Standard and Poor’s 500 Stock Price Index 	$250 x Standard and Poor’s 500 Stock Price Index
Trading Hours 	CME Globex: 	Sunday - Friday 5:00 p.m. - 4:00 p.m. Central Time (CT) with a trading halt from 3:15 p.m. – 3:30 p.m. CT.
Trading Hours 	CME ClearPort: 	Sunday 5:00 p.m. - Friday 5:45 p.m. Central Time (CT) with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m. CT.
Product Code 	CME Globex: YPC
CME ClearPort: YPC
Clearing: YPC 	CME Globex: YPC
CME ClearPort: YPC
Clearing: YPC
Listed Contracts 	Contracts listed for the nearest 4 contract months in the March Quarterly Cycle (Mar, Jun, Sep, Dec). 	Contracts listed for the nearest 4 contract months in the March Quarterly Cycle (Mar, Jun, Sep, Dec).
Termination of Trading 	Trading terminates 3:00 p.m. CT on the 3rd Friday of the contract month. 	Trading terminates 3:00 p.m. CT on the 3rd Friday of the contract month.
Position Limits 	CME Position Limits 	CME Position Limits
Exchange Rulebook 	CME 351A 	CME 351A
Block Minimum 	Block Minimum Thresholds 	Block Minimum Thresholds
Vendor Codes 	Quote Vendor Symbols Listing 	Quote Vendor Symbols Listing
Strike Price Listing Procedures 	Strikes of 100, 200, 1100, 2100, 2200, 3100 and 4100 available for each contract month,and in addition permit additional strikes to be created by special request at a multiple of 100 index points. 	Strikes of 100, 200, 1100, 2100, 2200, 3100 and 4100 available for each contract month,and in addition permit additional strikes to be created by special request at a multiple of 100 index points.
Exercise Style 	European Style. Exercisable only on expiration day. 	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 3:00 p.m. CT price fixing based on the weighted average traded price fixing (symbol ESF) of the E-mini Standard and Poor’s 500 Stock Price Index Futures in the last 30 seconds of trading on expiration day (2:59:30 p.m.- 3:00:00 p.m. CT) will be used to determine which options are in-the-money. Contrarian instructions are prohibited.	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 3:00 p.m. CT price fixing based on the weighted average traded price fixing (symbol ESF) of the E-mini Standard and Poor’s 500 Stock Price Index Futures in the last 30 seconds of trading on expiration day (2:59:30 p.m.- 3:00:00 p.m. CT) will be used to determine which options are in-the-money. Contrarian instructions are prohibited.
Settlement Method 	Deliverable 	Deliverable
Underlying 	S&P 500 Futures 	S&P 500 Futures
== Also See ==
CME Group stock index products
== Resources ==
CME Group Web site
Category:Indices
Category:S&P
Category:S&P Indices
Category:MarketsWiki Page of the Day
Settlement Procedures
S&P 500 Contract Specs
CME Position Limits
CME 351
Price Limits
Quote Vendor symbols Listing
==References==
Category:Sponsored Pages
Category:Sponsored Pages - CME
Category:Reserved Pages
Category:Reserved Pages - CME
Category:S&P 500 Futures Contracts
Category:Futures Contracts Traded on CME Group
Category:Stock index Futures Contracts
category:S&P 500 Options
Category:Options Traded on CME Group
Category:Stock Index Options
Category:Futures Data in Template
Category:Indices
Category:S&P
Category:S&P Indices
Category:MarketsWiki Page of the Day
Category:CME Group