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As a futures contract the E-mini is an agreement to buy or sell cash value of the underlying index at a specific period at a later date. These contracts are sized to a certain value multiplied by the futures price. The E-mini S&P 500 has a contract size of $50 times the E-Mini futures contract price, which if the contract price is say $1,240, then the contract value is $62,000. E-mini contracts are available on a wide array of products which include indexes, metals and commodities.
|E-mini SP 500 Futures
ESU19 / Sep 19 / GBLX
Disclaimer: This material is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
|Contract Specification||E-mini S&P 500 Futures|
|CME Globex Product Symbol (Electronic Trading)||ES|
|Contract Size||Each E-Mini Standard and Poor's 500 Stock Price Index futures contract shall be valued at $50.00 times the Standard and Poor's 500 Stock Price Index. The Standard and Poor's Stock Price Index is a value-weighted composite index of 500 stocks.|
|CME Globex Hours||MON-THURS: 5:00 p.m.-3:15 p.m. & 3:30 p.m.-4:30 p.m. (Daily maintenance shutdown 4:30 p.m.-5:00 p.m.) SUN: 5:00 p.m.-3:15 p.m.|
|Minimum Fluctuation||Bids and offers shall be quoted in terms of the Standard and Poor's 500 Stock Price Index. The minimum fluctuation of the futures contract shall be .25 index points, equivalent to $12.50 per contract. Trades may also occur in multiples of .05 index points, for E-Mini S&P 500 futures calendar spreads executed as simultaneous transactions pursuant to Rule 542.A.|
|Position Limits||A person shall not own or control more than 20,000 Standard and Poor’s 500 Stock Price Index contracts or equivalent contracts net long or net short in all contract months combined. For purposes of this rule an E-Mini Standard and Poor’s 500 Stock Price Index futures contract shall be deemed to be equivalent to one-fifth (0.20) of a Standard and Poor’s 500 Stock Price Index futures contract. For positions involving options on E-Mini Standard and Poor’s 500 Stock Price Index futures, this rule is superseded by the option speculative position limit rule.|
|Accumulation of Positions||For the purposes of this rule, the positions of all accounts directly or indirectly owned or controlled by a person or persons, and the positions of all accounts of a person or persons acting pursuant to an expressed or implied agreement or understanding, and the positions of all accounts in which a person or persons have a proprietary or beneficial interest, shall be cumulated.|
For purposes of rules determining price limits and trading halts, RTH and ETH refer to, respectively, the Regular Trading Hours and the Electronic Trading Hours of the Standard and Poor’s 500 Stock Price Index Futures.
At the open of RTH, there shall be Price Limits corresponding to a 10.0%, 20.0% and 30.0% decline below the Reference RTH Price.
The Price Limits shall be calculated at the beginning of each calendar quarter, based upon the average closing price of the S&P 500 futures contract whose expiration date matches that of the current primary E-Mini futures contract, during the month prior to the beginning of the quarter (P) and rounded, as follows.
5.0% Price Limit equals One half of the 10% Price Limit rounded down to nearest integral multiple of 1 index point
10.0% Price Limit equals 10% of P rounded down to nearest integral multiple of 10 index points
20.0% Price Limit equals 2 times the 10.0% Price Limit
30.0% Price Limit equals 3 times the 10.0% Price Limit
When the primary futures contract is limit offered at the 10.0% Price Limit, a 10-minute period shall commence. If the primary futures contract is limit offered at the end of the 10-minute period, trading shall terminate for a period of two minutes, after which time the market shall reopen. The next applicable price Limit shall apply to such reopening.
When the primary futures contract is limit offered at the 20.0% Price Limit, a 10-minute period shall commence. If the primary futures contract is limit offered at the end of the 10-minute period, trading shall terminate for a period of two minutes, after which time the market shall reopen. The 30% Price Limit shall apply to such reopening and shall represent the Total Daily Price Limit.2
If there is an NYSE Rule 80B trading halt declared in the primary securities market, trading shall be halted. Once trading in the primary securities market resumes after an NYSE Rule 80B trading halt, trading on the E–Mini S&P 500 Index futures contract shall resume.
If an NYSE Rule 80B trading halt becomes inapplicable, the corresponding Price Limit shall likewise become inapplicable. E.g., if an NYSE Rule 80B trading halt, triggered by a 10% or a 20% decline in the Dow Jones Industrial Average, has been declared in the primary securities market, and trading in the primary securities market has recommenced, then the 10.0% or 20.0% Price Limits shall become inapplicable, respectively. E.g., when the NYSE Rule 80B 10.0% price limit provisions are suspended after 2:30 p.m. Eastern time, then the 10.0% Price Limit shall become inapplicable. Trading on the E-Mini S&P 500 Index futures contract shall continue and the next applicable Price Limit shall apply.
If either a trading halt was in effect or the primary futures contract was locked at a limit at the close of trading, then the opening time of trading on GLOBEX® shall be delayed until 6:00 p.m.
During Electronic Trading Hours (ETH), there shall be no trading of E-Mini S&P 500 futures at a price more than the 5.0% Price Limit above or below the Reference RTH Price. If the market is limit bid or limit offered fifteen (15) minutes prior to the opening of the RTH, and remains limit bid or limit offered five (5) minutes prior to the opening of the RTH, there shall be a trading halt in effect until the commencement of Regular Trading hours (RTH). During the trading halt, the Exchange shall provide an indicative opening price for the re-opening of trading on GLOBEX, if applicable, pursuant to Rule 573. Once RTH commences, the next applicable trading limit shall be in effect.
Five months in the March Quarterly Cycle (Mar, Jun, Sep, Dec)
|Final Settlement Price||
The Final Settlement Price shall be a special quotation of the Standard & Poor's 500 Stock Price Index based on the opening prices of the component stocks in the index, determined on the third Friday of the contract month.
If the Standard & Poor's 500 Stock Price Index is not scheduled to be published on the third Friday of the contract month, the Final Settlement Price shall be determined on the first earlier day for which the Index is scheduled to be published.
If the primary market for a component stock in the index does not open on the day scheduled for determination of the Final Settlement Price, then the price of that stock shall be determined, for the purposes of calculating the Final Settlement Price, based on the opening price of that stock on the next day that its primary market is open for trading.
If a component stock in the index does not trade on the day scheduled for determination of the Final Settlement Price while the primary market for that stock is open for trading, the price of that stock shall be determined, for the purposes of calculating the Final Settlement Price, based on the last sale price of that stock. However, if the President of the Exchange or his delegate determines that there is a reasonable likelihood that trading in the stock shall occur shortly, the President or his delegate may instruct that the price of stock shall be based, for the purposes of calculating the Final Settlement Price, on the opening price of the stock on the next day that it is traded on its primary market. Factors to be considered in determining whether trading in the stock is likely to occur shortly shall include the nature of the event and recent liquidity levels in the affected stock.
Clearing members holding open positions in E-Mini Standard and Poor's 500 Stock Price Index futures contracts at the time of termination of trading in that contract shall make payment to or receive payment from the Clearing House in accordance with normal variation performance bond procedures based on a settlement price equal to the final settlement price.
|Exchange Rule||These contracts are listed with, and subject to, the rules and regulations of CME.|