Micro E-mini Equity Index Futures

Micro E-mini Futures Launch

The CME Group will launch the following futures contracts in May 2019.

• Micro E-mini S&P 500 futures
• Micro E-mini Nasdaq-100 futures
• Micro E-mini Dow futures
• Micro E-mini Russell 2000 futures

What is the reason for the Micro E-mini Products?

Since the CME launched the E-mini products, the notional value of these contracts has increased substantially. The amount of capital needed for margin and to be able to access the futures market has become too large for many individual traders. To make E-mini products available to more investors, the CME will launch the Micro E-mini suite of futures, which feature multipliers of 1/10 the size of their E-mini counterparts (i.e. $5 multiplier for Micro E-mini S&P 500 futures contract vs. $50 for E-mini S&P 500 (ES) futures).

Where will the Micro contracts be traded?

Each of the contracts that are being listed will remain under the same DCM as their E-mini counterparties. A table is shown below:

• Micro E-mini S&P 500 futures - CME
• Micro E-mini Nasdaq-100 futures - CME
• Micro E-mini Dow futures - CBOT
• Micro E-mini Russell 2000 futures - CME

Micro Index Contract Specifications

Micro E-mini futures will be listed on the same U.S. Equity Index futures cycle as their larger counterparts. There will be five concurrent futures that expire against the opening index value on the third Friday of March, June, September and December. The tick increments will follow their E-mini counterparts as follows:

E-micro Symbols - CME Micro Emini Symbols

Below is a list of the CME product codes for the Micro E-mini contracts. These symbols may not be the same symbols that are used with your particular trading platform. Check with your platform vendor or specific trade route vendor to verify the correct symbol for each product traded.

E-micro Margin - CME Micro Emini Margins

The below table includes the Initial and Maintenance Margin for the Micro E-mini S&P, Nasdaq, Dow, and Russell 2000. The below margins are subject to change at any time. Please check with the CME website to see the current margins for all products.

Additional Micro E-mini Specifications

More information and specification on the Micro Contracts

• The CME will have a market maker program to add liquidity and provide two-sided market quotes.
• Quotes will be provided directly through trading platforms.
• Micro contracts will use First In and First Out Algorithm.
• Micro contracts will mirror the circuit breakers in their larger E-mini counterpart markets.
• Day Time Circuit Breakers - From 8:30 AM Central Time to 3:00 PM Central Time Downside Circuit Breakers will be 7%, 13%, and 20%.
• Night Time Circuit Breakers - From 5:00 PM Central Time to 8:30 AM Central Time Upside and Downside Circuit Breakers will be 5%.

All information above is for informational purposes only and is subject to change. Please check directly with the exchange for current and updated information. Discount Trading assumes no responsibility for any errors or omissions in the information above.