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Micro E-mini Equity Index Futures

Micro E-mini Futures Launch

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

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).

Micro E-mini
Index Micro E-mini Multiplier E-mini Multiplier
S&P 500 $5 $50
Nasdaq 100 $2 $20
Dow Jones $0.50 $5
Russell 2000 $5 $50

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 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:

Micro Emini Futures
Index Futures Contract Specifications Outright Futures Calendar Spread
Micro E-mini S&P 500 futures 0.25 Index points= $1.25 0.05 index points= $0.25
Micro E-mini Nasdaq-100 futures 0.25 Index points= $0.50 0.05 index points= $0.10
Micro E-mini Dow futures 1.00 Index points= $0.50 1.00 index points= $0.50
Micro E-mini Russell 2000 futures 0.10 Index points= $0.50
0.05 index points= $0.25

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.

Micro E-mini
Contract Tracked Index Globex CME Symbol
Micro E-mini S&P 500 SPX MES
Micro E-mini Nasdaq 100 NDX MNQ
Micro E-mini Dow DJIA MYM
Micro E-mini Russell 2000 RTY M2K

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.

Micro E-mini
Micro Contract CME Initial Margin CME Maintenance Margin
MES - Micro E-mini S&P $660 $600
MNQ - Micro E-mini Nasdaq 100 $836 $760
MYM - Micro E-mini Dow $649 $590
M2K - Micro E-mini Russell 2000 $391 $355

Additional Micro E-mini Specifications

More information and specification on the Micro Contracts

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.

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