Contract Description
If you are interested in trading
S&P 500 Index futures it is helpful to become familiar with the history of the S&P 500 Index market. The size of a
CME S&P 500 futures contract is the contract’s multiplier ($250) times the current CME S&P 500 futures level.
If the Index level is at 1400, for example, then the contract is worth: $250 x 1400 =
$350,000
The contract moves in ticks of 0.10 index points
valued at $25 (futures calendar spreads: 0.05 index points = $12.50 contract).
The futures expire on a quarterly basis and are listed eight months out in the March quarterly cycle. These contracts
trade on the CME floors during regular trading hours and are available electronically on the CME Globex® platform during
extended trading hours (ETH).
Underlying Index
The S&P
500 Index is a perhaps the most widely followed benchmark of stock market performance in the world. It is 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.
